If you initiate a wire transfer through a nonbank provider like Western Union or MoneyGram, you’ll typically need the recipient’s name, phone number and address. When you initiate a wire through your bank, you’ll generally need to provide the: No matter the type of wire, there’s always a sending and receiving party and an entity in the middle that facilitates the transfer. Today, wire transfers happen in a wide variety of ways beyond the telegraph wires of yesteryear. That coded message authorized the release of funds to the person on the other end. The telegraph office would then send a coded message to the telegraph office closest to the recipient. To send money over long distances, customers would go to a telegraph office and make their payment. The term “wire transfer” goes back to the days where long-distance communication was done over telegraph wires. Most commonly, the term “wire transfer” refers to bank wires, which transfer money between banks using networks such as Fedwire or Society for Worldwide Interbank Financial Telecommunication (SWIFT). What Are Wire Transfers?Ī wire transfer is a term that describes the electronic transfer of money. While the cost is slightly higher than common peer-to-peer ways of sending money back and forth, there’s little waiting for transfers to happen and funds availability is usually immediate. When you need to send money fast, wire transfers can help you get it where it needs to be safely and securely.
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