What is a wire transfer? 3 ways to wire money abroad

Wire transfers are a secure, fast and convenient way of sending money. We’ve put together a simple guide to help you choose the right service for you.

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WorldRemit Content Team

2 mins readUpdated
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What is a wire transfer?

A wire transfer is an electronic transfer from one financial institution to another.

The two main types of a wire transfer are domestic transfers (within the same country) and international transfers (sent overseas).

How to send an international wire transfer?

A wire transfer is commonly sent via a bank, a high street money transfer agent, or an online money transfer service.

Sending a wire transfer with a bank

Many people opt to make wire transfers through their bank because they believe it to be the easiest and safest option. Sending a bank-to-bank wire transfer may be convenient and secure, but it can also be expensive and slow, particularly when transferring money overseas.

Banks send international wire transfers through the SWIFT network - it doesn't travel directly from one destination to another. It can pass through several banks before reaching its final destination. This often means higher fees and slow transfer times - typically several business days. Also, banks often offer poor exchange rates on transfers, further increasing the cost of the service.

Sending a wire transfer with a high street money transfer agent

High street money transfer agents have branches located in central locations all around the world. Each high street agent will use its own network and provide a variety of different transfer options.

Some high street agents have a cash payment policy, making it possible to send a wire transfer without a bank account.

While high street agents may undercut bank fees, they are often more expensive than online money transfer services. They also lack convenience as they may require you to visit the branch to register and make your transfer.

Sending a wire transfer with an online payment service

More and more people are now choosing online money transfer companies, like WorldRemit, for their money transfers.

With our convenient mobile app, you can send a wire transfer from the comfort of your own home or while out on the move.

We also offer better exchange rates, lower fees, and faster service than most banks and high street agents.

Besides wire transfers, we offer a range of money transfer services so that you can pick the most convenient service for you and the recipient.

How to send a wire transfer with WorldRemit

Sending a wire transfer with WorldRemit is fast, affordable and secure. Visit our How it works page, where you can find all information needed to get started.

We are committed to helping you to get the best deal on your money transfers. When you download our app, you can even choose to receive exchange rate notifications, helping you to choose the most cost-effective time to send your bank transfer.

Send money with WorldRemit

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WorldRemit Content Team

WorldRemit allows customers to stay connected and support their loved ones. Our Content Team plays an integral part in that. We celebrate the global community and help you to achieve your ambitions.