Wire Transfer is bank transfers of non-cash funds. Sometimes they are simply called Wire. Wire is one of the very first types of transfers in which the sender, recipient and third party intermediary participate. An intermediary can be an agent bank, a postal organization or various payment systems.
Both individuals and legal entities can conduct a financial transaction through Wire Transfer. Wires are carried out not only within one country, but also outside it. The money transfer fee is charged from the sender.
Some intermediaries may set minimum international money transfer amounts and amount limits, especially for individuals. Within one country, wires are carried out without upper and lower borders.
Transfers can be made both in national and in any other convertible currency. When receiving an international money transfer, you, as the recipient, have the right to choose in which currency it is more convenient for you to receive the wire. The size of the commission is determined by each bank individually.
