The Wire Transfer payment system

Wire transfer is considered as one of the first bank transfer systems that was used in the 19th century. Telegraph stations were used for this purpose. Today this system continues to enjoy great popularity among individuals and legal entities. This is due to the wide range of services provided by the bank transfers. Another advantage is complete safety for the user.

What is Wire Transfer?

The first thing one pays attention to when planning a money transfer is security. The security system implies restriction of access to information and compulsory identification of the person. It means that person will not be able to make transfer through bank branch without submitting the document which confirms his/her identity. This system is popular among those who do not have a bank card, those who do not trust electronic payment systems, and also among casino players, as many gambling establishments are partners of the service.

Users of the system should be aware that the fee is the responsibility of the sender. The recipient does not pay for the transfer. To transfer money, the sender may be required to open a checking account, such an action is not difficult to perform, so there is nothing to be afraid of. All you need to do is to fill out an application form, enter information about the recipient, the amount and the purpose of the transfer.

To complete the transfer, the recipient should take the document to the punk branch or post office to collect the money owed. You can only make such a transfer within one country. To transfer money abroad a different system will be used and other details of the recipient will be required (they may differ depending on the bank through which the transfer is sent).

How to use?

To make a transfer, the user needs to be identified in the system. It will help protect the funds from malefactors. The fee in this case depends on the cost of banking services. Some set a minimum fee for the service; others, on the contrary, believe that you have to pay a lot for their quality service. The choice is up to the user, who is free to decide which bank he wants to use. The fee most often ranges from 0.5 to 2% of the transfer amount.

The money will be available to the recipient in 1 to 3 business days. This period can increase if there is a security factor involved. This is most often the case for international transfers where a full verification of the customer’s identity is carried out.