Bank Wire Transfer Fees aims to take the confusion out of how to transfer money by bank wire. Many people are confused by this process and often the banks contribute to this confusion by hiding the fees and charges in the ‘fine print’, and let’s face it, there are that many products now offered by banks that even some employees don’t understand them all.
Before visiting your local bank branch to organise a bank wire transfer you can at least do some home work to see if a bank wire is the best method to transfer your money. It may be faster and cheaper to an online money transfer service that doesn’t require you to visit your bank branch in person.
Of course most banks will also offer the option to initiate a bank wire via their online banking product. Unless you understand how the funds will be transferred then again, you will need to research this first. At least with online banking the fees and charges are usually highlighted, although, by the time you get to see them it’s possibly too late to use another method because you have run out of time.
Therefore, when considering a bank wire money transfer, think about how quickly you need the money transferred, does it need to be cleared funds in the recipient’s accounts and what are the fees and charges.
Bank wires originated a long time ago and now there are other products that may be more relevant to today’s environment. For example, email money transfers, transfers via online wallets, third party money transfers and the basic ‘pay anyone’ type services also offered by the banks.