Known for speed and efficiency, a wire transfer refers to the electronic transmission of funds from one person to another, typically facilitated by banks but also possible through specialised apps.
This article includes tips, suggestions and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.
Considered as one of the ways to send money securely, the process involves a sender providing crucial information such as a recipient's bank details and an amount to be transferred.
Wire transfers differ from bank transfers, which usually involve moving money quickly within the UK through entities like the Bankers’ Automated Clearing Services (BACS) and the Faster Payments Service.1
Wiring money is a convenient way to send funds to someone. Whether wiring through a bank or building society or using an app, here's a brief overview of the process:
Be aware of any fees associated to transfer money as these can vary depending on the service used.
Wire transfers can be broadly categorised into two types: domestic and international.
Domestic wire transfers are generally used to send funds from one UK resident to another. These transfers can be fast, as they don't require currency exchange or cross-border regulations. They are ideal for quick, large-sum transactions within the UK.
International wire transfers normally involve sending money internationally to the country where a recipient is based. These transfers can be made for personal or business purposes. However, they require additional steps such as determining the currency conversion rate and complying with international banking regulations. Learn more about how to send money internationally.
While wire transfers may be a popular choice for sending money, it’s important to assess the potential benefits and risks.
Wire transfers are particularly useful to send money quickly and efficiently across borders. However, it’s important to consider the potential drawbacks like fees and transfer limitations. Learn more about how to transfer money online.
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