SWIFT transfers. Bank transfers Wire Transfer What is a Wire Transfer transfer
Wire Transfer - bank money transfers (literal translation from English - "wire transfer") of non-cash funds. Sometimes they are called simply Wire or warps.
Wire is one of the very first types of transfers. The process involves: the sender, the recipient and a third party - an intermediary. Agent banks, postal organizations or various payment systems can act as an intermediary.
Both individuals and legal entities can conduct a financial transaction through Wire Transfer. Warps are carried out not only within one country, but also abroad. The money transfer fee is charged from the sender, the recipient of the transfer does not need to pay for the receipt.
To make a Wire transfer, the intermediary agent may require the opening of a current account. However, many agents for individuals do not consider this stage of the transaction necessary. The sender simply fills out a form in which he indicates his data, the recipient's data, the amount and purpose of the transfer, pays the indicated amount and the commission charged by the intermediary to the cashier. The recipient goes to the nearest bank branch or post office with an identity document and receives cash. Such actions are necessary and sufficient for the implementation of money transfers within one country. For senders from Europe, the USA, Canada and other foreign countries, it is necessary to have additional information about the recipient (IBAN, IRC, ISC, etc., depending on the requirements of the intermediary bank). If the sender or recipient incorrectly indicated one or more transfer details, the bank may additionally request the so-called SWIFT code to confirm the legitimacy of receiving funds.
If you have a bank card of an intermediary bank, warp can also be received through an ATM. In addition, some banks provide the ability to transfer funds using the electronic payment system "Internet banking".
The Wire money transfer system is convenient, in particular, for electronic payments via the Internet, in particular, for paying for purchases in online stores or other online services.
A feature of Wire is that some intermediaries may set minimum amounts for international money transfers and limits on amounts, especially for individuals. Within one country, warps are carried out without upper and lower boundaries. In addition, unlike some other payment systems, transfers can be made both in national and in any other convertible currency. When receiving an international money transfer, the recipient has the right to choose in which currency it is more convenient for him to receive the wire.
The amount of commission for Wire Transfer is determined by each bank individually. As a rule, it varies from 0.5 to 2% of the transfer amount. In addition, partner banks set a minimum commission in a fixed amount, sometimes quite a lot. Therefore, using the Wire system, it is more profitable to make transfers of large amounts.
Such a system of bank transfers is often used to transfer funds between different countries from one bank account to another by the same person when it is impossible to use an international bank card. That is, the sender of a transfer from one country is simultaneously its recipient in another.
The speed of transactions by the Wire Transfer system is usually from 1 to 3 business days, however, in this case, the difference in time zones, the work schedule of partner banks, the time of sending the transfer, and similar factors also play a role. In addition, the time it takes for a money transfer to pass from the sender to the recipient is often increased due to the fact that the bank's security system checks the client for trustworthiness. This, of course, primarily concerns international transfers.
A distinctive feature of the Wire bank money transfer system is a high degree of security of financial transactions and information protection. International statistics show that warps do not reach the recipient much less often than amounts sent using other transfer systems. This is due, first of all, to the rather long period of operation of Wire in the banking services market and the experience gained during this time.
It should be said that in the Wire system there are no uniform terms, tariffs and limits. The powers of the intermediary in this case are so wide that certain features of the transaction may differ significantly from each other. Therefore, it is recommended that before making a money transfer, check the conditions in several Wire agent banks and choose the most suitable one for each individual case.
It is the difference in conditions between different intermediaries that is noted by many customers as one of the most significant shortcomings of the Wire bank transfer system. Such a non-unified approach often does not allow to calculate the timing and cost of the regular behavior of the same type of transactions between different countries, as well as within the same country - between different partner banks.
Another significant disadvantage is often called the lack of privacy. The need to provide personal identification data, as well as the purpose of the payment, causes some customers to fear that there may be future misunderstandings with the tax authorities.
In addition, many Wire participants are not satisfied with the time it takes to transfer funds, since modern electronic payment systems complete such transactions within hours, and sometimes minutes.
However, in general, the Wire Transfer system of bank money transfers is assessed by most individuals and legal entities as a fairly convenient and reliable method of non-cash payments.
