What Is Bank Wire Transfer ?

Bank Wire Transfer is a method of electronic funds transfer from one bank account to another. Banks provide this feature to bank account holders to send or receive funds globally.

Bank Wire Transfer is one of the easiest way of transferring funds from one bank account another. For Wire Transfer, sometimes banks charge fees, the fees amount depends on the size of transfer being made.

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Types Of Bank Wire Transfer:

There are basically four types of wire transfer:

Domestic Intra-Bank Transfers: It is an electronic transfer of funds from one bank branch to another branch of the same bank within the country.

Domestic Inter-Bank Transfers: It is an electronic transfer of funds from one bank to another bank within the country.

International Intra-Bank Transfers: Its is an electronic transfer of funds from one bank branch to another branch of the same bank located in different countries.

International Inter-Bank Transfers: It is an electronic transfer of funds between two different banks located in different countries.

Process Of Bank Wire Transfer:

A person who want to transfer funds approaches the bank or its website, and provides the beneficiary details as asked by the bank then bank transfers the funds electronically based on the type of wire transfer.

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