How To Send And Receive A Wire Transfer

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How To Send And Receive A Wire Transfer
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• For sending or receiving money in the quickest
  way possible, you may find that a wire transfer
  offers the best solution. Wire transfers are
  speedy and reliable, and your money is safe until
  it reaches its recipient.
• Read on to know more about wire transfers
• What is a wire transfer?
• They are essentially an electronic way of
  transferring money, and in their most traditional
  sense, they are sent from one bank or credit
  union to another via a SWIFT or Fedwire network,
  however, the term wire transfer is often used
  in reference to other forms of transfers, so
  clarify the type before taking any further action.

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• Just how fast are wire transfers?
• At their fastest, transfers will move within a
  day, maybe two, and same-day transfers are
  available in the US, while for international
  transfers the time taken will be a little longer,
  but never usually more than 5 days.
• As a recipient of a transfer, how long will I
  have to wait for the money to clear?
• The good news is that because wire transfers move
  the money so quickly, recipients of the transfer
  shouldnt find themselves having to wait for the
  funds to clear before they can claim them or
  spend the money, since there is usually no
  holding time placed on money that is received by
  wire transfer.

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• This makes wire transfers much safer than other
  forms of payments, especially for those who sell
  products or services, since there is no way that
  a transfer can bounce like a check can, and with
  a bad check, it can sometimes take days, if not
  weeks to discover that the payment was defunct.
• Once Ive submitted a request to send money by
  wire transfer, how long will it take?
• It is often the case that wires are completed
  within a day, but it may still not show in the
  recipients bank account that the money has
  arrived for a good few hours, as the banking
  staff will need to complete work at their end
  before the funds can be made available.

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• If you are in a real hurry for the money that has
  been sent to you by wire transfer, then you can
  usually make a call to the bank and speed the
  process up a little.
• How to use a wire transfer?
• Simply contact your local bank branch, either by
  phone or by dropping in, and submit the required
  information. This will of course include the
  recipients bank account details, and while some
  banks enable you to do this online, others will
  require you to complete a printed form.
• Receiving money by wire of course means that you
  will have to give your bank account details to
  the sender asking your bank for incoming wire
  instructions will ensure that you use the
  correct numbers.

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• What does it cost to send a wire transfer?
• Sending a wire usually costs around 40, while
  receiving one is much less at 10, or in some
  cases, it may even be free. Be warned that if you
  send a wire transfer using your credit card,
  youll not only have to pay cash advance fees and
  a higher interest rate, but fees for the
  transfer, too. Bearing that in mind, it makes
  sense to send a wire transfer from your checking
  account directly.

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• Wire transfers are generally thought to be one of
  the safest and most reliable ways to send money,
  and once the money has arrived in the recipients
  account, its usually theirs to use within one
  working day. Once money has been sent by a
  transfer, its also tricky for the sender to
  retract that payment once it has been
  transferred.
• For more detailed information about wire
  transfers, get in touch with your local bank or
  financial advisory service.

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