A wire transfer is a money transfer service that allows you to send money directly from your bank account to another person’s account. This type of transaction is cost-effective and quick, and it’s an especially good option for sending large amounts of money.
Wire transfers can be made in any amount, but they usually cost more if you’re sending less than $1,000. And while they’re generally fast — most banks can complete the process within 24 hours — there are some potential speed bumps along the way.
- Check the instructions carefully and make sure they are accurate. Wire transfers that are sent to the incorrect recipient may take a while to be refunded if they are refunded at all.
- Ask if it’s possible to send a “test” transfer of $1 before sending the real thing, especially if it’s a significant amount of money.
- Ask for the bank’s name and phone number before sending a wire transfer if you don’t already have it. Then call the bank before sending money to confirm that you have all of the information correct.
- If anything seems unusual, err on the side of caution and don’t send the transfer until you sort things out.
As we pointed out, wire transfers are highly convenient and very secure in most cases. However, because new technology presents new opportunities for fraudsters, it pays to educate yourself on some ways to spot suspicious activity in your bank account. If you can keep a few of these tips in mind, you should be able to avoid much of the trouble that comes with sending money by wire transfer.