is denoted as the transfer of funds from one bank to another one with the help of bank account details such as account number, id proof and the amount which you need to transfer.
It’s a kind of virtual money that gets transferred instead of physical cash. Why?
Actually, first, you’ll have to pay to your bank in advance and when your bank will get the relevant information, they transfer money to another bank according to your details from their reserve money. Hence, no paper money required for a wire transfer at all.
Online Money Transfer
Wire Transfer or Money transfer online
is an old method to transfer the money
but indulge with modern technology where you just need an internet connection and can transfer cash by using your PC or phone.
For internet money transfer, you need to choose an authentic cash transfer company. So that your payments would not get stuck in between.
Wire Transfer and Online Money Transfer are a bit different in terms of the following:
- Pace: The speed of wire transfer is slower as compare to online money transfer as the former one takes nearly 2-3 working days whereas the latter one’s speed is fast and money can be transferred with a day. In fact, if you are sending money out of the country then wire transfer takes even more than 5 days in some cases. So, in terms of speed internet money transfer is best as you have to fill a form online only by adding the beneficiary’s details and wait for a few times.
- Charges: The cost of the transfer of funds internationally is high in both cases. Such as few companies charge $50 to the wire transfer of $5000. Not only the sender bank charge but even the receiver also charges as a service fee in case of Wire transfer.
- Reliability: Wire transfer is a fully 100% secure way to transfer money as it is very risky to pay with cash. In case of online money transfer, the process is safe even if your payment gets stuck and debit from your side, then even you can get a refund within a few days. Hence, both are safe in terms of security.
Mechanism of wire transfer and internet money transfer:
A wire transfer can also be done by cash which you have to deposit in your bank and have to be physically present over there and filling up the forms. For this, you need the account number, name of the bank, SWIFT code and the name of the receiver. And to receive, one can need a routing number.
The process of online transfer is a bit convenient and fast as there is no need to visit any bank. You just need to fill-up the form along with the receiver’s details. Sometimes we forget to pay our bills, even for that, you can set that to automatic payment.
In the end, both the methods are good for the transfer of funds but if you want it quickly then Online money transfer is the best choice. Not only this, but it is also less costly then Wire transfer if you want to transfer a big amount into an international account. Also, online payments can be done from anywhere.
Some safety measures for cash transfer:
- First, you must be clear to whom you are sending the money. For instance; if you transfer money to any organization’s account then you must be sure that who will receive that amount.
- Don’t share your bank details with everyone not even when you get a call from the bank to ask about your details. It may be a fraud.
- Scamming is the most common thing in this industry, so you must be clever for such works. Awareness is a must in financial matters.
- You must have receipt after transferring the money as proof.
Choose your payment method by checking its conditions and cost thoroughly. You must be aware of the charges for sending money domestically and to foreign banks so that you can get an estimated idea that which method is good to choose at that particular time.