Friday, 14 October 2016

How Should We Wire Transfer Money

The Basics

A wire transfer is a fast way to move money electronically from one person to another using banks or nonbank providers such as Western Union or TransferWise. No physical money moves between locations. The term “wire transfer” comes from an era when banks relied on telegraph wires for these transfers.

A bank wire consists of instructions about who will receive the money, including the bank account number and how much the recipient should get. Nonbank wire transfers might not require a bank account, depending on the service, but they will require the recipient’s name, the transfer amount and the destination. You pay the amount upfront, so the transfer is final once processed.

Types of wires

There are two main types of wire transfers: domestic and international. The cost and delivery time vary for each. If you’re sending money overseas through your bank, you’ll generally use a wire transfer. Banks can wire amounts in the tens of thousands of dollars and send money in a foreign currency.

» MORE: Best ways to wire money internationally

How long does it take?
Your money doesn’t go straight from one bank or provider to another. A real-time wire processing system clears the payments, like the way the Automated Clearing House processes ACH transfers such as direct deposits and bill payments. For domestic wire transfers, money generally gets processed the same day the wire goes out — usually within a few hours. International transfers, which involve a U.S. clearinghouse and at least one foreign country’s processing system, take at least several days.

What does it cost?

A wire transfer can be one of the more expensive ways to send money, especially through banks. You might pay a flat fee of around $25 to wire money to another person in the U.S. and about $42 to wire abroad, based on some of the bigger U.S. financial institutions’ current pricing. Recipients might also have to pay their bank, usually around $8 to $10, to receive the money.

International wire transfers have another cost, which can be hidden. Banks both in the U.S. and abroad charge consumers higher exchange rates than what they charge other banks.

» MORE: What wire transfers cost at banks

For transfers through nonbank providers, the fee can depend on the provider, amount, destination, delivery and payment options, and method of sending money (such as online or in person). Generally, you’ll get a better exchange rate than you would at a bank.

For domestic transfers that are less urgent or involve a smaller amount, ACH transfers — such as external funds transfers — are better. Delivery can take several days, but they cost a few bucks at most.

How safe is it?

Wire transfers are secure and can’t be canceled once they’re sent, so make sure you know the person you’re sending money to. Scam artists might say you won a lottery or sweepstakes you never signed up for and then ask you to wire money to pay supposed fees. If you fall for a trick like this, you can’t get your money back. The one exception is if you make a transfer and then cancel it within a half-hour, assuming the wire hasn’t been picked up or deposited yet.

A wire transfer isn’t the type of money service you’ll need often, but when speed is crucial, it can be a lifesaver.

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How Should Pay A Money Order

Transfer funds with MoneyGram and postal Money Orders

Canada Post offers 2 ways to transfer funds and make bill payments: MoneyGram™ and postal Money Orders.

Use MoneyGram electronic money transfers at any Canada Post location to quickly send money locally or overseas. Funds can arrive in as little as 10 minutes, with low fees and great exchange rates. You can also pay your bills with the same day or next day bill payment services.

Postal Money Orders are certified cashable documents sent through the mail that allow you to transfer funds or make payments or purchases. You can send funds securely locally or internationally and pay for bills and services.

MoneyGram electronic money transfer service

Send money safely and quickly to loved ones abroad with MoneyGram electronic money transfer. You can also make easy same day or next day bill payments with the MoneyGram bill payment service. Both MoneyGram services are available at over 6,300 convenient post office locations across Canada.

MoneyGram money transfer service

Send money safely in minutes to and from over 334,000 locations in over 190 countries worldwide.

It’s convenient. Send money to a receiving agent or directly to a bank account.
Low fees and great exchange rates.1
It's quick. Your money arrives in as little as 10 minutes.2
MoneyGram bill payment service

Pay for utilities8, phone services and more with same day or next day service.

Same day bill payment is a premium service that notifies the billing company of customer payment in minutes.7
Next day bill payment is a lower priced bill payment option if you don’t need payment to be received as quickly.7
Proof of payment guaranteed.7
Low flat fees start at $3.99.3
Biller8 notified in as little as 10 minutes.3

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