A wire transfer is a process of transferring money from one institution or person to another. A wire transfer is commonly practiced in cases of transferring money from one bank account to other bank account. It can also be done by depositing money in cash at a cash office which then transfer the money at the requested bank account using wire transfer. This transfer is operated completely by the bank. Since it is a wire transfer, the transfer of funds is not seen by the person sending or receiving the money. The earlier form of wire transfer was used by the telegraph companies that carried the wire transfer of money order from one office to another. With advent of new technologies and software, it has become possible to wire the money between banks conveniently.
The wire transfer is also known as telegraphic transfer in some places and it is termed as giro in most of the European countries. A wire transfer is a sort of electronic payment system that authorizes the bank to wire funds from customer’s account to another bank’s account. It ensures of observing the maximum security while making payment and it is also very quick. The funds are paid even before the goods are shipped. Nowadays it has been regarded as the most convenient way of making the money transfer over the internet to different parts of the world. It prevents the hassles of handling the large amount of cash money and allows you to make the transfer with the click of few keys on your PC.
Wire transfer is designed in such a fashion so as to ensure maximum security of your funds during the transfer. It is administered by the global administer that monitor the transfer of funds across different networks. It is regarded as the one of the easiest method of making payments for banking transactions like personal account management, credit card balance transfers, paying telephone bills, Internet bills and other utility services bills. In fact, you can do shopping at your will by merely carrying your credit card or debit card in your pocket and swiftly make payment by just swiping our card at the card reader machine. By doing this, you actually authorize a wire transfer from your bank account to the retailer’s bank account.