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More meanings of the word and translation of WIRE TRANSFER from English into Russian in English-Russian dictionaries.
What is and translation of WIRE TRANSFER from Russian into English in Russian-English dictionaries.
More meanings of this word and English-Russian, Russian-English translations for WIRE TRANSFER in dictionaries.
- WIRE-TRANSFER - /wuyeur"trans ferr", -trans"feuhr/ , v.t., wire-transferred, wire-transferring . to transmit (money or credit) by wire transfer.
- WIRE TRANSFER - an order transmitted by telephone, telegraph, or electronically from one bank to another to pay or credit money to a ...
Random House Webster's Unabridged English Dictionary - WIRE TRANSFER - n. electronic sending or transferring of money from one bank to another
Explanatory Dictionary of the English Language - Editorial bed - WIRE TRANSFER - telegraphic transfer
- WIRE TRANSFER
American English-Russian Dictionary - WIRE TRANSFER - telegraphic (money) transfer
English-Russian Dictionary of Economics and Finance - WIRE - I. ˈwī(ə)r, -īə noun (-s) Usage: often attributive Etymology: Middle English, from Old English wīr; akin to old …
- TRANSFER - I. R tranzˈfər, traan-, -n(t)ˈsf-, ˈ ̷ ̷(ˌ) ̷ ̷, + vowel -fər.; - R -fə̄, + suffixal vowel -fər. also -fə̄r, + vowel …
Webster's New International English Dictionary - WIRE - - wirable , adj. — wirelike, adj. /wuyeur/, n., adj., v., wired, wiring. n. 1. a slender, …
Random House Webster's Unabridged English Dictionary - WIRE - I. ˈwī(-ə)r noun Usage: often attributive Etymology: Middle English, from Old English wīr; akin to Old High German wiara fine …
Merriam-Webster's Collegiate English vocabulary - WIRE - vi to send a telegraphic message. 2. wire add. a knitting needle. 3. wire vt to send (a message) …
Webster English vocab - TRANSFER - noun that which is transferred. 2. transfer noun a soldier removed from one troop, or body of troops, and placed …
Webster English vocab - WIRE - n, often attrib metal in the form of ...
- TRANSFER - verb, noun ■ verb / trænsˈfɜː(r); NAmE / (-rr-) TO NEW PLACE 1. transfer (sth/sb) (from ... …
Oxford Advanced Learner's English Dictionary - WIRE
- TRANSFER - I. trans ‧ fer 1 S3 W2 AC /trænsˈfɜː $ -ˈfɜːr/ BrE AmE verb (past tense and past participle …
Longman Dictionary of Contemporary English - WIRE-n. &v. --n. 1 a metal drawn out into the form of a thread or thin flexible rod. b...
- TRANSFER - v. &n. --v. (transferred, transfer ring) 1 tr. (often foll. by to) a convey, remove, or hand over (a thing …
English basic colloquial vocabulary - WIRE-n. &v. n. 1 a metal drawn out into the form of a thread or thin flexible rod. b...
- TRANSFER - v. &n. v. (transferred, transfer ring) 1 tr. (often foll. by to) a convey, remove, or hand over (a thing …
Concise Oxford English Dictionary - WIRE-n. &v. --n. 1. a metal drawn out into the form of a thread or thin flexible rod. b...
Oxford English vocab - TRANSFER - v. &n. --v. (transferred, transferring) 1. tr. (often foll. by to) a convey, remove, or hand over (a thing …
Oxford English vocab - WIRE - (wires, wiring, wired) Frequency: The word is one of the 3000 most common words in English. 1.A wire...
- TRANSFER - The verb is pronounced /trænsfɜ:(r)/. The noun is pronounced /trænsfɜ:(r)/. (transferred) Frequency: The word is one of the 1500 …
Collins COBUILD Advanced Learner's English Dictionary - WIRE — I. noun COLLOCATIONS FROM OTHER ENTRIES barbed wire ▪ a high barbed wire fence wire chicken high wire live wire …
- TRANSFER — I. verb COLLOCATIONS FROM OTHER ENTRIES electronic funds transfer switch/transfer allegiance (= start to support a different person, group etc …
Longman DOCE5 Extras English vocabulary - TRANSFER - Transfer might refer to the process of moving from one place, position, etc. to another.Black's transfer to an Italian football …
Cambridge English vocab - WIRE - 1. noun 1) barbed wire ≈ barbed wire copper wire ≈ copper wire 2) electric wire; telegraph or telephone ...
