Wire Transfer is used to send money faster from any location. It is an easiest and secured option to send money electronically.
How Wire Transfer works? Send Money through Wire Transfer Service
- Wire Transfer is a bank to bank transaction where you can send money to any foreign countries.
- Generally, wire transfer happens through the SWIFT or Society for Worldwide Interbank Financial Telecommunication network.
- If the person who wants to send money through wire transfer service will have to send the instruction such as recipient’s name, bank account number, amount to transfer to the bank and the bank send the instruction to other bank in the recipient’s destination country.
How long it takes to reach money through wire transfer service?
International money transfer through wire transfer: takes up to minimum 5 working days
Domestic money transfer through wire transfer: takes up to minimum 1 working day.
Cost of Wire Transfer Service
Remittance charges: NIL
Remitting or Intermediary Bank: May levy a fee
Foreign currency conversion charge: Flat fee for each bank which you need to check with the bank
Service tax: May levy a fee (Mostly service tax is the percentage of the total amount)
*Please verify the cost of wire transfer with the bank.