Close Menu
JustwebworldJustwebworld
  • Astrology
  • Business & Finance
    • Cryptocurrency
    • Make Money
    • Entrepreneur
    • Brands
    • Companies
    • Personal Finance
      • Banking
      • Insurance
      • Trading and Investing
  • Tech
    • Computing
    • Cybersecurity
    • Electronics
    • Android
    • Apple
    • Gadgets
    • Social Media
    • Mobile Apps
    • Softwares
  • Education
    • Vocabulary
    • Abbreviations
    • General Knowledge
    • Writing & Translation
  • Lifestyle
    • Beauty & Cosmetics
    • Fashion & Style
    • Furniture & Decor
    • Luxury
    • People & Relationships
    • Pets and Animals
    • Shopping
    • Parenting
    • Gardening
    • Birthdays
  • Health
  • Travel
  • Auto
  • Gaming
  • Food
  • Entertainment
  • Sports
Facebook X (Twitter) Instagram
Tuesday, July 15
  • About
  • Contact Us
  • Advertise With Us
  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
JustwebworldJustwebworld
  • Astrology
  • Business & Finance
    • Cryptocurrency
    • Make Money
    • Entrepreneur
    • Brands
    • Companies
    • Personal Finance
      • Banking
      • Insurance
      • Trading and Investing
  • Tech
    • Computing
    • Cybersecurity
    • Electronics
    • Android
    • Apple
    • Gadgets
    • Social Media
    • Mobile Apps
    • Softwares
  • Education
    • Vocabulary
    • Abbreviations
    • General Knowledge
    • Writing & Translation
  • Lifestyle
    • Beauty & Cosmetics
    • Fashion & Style
    • Furniture & Decor
    • Luxury
    • People & Relationships
    • Pets and Animals
    • Shopping
    • Parenting
    • Gardening
    • Birthdays
  • Health
  • Travel
  • Auto
  • Gaming
  • Food
  • Entertainment
  • Sports
JustwebworldJustwebworld
Home » Business & Finance » Personal Finance » Banking » Online Wire Transfer & How Does It Work

Online Wire Transfer & How Does It Work

Reena BansalBy Reena Bansal Banking
Facebook Twitter LinkedIn Telegram Pinterest Reddit Email WhatsApp
Follow Us
WhatsApp Telegram
Share
Facebook Twitter LinkedIn Pinterest Reddit Telegram WhatsApp

Wire transfer is sending money from one location to another instantly. These two locations are the bank, and the money is transferred from one bank to another. The Online Wire Transfer is the most instant way of sending money.

This method is usually used to send money abroad to other countries. For example, they use this method when someone wants to send money from India to another country.

Online Wire Transfer

Table of Contents

Toggle
  • How does money transfer through this method?
  • The wire transfer takes time.
  • Cost involved
  • How to wire money online?
    • Online bank wires
    • Wire transfer companies
    • Online and mobile payment services

How does money transfer through this method?

Usually, the money in Online Wire Transfer is transferred through SWIFT (Society for worldwide interbank financial telecommunication network). This network is a messaging protocol with about 11000 banks in 200-plus countries. This network not only sends money from one bank to another but also sends instructions related to wire transfers.

If a person wants to transfer money from bank A (located in America) to bank B (located in India) or vice versa, bank A will send the instruction to bank B.

These instructions include information about the bank account and related data. This data consists of the recipient’s name, account number, and the transfer amount. This data is not transferred directly from bank A to bank B but through an intermediary bank.

However, the amount isn’t transferred from one place to another, but the particular amount is deducted from the sender’s account and added to the receiver’s account. Then, the transfer amount is deducted from the sender’s account and stays in the same country, and the same amount is added to the receiver’s account.

Also Read: How to Open An Offshore Bank Account In Portugal How to Open An Offshore Bank Account In Portugal

The wire transfer takes time.

The processing time depends upon the distance between the two locations. The money is transferred in both domestic and international wire transfers. The domestic wire transfers take about one day or less, but the international wire transfers take around 4- days or more.

How to do a wire transfer?

There are a few simple steps to transfer money through wire transfer. These are.

  • First, you need to provide the information to your bank.
  • This information includes the name of the recipient and the amount you want to transfer from your account to the recipient’s account.
  • This process can be done offline by filling out the paper form. This form can be filled out online as well.

Cost involved

This process requires some extra charges. The remittance charges are almost negligible, but the intermediary bank charges some fees and service tax. The service tax is usually 1 to 0.5 per cent of the transferred amount.

How to wire money online?

There are three ways by which you can transfer money online, these are.

  • Online bank wires.
  • Wire transfer companies.
  • Online and mobile payment service.

Online bank wires

Usually, most banks provide the service of wiring money online. It depends on your bank’s type of currency you want to transfer to the recipient account. The transferred money can be withdrawn from the saving or checking account.

The money is usually transferred on the same day, but this transfer time usually depends on your bank and the amount you have transferred.

Also Read: How E-commerce Is Changing India’s Banking Behavior How E-commerce Is Changing India’s Banking Behavior

However, there are certain limits to which you can transfer money online, but these limits are higher than other online money transfer platforms. To transfer money via bank wire, you will need the following information.

