When you cannot just simply give someone cash internationally, you need to send them money remotely. The way to do this is through an international wire transfer, and they are easier to use and more secure than ever.
What is an International Wire Transfer?
An international wire transfer is a service that allows you to send money between bank accounts located in different countries.
Typically, you can initiate a wire transfer to another bank through your own bank’s online service. After this, you simply put in the information of your intended recipient and release the money from your account.
Are International Wire Transfers Safe?
International wire transfers are protected with the latest cybersecurity technology to keep away thieves and hackers.
Moreover, there are many other steps throughout the process that act as additional verification. As long as you have the correct recipient details, and you are using a legitimate bank, you almost always will be safe.
Hackers getting access to bank accounts is rare, but it is still necessary to take normal precautions when banking.
When is a Wire Transfer Not a Wire Transfer?
International wire transfers almost always refer to the process of sending money between banks in different countries.
However, there are other alternatives that are not international wire transfers.
There are certain businesses that are not banks that specialize in sending currency internationally. They tend to have less bureaucracy and require you to pay less in fees than most banks.
Your Best Options for Sending an International Wire Transfer
There are usually four methods to send money internationally through your bank. First, you can simply do it online if your bank has support for this feature on their website.
Second, you can go to your nearest branch location to do the transfer through a teller.
Third, you can give your bank a call and conduct the international wire transfer over the phone. Finally, you can go to a money transfer service not affiliated with your bank to send the money.
How International Bank Wires Work
International wire transfers are conducted between the banks of the sender and recipient.
When the sender enters the bank information of the recipient and releases the intended amount from their account, the banks will transfer the funds remotely.
How Long International Wire Transfers Take
International wire transfers do not travel at the speed of light as most electronic processes do. It takes around three business days for the money to transfer between banks.
However, exact timing can vary based on factors such as the location of the transaction.
International Wire Transfer Limits
You can not send an unlimited amount of money through international wire transfers. In order to prevent fraud and theft, banks place limits on the amount of money that you can send in a period of time.
Different banks have different limit policies, so you should check with your bank before making a large wire transfer.
International wire transfers are an easy, convenient, and secure way to send money to different countries.