You need to pay for your transfer and provide the recipient's bank account details (including a SWIFT or IBAN code). You contact your bank or non-banking money transfer company.How do wire transfers work? Domestic wire transfersĪ domestic wire transfer or bank transfer refers to an electronic funds transfer method that is used by banks and other financial institutions. While traditional bank wire transfers require that senders and recipients have bank accounts, you may now initiate a wire transfer in person by paying cash, and the recipient may then collect cash from a physical location.
The term “wire transfer” has remained from the time when financial institutions relied on telegraph wires to carry out transfer instructions. These transfers do not involve the actual movement of physical money between two locations.
Wire transfers refer to electronic transfer of funds between two entities that may or may not be banks.
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