A brief on Wire Transfer

Posted by Shashank Bhaskar on May 23rd, 2022

Transferring money between countries comes as no surprise anymore. It is a routine for everyone, especially those living out of India. You go overseas for better job opportunities, education, and facilities. However, do not forget your family in life’s hustle and bustle while climbing the ladder to success.

A Wire Transfer is the electronic payment method of transferring money between banks and credit unions. Domestic as well as international services are available. There is no need to handle physical cash or cheques while transferring funds. You can also skip bank visits and set up online payment methods on the app.

Networks

Electronic transfers usually occur through the SWIFT or FedWire networks. They allow banks to transmit messages and money securely. Although the rules differ, you can set your money transfer to India limit through online banking media. Usually, the information required is similar, regardless of the bank.

Information required

Before sending an international money transfer to India or any country, you need to inquire about recipient details, including the account number, name, address, zip code, routing number, and SWIFT code. Depending on where you are sending money, you might require additional details, including the fund source or payment reason, to comply with the laws in your destination country.

Cost

It is common for banks to charge for sending and receiving wire payments. The exact fee depends on your bank and account type. An incoming Telegraphic Transfer costs INR 500 if received from countries other than the USA, UK, Australia, Europe, Hong Kong, Singapore, and Canada.

Speed

Usually, domestic wire payments are complete on the same day of arrangement, as long as you initiate them before the day’s cut off time. Depending on the recipient’s Bank Wire Transfer processes, it can take several hours for the funds to show up in the recipient’s account.

Depending on the procedures and cut-off times, an International Wire Transfer takes some time to reach the recipient. SWIFT involves many correspondent banks before reaching the recipient.

Safety

These Remittance methods are relatively safe because banks confirm the identity of their customers when they open an account. You must double-check for the correct account information before sending the transfer. Be aware of anything unusual about the payment and immediately report it to the concerned bank. Track the transaction to avoid discrepancies.

Conclusion

Wire transfers are an excellent choice if you send money domestically. Right now, 45% of them are instant money transfers. It is worth investing some time in research before you know the fees to pay and find the best deal available for your payment. If you want to send money abroad, shop around as many banks and transfer providers are offering varying fees.