In the simplest way, Wire Transfer is a form of electronic funds transfer. It is used to transfer money from one account to another. During the previous days, telegraph companies used Wire Transfer to carry the wire transfer of money orders from one branch office to another. With latest technologies coming in, it has become extremely convenient to wire money between banks.
Significance of Wire Transfer
It allows the customers from various geographical locations to transfer funds easily around the globe. This method is usually considered as the most convenient and safest way of transferring large funds, overseas. If a customer desires to make a Wire Transfer to another country, one needs to acquire necessary information from the receiver and pay a certain amount of fees to the bank. This fees usually depends on the size of the amount to be transferred.
Using your credit or debit card to make payments at a shopping mall is a kind of Wire Transferring. Its a way of transferring money from your bank account to that of the retailer just by swiping the card. This method allows you to prevent the hassles of managing large amount of cash, hence allowing you to transfer funds conveniently.