A wire transfer is a method of electronic funds transfer from one bank or financial institution to another. It is a way to quickly and securely transfer money between different banks, either domestically or internationally. The money is transferred through a network of banks, also known as the Federal Reserve or SWIFT network. This allows for the money to be transferred between banks almost instantly, usually in 24-48 hours.
There are a few ways to initiate a wire transfer:
- In-person: You can visit a bank branch and request a wire transfer. You will be required to provide the recipient’s account information and pay any applicable fees.
- Online: Most banks now allow you to initiate wire transfers through their online banking platforms. The process is the same as visiting a branch, but you can complete it from the comfort of your own home.
- Phone: Some banks also allow you to initiate wire transfers over the phone. You will be required to provide the recipient’s account information and pay any applicable fees.
Wire transfers are typically more expensive than other forms of money transfer, such as ACH transfer. Additionally, wire transfer fees vary from bank to bank and country to country. It’s important to check the fees and the transfer time of your bank or wire transfer service provider before making a transfer.
RemitM is registered with the Information Commissioner’s Office (ICO), the UK’s independent authority set up to uphold information rights in the public interest.
All clients’ funds are held in a dedicated client account separate from RemitM’s funds, in line with our regulatory framework and consistent with good practice.
We earn no interest from holding client funds, as your payments and transfers are not held by us and are remitted to recipients upon receipt.
Your data is transmitted in a secure way and all password data is encrypted.