  • Name and address of the recipient.
  • Name of the recipient’s bank.
  • A secure mobile device.
  • An ABA routing number/ SWIFT code/ BIC code.
  • Account number (in case of domestic wire transfer) or IBAN (International Bank Account Number)(in case of international wire transfer).

Wire transfer companies

These are wire transfer services that allow the transfer of funds domestically and internationally. You can visit either with cash or withdraw the money from your bank account.

The fees for these various companies differ a lot, but mostly the fee is less than the bank wire transfer. You will need the following things to transfer money via transfer companies.

  • Personal information like name and address.
  • A payment method, either Debit card, credit card, bank account, or cash.
  • Recipients information.

Online and mobile payment services

There are a lot of online services that allow you to transfer money instantly. They are.

  • Venmo.
  • Zelle.
  • Paypal.
  • Cash App.

To send money via these apps, both people should be members of the same app. However, in case of an unsatisfied transaction, this transfer method provides a refund service, you can refund the transferred amount. To transfer funds via this method, you will need the following things.

  • You need to be a registered member of the app.
  • Registration requires an email address and a few common information.
  • Recipients account information.

Investing in stocks has been trending nowadays, and usually does this via Stock Investment App. It has a similar mechanism to the online and mobile payment services as it requires you to become a member of the app, and then you can deposit, invest, and withdraw through the same app.

Also Read: The 15 largest banks in the US The 15 largest banks in the US

Join 25,000+ smart readers—don’t miss out!

Follow on WhatsApp Follow on Telegram
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram WhatsApp Copy Link
Previous ArticleWhat to Avoid When Designing Your Bathroom Remodelling Plan
Next Article How to Establish A Good Business Credit As A Startup
Reena Bansal

Reena Bansal is a skilled and adaptable content writer who can breathe life into any topic. With a keen eye for detail and a passion for storytelling, she creates well-researched, engaging, and easy-to-understand content across various niches, from technology and business to health, lifestyle, and more. Her writing isn’t just about sharing information-it’s about making complex ideas simple, keeping readers engaged, and delivering content that truly resonates. If you need content that is clear, compelling, and impactful, Reena Bansal is the writer to trust!

Related Posts

The Future Of Banking: Exploring Digital Innovations In Savings Accounts

How To Find Your Bank Account Number?

Flutterwave Review: All You Need To Know About The Online Payment Platform

Best Banks For Savings Accounts : The Toppers

The Advantages of Mobile Check Deposits

The 15 largest banks in the US

Leave A Reply

Join 25K+ smart readers!
Categories
Latest Posts

Ways to Ensure Your Business Remains Competitive and Successful

Dude Perfect Uncovered: Net Worth, Members, Records, YouTube Fame & More!

Olivia Culpo Biography 2025: Miss Universe to Fashion Icon | Age, Husband, Baby, Career, Net Worth & More

Angela Aguilar: Age, Songs, Husband, Biography, Albums & Net Worth 2025 | Rising Mexican-American Singer & Latin Grammy Star

Josh Tongue Full Profile 2025: England’s Fast Bowling Sensation | Test Stats, Wickets & Career Journey

Why Renting A Phone Number Is the Smart Way to Receive SMS Safely

India Vs Pakistan Cricket Matches Timeline | Test, ODI, T20I Head-to-Head, ICC Records & Full Stats

Walkie-Talkie That Works Nationwide: The Power of LTE Push-to-Talk

Digital Products To Sell Without Showing Your Face – Ultimate Guide 2025

Electric Car Charger Installation Guide (2025): Cost, Setup & Home EV Charging Tips

Quick Links
Age Calculator
Angel Number Calculator
Case Converter
Sudoku Online
Word Counter
Love Calculator
Useful Links
Number to Words
Period Calculator
Yes-No Picker Wheel
Demon Name Generator
Kingdom Name Generator
Harry Potter Name Generator
Helpful Resources
Colors Name In English
Best Computer Brands
WhatsApp Web
Most Beautiful Beaches
Tesla Cybertruck Review
Richest Actors in the World
Explore More
Good Morning Handsome
Best English Songs of All Time
Cricket World Cup Winners
Ways to Say Rest In Peace
Britain’s Got Talent Winners
American Idol Winners
Facebook X (Twitter) Instagram Pinterest YouTube Tumblr LinkedIn WhatsApp Telegram Threads RSS
  • About
  • Contact Us
  • Advertise With Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
  • Web Stories
Copyright © 2012-2025. JustWebWorld - All Rights Reserved. | Sitemap

Type above and press Enter to search. Press Esc to cancel.

×

👇 Bonus Reads for You 🎁

Flutterwave Review: All You Need To Know About The Online Payment Platform
Flutterwave Review: All You Need To Know About The Online Payment Platform
Exploring Digital Innovations In Savings Accounts
The Future Of Banking: Exploring Digital Innovations In Savings Accounts
Different Types of Banks
Different Types of Banks – (Detailed Explanation)
IPPB Login
IPPB Login | India Post Payment Bank Account Registration | IPPB Mobile Login