The term “wire transfer” derives from the old-fashioned method of transferring money via telegraph wires. To this day, wire transfers remain a commonplace practice, one that continues to develop into various electronic ways to send funds. In this guide we will look at the fastest way to wire money.
A wire transfer refers to the electronic method of sending funds from one account to another. Unlike a bank transfer, in which money must be sent between two bank accounts, a wire 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 corresponding institutions – this includes recipient name, account details, transfer amount – and then the money is transferred electronically, once the details have been confirmed.
The process of sending money via wire transfer is easy to navigate and usually goes as follows:
Typically, wire transfers between accounts in the same country (also known as domestic wire transfer) are completed within 24 hours; some can even take minutes. The rate at which international wire transfers are delivered is slightly slower, however, usually taking anywhere between 1 to 5 working days. In our How Long Does a Wire Transfer Take guide we review the details of different wire transfer delivery speeds, in full.
International wire transfers are usually conducted via the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. The SWIFT network is a secure messaging system trusted by banks, who have used it to send information such as instructions for international transfers, for almost 50 years.
While the SWIFT network has long been trusted as a way of ensuring payments reach target destinations safely and securely, delays can emerge from the intermediary banks your transfer instructions are delivered by. The involvement of these intermediaries may add a little more time to the delivery process, but once the instructions have been received, the transfer will be executed. Find out about the different factors that could affect the speed of your wire transfer.
A popular choice for wire transfers – both domestic and international – is financial service provider XE. As a platform, XE is known for being fast and easy to use; the website advertises some money transfers taking only minutes. However, XE note that international wire transfers which involve an exotic global currency can take longer (up to 3 – 5 business days). If you are dealing with an international wire transfer in standard currencies – GBP, EUR, USD, CAD, AUD, NZD, JPY, CHF – XE is an excellent option, as a speedy and reputable company that promises to only charge one fee for your transfer when using their wire service.
WorldRemit offers fast, affordable and secure international money transfers to customers all over the world. Wire transfers are easy to set up: simply log into your account or sign up and verify your account online. You will be asked to provide basic information about your wire transfer, such as how much you plan to send and to which country. The recipient’s details will then be requested; this includes full name, account number, bank and branch name etc. This process is quick and easy using the WorldRemit app, which can also be used to view tracking information.
Wire payments can be made using Wise, either through their website or smartphone app. The company processes payment of an international wire transfer the same way as any other provider, with the added bonus of a guaranteed exchange rate as long as the money reaches Wise before 4:00 pm (EST) the next business day. As a money transfer service, they are known for their transparent fees and speedy service, making them a great option for anyone looking to wire money fast.
The fastest way to wire money is to send money domestically, in the same currency. When it comes to international money transfers, the money wiring process takes longer due to the intermediary banks and currency conversions involved. MoneyTransfers would instead recommend paying for an alternative service, such as those offered by international specialists like Wise and WorldRemit, who both have several options for fast overseas transfers. Read more about the Fastest Ways to Send Money Abroad.
April is a journalist and full-time content writer for MoneyTransfers.com. Over the last decade she has written for a number of different online and print publications. Having lived overseas in Canada and Vietnam, April hopes to see more of the world as soon as possible, with Japan at the top of her travel list. As a former expat, April has first-hand experience of managing finances from overseas. She enjoys writing about forex trends and the future of banking.