Bank transfers Wire Transfer. What is Wire Transfer? Translated wir

Wire Transfer - bank money transfers (literal translation from English - “wire transfer”) non-cash funds. Sometimes they are simply called Wire or wires.

Wire is one of the very first types of translations. The process involves: the sender, the recipient and a third party - an intermediary. Agent banks, postal organizations or various payment systems can act as intermediaries.

Both individuals and legal entities can conduct a financial transaction through Wire Transfer. Warfare is carried out not only within one country, but also beyond its borders. The commission for the money transfer is charged to the sender; the recipient of the transfer does not need to pay for receiving it.

To carry out a Wire transfer, the intermediary agent may require the opening of a current account. However, many agents for individuals this step of the transaction is not considered necessary. The sender simply fills out a form in which he indicates his data, the recipient’s data, the amount and purpose of the transfer, deposits the specified amount and the commission charged by the intermediary into the cash register. The recipient goes to the nearest bank branch or post office with an identification document and receives cash. Such actions are necessary and sufficient to implement money transfers within one country. For senders from Europe, the USA, Canada and other foreign countries, it is necessary to have additional information about the recipient (IBAN, IRC, ISC, etc., depending on the requirements of the intermediary bank). If the sender or recipient incorrectly indicated one or more transfer details, the bank may additionally request a so-called SWIFT code to confirm the legality of receiving funds.

In the presence of bank card You can also receive money from an intermediary bank through an ATM. In addition, some banks provide the possibility of transferring Money using the electronic payment system “Internet banking”.

The Wire money transfer system is convenient, in particular, for electronic payments via the Internet, in particular, for paying for purchases in online stores or other Internet services.

A special feature of Wire is that some intermediaries can install minimum amounts international money transfers and amount limits, especially for individuals. Within one country, warps are carried out without upper and lower limits. In addition, unlike some other payment systems, transfers can be made both in national and in any other convertible currency. When receiving an international money transfer, the recipient has the right to choose in which currency it is more convenient for him to receive the wire.

The commission amount for Wire Transfer is determined by each bank individually. As a rule, it varies from 0.5 to 2% of the transfer amount. In addition, partner banks establish minimum commission in a fixed amount, sometimes quite considerable. Therefore, using the Wire system it is more profitable to make transfers of large amounts.

A similar bank transfer system is often used to transfer funds between different countries from one bank account to another by the same person if it is impossible to use an international bank card. That is, the sender of a transfer from one country is simultaneously its recipient in another.

The speed of transactions carried out by the Wire Transfer system usually ranges from 1 to 3 business days, but in in this case The difference in time zones, the work schedule of branches of partner banks, the time of sending the transfer and similar factors also play a role. In addition, the time it takes for a money transfer to pass from the sender to the recipient is often increased due to the fact that the bank's security system checks the client for reliability. This, of course, primarily concerns international transfers.

A distinctive feature of the Wire bank money transfer system is the high degree of security of financial transactions and information protection. International statistics show that wares are much less likely to not reach the recipient than amounts sent using other transfer systems. This is due, first of all, to the rather long time Wire has been operating on the market banking services and the experience gained during this time.

It should be said that in the Wire system there are no uniform terms, tariffs and limits. The powers of the intermediary in this case are so broad that certain features of the transaction may differ significantly from each other. Therefore, before making a money transfer, it is recommended to check the conditions with several Wire agent banks and choose the most suitable one for each individual case.

It is the difference in conditions between various intermediaries and is noted by many customers as one of the most significant shortcomings of the Wire bank transfer system. Such a non-unified approach often does not allow calculating the timing and cost of regular transactions of the same type between different countries, as well as within the same country - between different partner banks.

Another significant disadvantage is often cited as the lack of confidentiality. The need to provide personal identification information, as well as the purpose of the payment, raises concerns among some clients about the possibility of future misunderstandings with tax authorities.

In addition, many Wire members are unhappy with the time required to transfer funds, since modern electronic payment systems carry out such transactions within several hours and sometimes minutes.

However, in general, the Wire Transfer bank money transfer system is used by the majority of individuals and legal entities is assessed as a fairly convenient and reliable method of non-cash payments.

Exchange Bank transfer to other electronic currencies

On our website you can see the current exchange rates for any bank USD to other electronic payment systems.

What is Wire Transfer?

Though e-commerce and is actively used in modern world, many users do not know the meaning of some words.


There are a lot of complex terms and foreign expressions used, and if you decide to become a money maker and get closely involved in remote earnings, you will have to figure out a lot.

What is Wire Transfer? One of the expressions, the meaning that even some professionals do not know.

Wire Transfer is translated as electronic transfer, and if we delve deeper into the terminology, it means the transfer of funds from one person to another person via the Internet or telephony.

How is Wire Transfer done?

In essence, this is a normal transmission virtual money between users. For example, such transactions are possible with a money transfer system.

Three parties are necessarily involved in the translation of the Wire Transfer format:

1. The sender of the transfer is both individuals and legal entities.
2. The intermediary is usually payment system or bank.
3. Recipient of the transfer – to whom the money is sent.

Each intermediary has its own conditions for transferring funds. They can vary greatly depending on various factors.

For example, if an international wire transfer is performed, the commission increases. Although everyone has their own tariffs for internal transfers.

The average processing time for Wire Transfer is up to 5 days. Payment systems most often process transactions instantly, while banks require several business days.

An important condition for performing Wire Transfer is that the recipient has a bank or other electronic account. The sender may not have an account, since by going to the bank or going to an ATM, you can use cash for the transfer.

Where is it profitable to make electronic transfers?

To ensure that the transaction is as beneficial as possible for the recipient and the sender, several systems need to be considered. For determining suitable option, Consider several important factors:

• study account service rates;
• consider the commission for Wire Transfer;
• additional commission for depositing and withdrawing funds;
• check the limits on transfers (withdrawals).

For the most part, Internet payment systems do not charge fees for internal transfers, and also offer high limits to verified users.

The transfer can be done using standard tools or you can find an exchanger through (with more favorable conditions):

It makes sense to use exchange offices only if the payment system charges a commission for transfers between accounts. It is more convenient and safer to perform these operations through banks.

According to statistics, it is Wire transfers that most often reach recipients.

All banks offer internal transfers between accounts. For example, Sberbank does not charge a commission for Wire Transfer if cardholders are in the same region.

To send funds, just send the necessary SMS from your phone. It is very convenient, safe, and most importantly, such transactions are processed quickly.

Wire Transfer technology does not have established limits , tariffs and conditions. Each intermediary has the right to set his own commission and charge additional fee, setting your own conditions. But this is not the only drawback; many are not satisfied that such payments cannot be made anonymously.

Electronic transfers are increasingly used. Some people use them without knowing it.

For example, when a salary arrives on a card, the sender is the employer’s organization, the intermediary is the bank, and the recipient is the employee himself. Here is a simple example of using Wire Transfer in everyday life.

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