A wire transfer is a means of transferring funds from one account to another electronically. This kind of transfer is the most commonly used way of transferring money around the world. It is also known as a credit transfer.
Without wire transfers the modern world would grind to a halt. Businesses, governments, organisations and private individuals all need to move money from one place to another. They need to pay people for their services, buy raw materials, pay for finished products and send funds to help their families abroad or to pay the bills for properties they own abroad.
Who Offers a Wire Transfer Service?
Years ago, if you wanted to move money from one place to another you had to use a bank or send a cheque. If you wanted to send money across international borders, you had to pay hefty fees and could wait 5-10 days for the transfer to take place.
Luckily, things have changed radically and it is now possible to send money from one place to another in hours rather than days. Some transactions still take a while, but a couple of days rather than a week or more.
The banking system has been revolutionised as more banks across the globe have standardised their electronic transfer systems and protocols. These changes have opened the way for new currency exchange and money transfer providers to enter the market. They have looked at the market with fresh eyes and found ways to offer a better service for consumers and charge less for that service.
Now, if you need to a wire transfer you have several options. This means that you can shop around for the best provider.
Finding the Best Wire Transfer Service
The best way to find a good wire transfer service is to use the internet. On-line you can find out what each provider has to offer and choose the one that offers the best service for you. Look for those that offer you the option to transfer money online and have low fixed fees. If you are sending money abroad look for those providers that guarantee to offer you the best exchange rates.
Visit the HiFX website to find out more about our fixed fee wire transfer service. If you send money abroad on a regular basis, we can fix the exchange rate for you for 12 months.