Wire transfer is one of the most efficient forms of sending or receiving money online instantly. This form of transaction is an electronic form that allows for the transfer of money from one bank account to another using either the SWIFT network or Fedwire. This term is at times interchangeably used with other types of online transactions as well. The traditional wire transfers occur either within a day or within a period of one to three days’ maximum unless there are some pending authorization issues.

The main advantage of using an online wire transfer is that the funds are cleared quickly so that a receiver does not have for a long duration of time to receive the required money. Generally, there are no holds to a quick money transfer like those of checks which can be easily rejected due to reasons such as insufficient funds, and incorrect authorization details. This form of online transaction enables safety against bad checks.

Banks usually process a wire transfer immediately or within a day in case of any clearance protocol in the bank. There are just a few processes for the banks to place through for the quick processing of such transaction, and in the case of an emergency, a banker could essentially put in a special request for immediate transfer clearance.

The method of wore transfer is simple on both the sender’s and receiver’s end.

Sender : When a sender wishes to make a wire transfer, they just have to key in a few details regarding the receiver’s bank account and other simple information in order to finish the transfer of money. In case of using wire-transfer services at a bank, a filled-out form has to be submitted for authorization of payment through the sender’s bank account.

Receiver : All that one has to do to receive the transfer is to provide the sender with their bank details and other account information for immediate transactions. While the transfer may have been completed on the sender’s end, one has to wait for a day or two to get the amount credited into their account.