The term “wire transfer” is often used for various types of electronic transfers that typically aren’t as instant or as safe as bank wire transfers, as described above. In fact, almost all payments are electronic (even checks get digitized).
The main risk with wire transfers is when you send money.
Unlike some electronic payments, bank wires cost money. Depending on whether it’s outgoing or incoming, international or domestic, and the type of bank account you own, wire transfers can cost up to $50. Some banks waive incoming wire fees. There may also a limit to the amount you can send.
When you need to send or receive money quickly, a bank transfer or a wire transfer might be the right tool for the job. Wire transfers are immediate, reliable, and safe (as long as you’re not sending money to a thief).
Down payments and other wires to a title company are an attractive target for hackers. When buying a home, always verify where the money is supposed to be wired—especially if you get wire instructions by email. Hackers can alter emails (even from people you’ve been working with for several weeks) and instruct you to send money to the wrong place. To avoid problems, call the recipient to verify the wire instructions.
A wire transfer is an electronic transfer of money. A traditional wire transfer goes from one bank or credit union to another using a network such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Fedwire.
It is difficult to bank anonymously within the U.S., which limits thieves’ ability to pull off a scam with a bank wire transfer. You can keep your identity from individuals and businesses to some degree, but law enforcement generally has the ability to find you. Even Swiss banks cooperate with U.S. law enforcement efforts.
Usually, if somebody asks for a “bank wire,” they want the traditional bank-to-bank transfer. But the term wire transfer gets used for other types of transfers as well, so it’s best to clarify the requirements if somebody asks for a wire transfer.
Automated clearing house (ACH) transfers are also different. The money moves from bank to bank, but the transfer takes several days, and the payee won’t know for sure if the funds will arrive. ACH payments can be reversed, but only in limited circumstances.
A wire transfer is an electronic transfer from one bank or credit union to another. Learn about the speed, security, and costs of wiring money.
Typically, an international wire transfer could take anywhere from 2-5 business days with most banks.
Whether it’s a domestic or international transfer
The currencies that are involved in the transaction
A wire transfer is a reliable and safe way to send money, but how long does it take for a wire transfer to go through? The length of time required to transfer your money will depend upon factors that include:
With OFX, you won’t be left guessing if your money was transferred correctly, and you can rest easy knowing that you’re using a secure and speedy system whose focus is getting your money to its destination in the shortest amount of time possible.
The company you choose to make your money transfer
You register with us and use our online form to submit your recipient’s details.
Depending upon your recipient’s country, it generally takes 1-4 business days to complete the entire process of receiving your funds and sending them to your recipient.
We know how important it is to keep track of where your money is and when it arrives at its destination. That’s why you can log in to track the status of your transfer or use our mobile app to keep an eye on your money, and if you have any questions, we’re just a phone call away.
Wiring money is secure and simple, but when you use the right service, like OFX, you can be sure that your transfers will be swift too.