Big English-Russian Dictionary - TRANSFER
Big English-Russian Dictionary - WIRE - wire.ogg 1. ʹwaıə n 1. elastic wire - wire spring 2. electric wire 3. 1> telegraph or telephone wire ...
- TRANSFER - transfer.ogg 1. ʹtrænsfɜ: n 1. 1> transfer, transfer; moving the transfer of meaning - transferring the meaning (word) transfer ...
English-Russian-English Dictionary of General Vocabulary - Collection of the best dictionaries - WIRE
- TRANSFER - 1) transfer; transfer; transition || transfer; endure; move 2) move || move 3) transportation || transport 4) overload || overload...
Big English-Russian Polytechnical Dictionary - WIRE
- TRANSFER - 1) transfer; transfer; transition || transfer; endure; move 2) move || move 3) transportation || transport 4) overload || reloading 5) reloader; transfer plant 6) …
Big English-Russian Polytechnic Dictionary - RUSSO - WIRE - 1) dispatch communication 2) report 3) needle carded 4) metal 5) mount 6) transmit by wire 7) wire 8) wire 9) wire 10) connect with wires. angular wire gauge - split ...
- TRANSFER - 1) anode-grid 2) transfer 3) transfer 4) transshipment 5) transshipment 6) transfer 7) transfer 8) transfer 9) control transfer 10) pumping 11) switching 12) transfusion 13) pour 14) move 15) move 16) transfer 17) transfer 18) portable 19) ...
English-Russian Scientific and Technical Dictionary - WIRE - 1. ʹwaıə n 1. elastic wire - wire spring 2. electric wire 3. 1> telegraph or telephone wire 2> ...
- TRANSFER - 1. ʹtrænsfɜ: n 1. 1> transfer, transfer; the transfer of meaning - the transfer of meaning (words) transfer of ...
Big new English-Russian dictionary - WIRE - 1. noun 1) a) barbed wire - barbed wire copper wire - copper wire b) (the wire) fencing made of ...
English-Russian Dictionary of General Vocabulary - WIRE - 1. noun 1) a) barbed wire - barbed wire copper wire - copper wire b) (the wire) barbed wire fence to be locked behind ...
English-Russian Dictionary of General Vocabulary - WIRE - 1) wire || fasten with wire 2) thin rod 3) wire mesh 4) wire; cable 5) conductor 6) el. tire 7) …
- TRANSFER - 1) movement; transfer; broadcast; transportation || move; endure; transfer; transport 2) transport device; conveyor; conveyor 3) mechanical arm 4) aggregate ...
English-Russian Dictionary of Mechanical Engineering and Automation 2 - WIRE - 1) wire || fasten with wire 2) thin rod 3) wire mesh 4) wire; cable 5) conductor 6) el. tire 7) wire gauge 8) thread, thread. to...
- TRANSFER - 1) movement; transfer; broadcast; transportation || move; endure; transfer; transport 2) transport device; conveyor; conveyor 3) mechanical arm 4) aggregate machine with multi-position ...
English-Russian dictionary of mechanical engineering and industrial automation - TRANSFER - 1) transfer; broadcast; carry, move; transfer 2) passage, interleaving; transfer; graft; transplant 3) transplantation. - allogenic transfer - energy transfer - heterologous transfer - homologous transfer - …
New English-Russian Dictionary of Biology - TRANSFER - 1) transfer; broadcast; carry, move; transfer 2) passage, interleaving; transfer; graft; transplant 3) transplantation. - allogenic transfer - energy…
New English-Russian Biological Dictionary - WIRE - 1) wire 2) wire; conductor; tire; jumper 3) telegraph || telegraph; send by wire - address wire - address-read wire ...
