![]() Whatever provider you use, you’ll still have to pay a transfer fee 1. Meanwhile, wire transfer services provide more flexibility on how to pay and send your money. You may also be able to send more money in a single transfer with a bank without confirming your identity. There are positives and considerations for both.īanks often offer more transparency on fees and delivery times, as they tend to use a set process for wire transfers. Choose a providerįirstly, decide whether you want to make a bank-to-bank wire transfer or use a money transfer service. Follow our step-by-step guide and learn how to send a wire transfer. The whole process, from initial request to completion, is relatively straightforward, and most providers use a similar system to handle wire transfers. Now you know the different types, the next step is understanding how to set up a wire transfer. Once the wire transfer is complete, the service provider will notify your receiver to let them know the money is available. You’ll usually need to pay for the wire transfer upfront, as well as any transfer fees. You can still wire money from bank-to-bank this way, as well as send money for cash pickup or to a mobile wallet – depending on the service provider. Instead, you contact the service provider directly and supply them with the necessary information, including your receiver’s name and account details. Wire transfer servicesĪ wire transfer service allows you to move money without going through your bank. Wire transfers overseas may also take a few extra days to clear. The cost for bank-to-bank transfers is usually around $25 to $30 for home transfers, and up to $50 for international transfers. ![]() To complete the transfer, you’ll need to provide details of the receiver, including their name, contact details, and bank account. You can set up a bank-to-bank wire transfer by visiting your local branch or using online banking. The main type of wire transfer is when you move money from one bank account to another. The one right for you will depend on the reason behind your transfer and any transfer fees 1 to consider. ![]() There are two main types of wire transfers you can make in Canada. Therefore, sometimes they’re used to cover last minute bills or send money to loved ones virtually anywhere. They can sometimes be faster than a standard money transfer – depending on the amount, receiving destination and sending circumstances. This means they can be useful for sending large amounts of money, such as to buy a house or pay tuition fees. People tend to use wire transfers for their reliability. Wire transfers are also considered one of the fastest ways to move money. You can make them domestically or internationally, and you can often send up to tens of thousands of Canadian dollars in one transfer. This guide takes you through all the necessary steps, from how to set up a wire transfer to where to go and what to bring with you.Ī wire transfer is a method for sending money electronically, usually between two banks. However, there’s more than one way to send a wire transfer and several factors to consider before setting one up. So, whether you’ve got a big, important bill to pay or want to support a loved one at home, on vacation or for a special occasion, wire transfers can help you move large amounts of money quickly. A wire transfer is a swift and convenient way to send money across state lines or overseas.
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