Wire transfers guide and bank directory
Wire transfers are a fast and reliable way to send money — ideal for large amounts or time-sensitive payments. Just be sure to double-check the recipient’s details to avoid delays or misdirected funds.
What is a wire transfer?
A wire transfer is a secure, electronic method of transferring funds from one person or organization to another. This type of transfer is commonly used for sending money both domestically and internationally. Wire transfers are processed through a network of banks or financial services providers, ensuring that funds are delivered quickly and efficiently. Unlike other methods of transferring money, wire transfers typically offer faster delivery and are preferred for high-value or time-sensitive transactions.
Types of wire transfers
Wire transfers can generally be categorised into two main types:
Domestic wire transfers
A domestic wire transfer involves sending money between two banks located within the same country. These transfers are usually completed within a few hours or by the end of the business day. Since no currency exchange is involved, domestic transfers are often faster and come with lower fees compared to international wire transfers.
International wire transfers
International wire transfers, also known as remittances, involve sending money from one country to another through a bank-to-bank process. These cross-border transactions can take a few days to complete due to clearing systems, currency conversion, and international banking regulations. While they’re secure and widely used, they often come with higher fees, including conversion fees, and the recipient’s bank may apply additional charges.
How does a wire transfer work?
A wire transfer works through a secure communication system that financial institutions use to transmit transaction details. The process typically includes the following steps:
Wire transfer fees and limits
Wire transfer fees range from $0 to $60 per transaction. The costs vary depending on whether you’re sending money domestically or internationally, and whether you're using a bank or a money transfer service. On the other hand, transfer limits mainly depend on your account tier and the regulations in both the sending and receiving countries.
Domestic vs international transfers
Domestic transfers usually cost cheaper than international transfers. Unlike sending money overseas, transferring money doesn’t incur charges like intermediary bank fees, currency conversion fees, and other processing fees, making the transaction cost less.
Banks vs money transfer services
Wire transfers via traditional banks typically cost more than using money transfer services. Traditional banks often include multiple fees, such as intermediary bank fees, stamps, currency conversions, and more that add up to a higher total cost.
Meanwhile, money transfer services like Instarem offer more affordable transfer fees with straightforward pricing and more favourable currency conversions.
Need to transfer money internationally?
Save on FX fees and get better exchange rates with Instarem.
Make a wire transfer with your bank or provider
List of banks
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