A wire transfer or bank transfer is a method of transferring of money from one bank account to another bank account. The transfer is solely done by the bank. Neither the sender and receiver sees how it was done. The wire transferring can be used both domestic and international transactions. No cash or cheques is being involved, but the account balance is directly (electronically) transferred from one bank to another. A transfer might be done to support relatives, rescue travelers in unexpected emergencies, or to pay a business transaction.

Since wire transfer is done bank-to-bank, is it considered as the safest international payment method. Both account holders must have a proven identity, and there is little possibility of a chargeback, although wires can be recalled. In additon, information contained in wires is transmitted securely through encrypted communications methods. The price of bank wire transfers vary widely depending on the bank and its location, and in some countries the fee associated with the service can be costly.

Wire transfers done through cash offices, however, are more-or-less anonymous and designed for funds transfer between persons who trust each other. It is unsafe to send money by wire for an unknown person to be collected at a cash office. The receiver of the funds may, after collecting them, simply disappear.
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Wire Transfer of Money

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