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| Wire Transfers |
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A wire transfer is a form of electronic transfer of money. There are two types of wire transfers: - A Bank wire transfer where money is transferred from one bank account to another, via a financial institution which charges a fee for the service. - A Cash Office wire transfer where cash and fees are paid to the sending office, which forwards the money to be picked up as cash at the receiving office. Bank wire transfers are secure and fairly convenient, but tend to be very costly. Both the sender and receiver are known, and bank wire transfers can be made internationally. Cash office wire transfers are also very costly, and riskier than their counterparts. Wire transfers via this method are anonymous. |