English-Russian dictionary on computers - WIRE - 1) wire 2) wire mesh 3) electric wire; single-core wire 4) thin round bar 5) wire 6) fasten with wire 7) provide (for example, an elongated workpiece, shell) with an edge ...
English-Russian Dictionary of Construction and New Construction Technologies - WIRE - 1. wire 2. cable - bracing wire - carrier wire - exploding wire - guy wire - lead wire - pipeline wire - recovery wire - retrieving wire - ...
- TRANSFER - 1. transfer || pumping 2. transmission; transition to transfer through a pipeline - dispersed flow heat transfer - field ...
Big English-Russian Dictionary of Oil and Gas - TRANSFER - 1. noun 1) transfer, transfer to ownership 2) assignment (of property, rights) 3) Amer. transfer (money amounts) 4) transfer 5) accounting. transfer. - agreement on transfer of …
English-Russian Dictionary of Economics - WIRE - 1) wire 2) wire; conductor; tire; jumper 3) telegraph || telegraph; transmit over the wire. - address wire - address-read wire - address-write wire - attached wires - …
English-Russian Dictionary of Computing and Programming - TRANSFER - 1) transfer; forwarding; transfer || transfer; forward; move 2) jump 3) jump command || execute the jump command. - transfer control - bidirectional transfer - bit-block ...
New English-Russian Dictionary of Financial Markets
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Money transfers are made by individuals or legal entities with the help of an intermediary. Wire Transfer - bank money transfers (literal translation from English - "wire transfer"). The functions of an intermediary can be performed by a bank, a postal organization or a payment system. Financial transactions carried out using the Wire Transfer system can be international and domestic and are subject to payment by the sender of the commission.
Sometimes the intermediary sets a condition for opening a current account. But when conducting financial transactions by individuals, most agents do not require this. A client wishing to transfer money within the country must fill out a special form, indicating information about himself and the recipient, the amount of the transfer and its purpose. He also needs to pay for the services of an intermediary at the cash desk and deposit the amount to be transferred into it. The issuance of money can be carried out at a banking institution or post office. In this case, the recipient must have a document confirming his identity. In the case of an international transfer, the sender must additionally indicate the details, the presence of which will be the basis for the operation. Sometimes there are cases when the intermediary bank also requires a SWIFT code, but this can happen if there is an error in the specified details.
Cash can also be withdrawn from an ATM. But this is possible if the recipient has a bank card of an intermediary bank. Sometimes you can use Internet banking to receive funds. When paying cash, the client can choose any currency convenient for him.
The amount of the commission depends on the intermediary bank and cannot be less than the minimum set by it. In this regard, it is not profitable to transfer small amounts using the Wire system. In addition, in the case of an international financial transaction, the bank sets the minimum amount that can be transferred.
Money transfer is carried out within 1-3 days. The operation may take longer due to objective circumstances. For example, time differences, the work schedule of the institution and the verification of the client by the banking security system.
Money transfers are not as fast as electronic payment systems and require personal identification information. But they are trusted by many legal entities and individuals and have many positive reviews. Customers value money transfer systems for their reliability and convenience. In addition, the Wire Transfer system has been operating for a long time, during which cases of money loss were much less frequent than with transfers made using other systems.
Wire Transfer is any transfer of funds that is carried out using electronic communication. There are internal (within the country) and international transfers. They can be carried out both in the national currency of the sender's country, and in the currency of other countries. Also, during the transfer process, the currency can be converted at the official rate at the time of the transaction. In general, an international Wire Transfer transfer can take no more than 5 days.
Who is involved in the transfer of funds?
Any electronic transfer involves the presence of three parties:
- sender of the transfer (individual or legal entity);
- recipient - a private or legal person to whom the transfer is addressed;
- intermediary - an organization that assumes the functions of carrying out a payment transaction, guarantees its execution and charges a commission as its own remuneration.
What are the conditions for the transfer?
A prerequisite for the recipient is that he has a bank account. The details of this account identify the recipient for the bank or payment service.
At the same time, it is not necessary for the sender of the transfer to have a personal bank account. In this case, it is enough for him to fill out a special form at a banking institution and present an identity document.
