Wire transfers are considered to be a very efficient way of transferring funds between people or organizations within the country or across the globe. They are a preferred option in cases where either the recipient or the sender is not local, for instance when making international business payments or sending money to family overseas. Wire transfers can be done in different ways which include wire transfer stores, bank-to-bank transfers, and online money transfer services. It is important to know that the cost and speed of cross border wire transfers depend on the mode of delivery that one chooses. If you are planning to do a wire transfer, here are the three important things that you must know:
1- Choose a service carefully:
As wire transfers can be done in more than one way, it is important to do good research about the different ways that you can use. Know about the pros and cons when going for a bank to bank transfer or transferring money through a money service. Doing wire transfers through the bank would cost much less when compared to using a service like Western Union. But it is also important to know that services like Western Union are very convenient as there are physical stores at many locations. Once you have chosen the service, gather all the information you would need for the transaction. You would mainly need your bank account number, the name of the bank where the money is to be transferred, and the recipient’s routing number for making the transaction.
2- Avoid scams:
An important thing to know is that once the payment is made through a wired system, it is very difficult to reverse the transaction or pull your money back. This makes such transactions very attractive to hackers and fraudsters. You must verify where the money is being wired and also avoid sharing any financial information on emails as hackers can easily alter the emails and instruct a person to send the money to the wrong place. To avoid chances of any fraud, it is best to choose safe and reputed platforms like Tazapay that eliminate uncertainties by verifying the trade partners and ensuring secure and swift cross-border payments.
3-Know the costs associated with wire transfers:
There is a certain fee that one has to pay for every wire transfer, whether it is a domestic or an international transfer. It mainly depends on the transfer type and the rate of exchange. In general, wire transfers are expensive as there are various hidden fees throughout the transaction process. One can opt for person-to-person services like TransferWise as it is an affordable way of transferring money in different currencies.
Lastly, know that wire transfers are extremely safe, secure, and reliable, provided that you are careful throughout the process, use a legitimate wire service provider, and know the person who is receiving it. Keep these points in mind for secure and hassle-free transactions.