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The term "bank transfer" comes from the outdated method of transferring money by wire. To this day, wire transfers remain a common practice that continues to evolve into various electronic means of sending funds. In this guide, we'll take a look at the fastest way to transfer money.

Content

  1. What is bank transfer?
  2. How do I send a bank transfer?
  3. How long does a bank transfer take?
  4. Why does an international bank transfer take longer than a domestic one?
  5. Which providers offer the fastest bank transfers?
  6. Conclusion

What is bank transfer?
Wire transfer refers to the electronic method of sending funds from one account to another. Unlike a bank transfer, where money must be sent between two bank accounts, a bank transfer can be sent from a bank account to any account provided by a financial institution, such as Western Union or Wise. Information is exchanged between the two relevant institutions - including the recipient's name, account details, the transfer amount - and then the money is transferred electronically after the details are confirmed.

How do I send a bank transfer ?
The process of sending money by bank transfer is easy to use and usually goes like this:
1. Select a money transfer provider.
There are basically two types of institutions that allow wire transfers: banks and non-bank financial institutions like MoneyGram, Wise, and OFX, just to name a few.
The bank will allow you to send money from your bank account to other accounts around the world, but will usually charge a high fee.
In non-bank financial institutions, you can usually select bank transfer as your payment method after you set up the transfer.
Before deciding which provider to use for bank transfer, be sure to compare the cost, transfer speed, and any other important factors.
When sending the same amount by bank transfer, the flat commission and exchange rate markups can vary significantly. Comparison of services is important to ensure that the most favorable monetary value arrives at the recipient's account.
Use our quick and easy comparison tool, or read our rundown of the top 10 money transfer companies.
2. Gather all the information you need.
Regardless of whether you choose a bank or money transfer company to transfer money, you will need to provide certain details.
Your provider may need the following information to initiate a bank transfer:

  • Recipient's name and address
  • Beneficiary account number or IBAN (international bank account number)
  • Beneficiary bank name and address
  • Beneficiary bank SWIFT / BIC code
  • Transfer amount and currency
  • Any additional information the provider requires.
3. Become familiar with the small print.
Before initiating a bank transfer, please confirm the amount you will be charged for the commission, the exchange rate you will receive, the delivery date and the amount that will be transferred to the recipient's account.
While some banks and money transfer providers have online tools that allow you to calculate the exact cost before making a transfer, others will only show the final cost after you are ready to complete the transaction.
4. Complete the bank transfer forms.
Remember that bank transfers are irreversible. If you fill out the form incorrectly, you can send your money to someone else. So make sure you check all the details carefully before you send them; this includes the recipient's bank account details and the exact amount you want to send.
5. Track the wire transfer.
Once you have initiated a bank transfer, you can track it using the transaction number provided by your bank or payment service provider. If there is a delay, you can use this information to track the status of the transfer.

How long does a bank transfer take?
Typically, bank transfers between accounts in the same country (also known as internal bank transfers) are completed within 24 hours; some may take a few minutes. International bank transfers are slightly slower, but usually take 1 to 5 business days. In our guide How long does a bank transfer take, we take a closer look at the different delivery speeds of a bank transfer.

Why does an international bank transfer take longer than a domestic one?
International bank transfers are usually made through the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. The SWIFT network is a secure messaging system trusted by banks who have been using it for nearly 50 years to send information such as instructions for international transfers.
While the SWIFT network has long been trusted as a way to securely and reliably deliver payments to their intended destinations, intermediary banks may provide you with delayed transfer instructions. The involvement of these intermediaries can add a little more time to the delivery process, but once the instructions are received, the transfer is complete. Learn about the various factors that can affect the speed of your bank transfer.

Which providers offer the fastest bank transfers?

XE

A popular choice for bank transfers - both domestic and international - is financial services provider XE. As a platform, XE is known for being fast and easy to use; the website advertises money transfers that take just a few minutes. However, XE notes that international bank transfers in exotic world currencies can take longer (up to 3-5 business days). If you are dealing with international bank transfers in standard currencies - Pounds Sterling, Euros, US Dollars, Canadian Dollars, Australian Dollars, New Zealand Dollars, Japanese Yen, Swiss Francs - XE is a great option as it is a fast and reputable company that promises only charge one commission for your payment. transfer when using their banking services .
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WorldRemit
WorldRemit offers fast, affordable and secure international money transfers to customers around the world. Bank transfers are easy to set up: just log into your account or register and verify your account online. You will be asked to provide basic information about your bank transfer, such as how much you plan to send and to which country. Then the recipient's data will be requested; this includes full name, account number, bank and branch name, etc. This process is quick and easy with the WorldRemit application, which can also be used to view tracking information.

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Wise
Bank payments can be made with Wise either through their website or through a smartphone app. The company handles international wire transfer payments just like any other provider, with the added bonus of a guaranteed exchange rate if money arrives at Wise by 4:00 pm (EST) the next business day. As a money transfer service, they are known for their transparent fees and fast service, making them a great option for those looking to transfer money quickly.

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Conclusion
The fastest way to transfer money is to send money domestically in the same currency. When it comes to international money transfers, the money transfer process takes longer due to intermediary banks and currency conversions. Instead, MoneyTransfers will recommend paying for alternative services, such as those offered by international professionals like Wise and WorldRemit, which have several options for fast transfers abroad. Find out more about the fastest ways to send money abroad.
 
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