What if the sender has a bank account?
Having a personal bank account gives the sender of the transfer several important advantages:
- his transfer is carried out at new, more favorable rates for him;
- as a rule, the boundaries of limits for transfers are significantly expanded (number of transactions per day, volumes of one-time transfers, total amounts of transferred funds);
- the ability to translate online;
- the opportunity to become the owner of a personal plastic bank card.
What is important for a sender to know before contacting a specific banking institution to open an account?
It is important to clarify:
- list of rendered services;
- commission rates for each service;
- list of restrictions on transfers.
In addition, it would not be superfluous to clarify whether this bank has the prescribed right to clarify the source of funds and the purpose of the transfer.
What are the Wire Transfer alternatives?
Those who find it unnecessary to visit bank branches can send a Wire Transfer using any of the existing payment systems or specialized online services.
This solution has a number of advantages:
- no need to open a personal bank account;
- favorable tariffication of operations;
- Efficiency of transactions.
What else does the sender need to know to make an international transfer through electronic payment systems?
Standard requisites are recognized and successfully used all over the world. The recipient needs to know them and inform the sender. It:
- name of the bank and its address - Bank Name and Bank Address;
- personal account number - Account Number;
- data of the owner of the bank account (beneficiary) - Account Holder or Benificiary Name;
- code of the SWIFT Community member organization - SWIFT Code (BIC, ID, Code);
- unique account number code - IBAN;
- name and address of the correspondent bank - Correspondent Bank Name and Address;
- unique number of the correspondent bank in the SWIFT Community - Correspondent Bank SWIFT Code;
- a unique number of the bank account in the correspondent bank - Correspondent Account Number.
How high is the reliability level of Wire Transfer transfers?
Wire Transfer has a high level of protection, which is confirmed by the high popularity of such a transfer system and the trust of millions of customers around the world.
Add a comment
Catherine
I have a large amount of 15,000 dollars on my Trade Option account. Who will help to withdraw money I will share 50 * 50. I am retired and have no money to withdraw. I am a man of my word Who will help pay for more extra. expenses.
Visitor
Hello!!! I have the same problem, I traded on the Trade platform. Optina can't pay the $100 commission and withdraw money to the card. Thank you.
Hello! I traded on the TRADE OPTIONS platform. cc now I can't withdraw money. They take 100$ cummision I have no money and nowhere to take help someone please
Bank transfer (or wire transfer) will be convenient primarily for those who are faced with the need to transfer money from one bank account to another if it is not possible to open an international Visa and MasterCard card (we are talking about cases, for example, transferring money between small national banks). In this case, you open an account, which does not take you more than 30 minutes, and in the case of a money transfer, deposit the required amount into it, plus interest for the transaction being made, in order to make a particular purchase or money transfer.
If you receive money via Wire Transfer, you do not need to deposit money into your account. However, it is worth clarifying the minimum funds available in this bank for transfer and how you can then withdraw them from your account. Rules can differ so much that we will not even try to give them an average version. But usually the limit for the transfer can be an amount of $ 1-5 with 3-10% of the withdrawal amount. You can pay for anything, even the rental of executive cars with a driver if necessary, not to mention all sorts of small purchases in.
When receiving money within the CIS, you should tell the sender your account number and details of your bank - this will be enough for him to make the payment. If we are talking about receiving money from abroad (USA, Europe, etc.), then in addition to the above data, you will need to fill in the IBAN, routing code, sorting code, which will allow you to make the intended transfer.
Usually funds are transferred from one bank account to another within 3 business days. However, in the case of foreign banks, this may take longer, as their security services can check your identity for involvement in various scams and machinations. But if your banking history is clean, then you will not have any problems with receiving or sending money by bank transfer.
If you or your sender make a mistake in writing the bank details of the recipient account, then you will need to request the so-called "swift" from the bank employees - a document confirming the money transfer operation, after which the money will be found and transferred to the account that sent them, for which, however, you will have to pay from 10 to 30$.
So, alas, sometimes you have to dodge, because not everything can always be paid for, although they are already much better developed than five years ago. And this pleases, because their promotion is inevitably connected with our convenience.