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Wire Transfer

Wire transfer is not a money transfer service provider, but rather a classification. Technically, wire transfer is the act of transferring money from one bank to another. Both banks handle the actual transaction and neither the sender nor the recipient will have to touch the actual funds that are being sent. The only time the money becomes tangible is when the recipient gets the cash.

To transfer money over the wire, all you need is a computer, a bank account and an internet access. It is done by first contacting your bank, and providing the name of the entity you’re wiring funds to, the ABA (American Banking Association) routing number obtainable from the recipient’s bank, the recipient’s account number, the address and phone number of his bank, and a contact person.

Bear in mind that there are transaction fees and charges to consider, and in fact, wire transfers tend to be more expensive than other payment methods. However, wire transfer is the most secure of all current payment methods and you are sure that the actual transfer will go without a hitch on the bank’s side of things.

Different banks will have different ways of allowing transaction; some banks allow wire transfers through the Internet, while some require a telephone call or a fax for verification purposes. There are even banks that require a personal appearance, but all of this extra precautions result in a very safe transfer of funds. Extra legwork and document processing is better than losing your money in transit.