Want to send money overseas quickly? Then an online wire transfer of money is the solution. A wire transfer is the easiest and THE quickest way to send money from one bank account to another. A wire transfer can be done from one bank account to another bank account or at a cash office by transferring cash.
Here is all you need to know about online wire transfer of money.
- In 1872, Western Union launched the very first service used for a wire transfer on its existing telegraph network. By 1877, almost $2.5 million was transferred using this service.
- Various wire transfer systems and operators provide different facilities at different costs, value, and volume of transaction.
In the United States, Central bank wire transfer systems, i.e., Federal Reserve’s Fedwire system are a real-time gross system (RTGS). RTGS is the quickest provider of funds on wire transfer bank system.
- A proven identity holder can only do a bank-to-bank wire transfer. This ensures the security of transaction and no scams or frauds are involved. Transferring money via wire transfer to an unknown person could be risky.
- The Office of Foreign Assets Control governs the international transfers involving the United States. They monitor to whom the money is being transferred. If they suspect money is being transferred to some terrorist groups, then they block the transaction and freeze the account immediately.
- In the United States, federal regulations govern the domestic wire transfer under Article 4A of Uniform Commercial Code.
- In the United States, wire transfers are costly. Among the 15 largest retail banks, an outgoing domestic wire fee was $25, and incoming wire fees were evenly divided between $0 and $15 in the year 2016.
Transferring funds through wire transfer are fully secured. However, it comes with one drawback that once the transaction is made, it cannot be canceled. It’s not the service you use on a daily basis, but, when you need to, an online wire transfer of money is the easiest and the most secure way of transferring funds overseas.