The Bank-to-bank wire transfer is regarded as the safest international payment method where every account holder is required to prove his identity. The process of sending money by wire can also be recalled if required. The information that is contained in wires is securely transmitted via encrypted communications methods. There is a great variation in the price of bank wire transfers based on the location of bank and its branches. The fees associated in some countries can also vary a lot.
The bank wire transfer is designed in such a way so as to make every wire transfer through cash offices, essentially anonymous. It is also designed to affect the transfer only between persons who trust each other. One can add the beneficiary to his account as per one’s preferences. One should be cautious about sending money to an unknown person as the receiver may simply disappear after collecting money. One of the famous scams of this sort is 419 scam.
There is a body for monitoring the International wire transfers involving the United States and it is known as Office of Foreign Assets Control (OFAC). It monitors the information offered in the text of the wire to judge if the money is being transferred to eligible recipients or it is used for funding the terrorist organizations entities which are under sanction by the US government. In case there is a suspicion regarding the transferred funds being used for funding the sanctioned entities, the transfer can be clocked and funds are freezed.
The wire transfers are chargeable where both the sending as well as receiving entities is charged for the wire transfer and most of the time the fees are deducted from the funds that are being transferred. This is done without informing the account holder. There are no technical or legislation ways for protecting the customers from the fees charged without customer’s consent.