Wire Transfer: Process and Safety Concerns Answered

Man doing wire transfer online

Almost everything can be done with just a few clicks and mouse drags, even money transfer. Sending or receiving money these days is easy; you can do it wherever you are in the world, thanks to wire transfer.

Other than convenience, money transfer agencies offer relatively lower charges than those of traditional banks. Western Union money transfer, for example, is a fast, easy and affordable way to send and receive money.

But how exactly does it work and how safe are your transactions? Read on to learn more.

What is wire transfer?

Wire transfer is an electronic transfer of money wherein there is no physical cash movement made. This means merely the balances of both accounts are modified. This transaction is a popular choice because the money moves within the same day (for most domestic cases), or within two days (for international transfers).

There are different types of wire transfers. Banks and money transfer agencies can help you make the transaction possible and successful. They will verify the legitimacy and identity of the sender and the receiver through a series of information collection.

How safe is it?

Scams involving wire transfers are not new and the responsibility to protect one’s money lies in the hands of both the sender and the transfer agency.

Banks and agencies would require information and even bank accounts in order for one to successfully send or receive money. In addition, other advanced security measures are embedded in their systems to ensure as much protection as they can for the sender and the receiver.

However, as a client, you have the responsibility to be vigilant in transacting with the other party. Banks and wire transfer agencies simply serve as a middleman in making sure your money reaches its destination.

Thanks to wire transfer, sending money from wherever you are to anywhere in the world is easier. For maximum safety and confidentiality, use only the most reliable means of transferring money electronically.