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Updated 01/02/24

Wire Transfers
explained...



Beware: once a wire transfer is completed, it is nearly impossible to get your money back, it is best to send money to a business or person you trust.

Wire Transfers are a method of transferring money electronically from one person or institution to another.

wired earth

A money transfer can be made from one bank account to another bank account through a transfer of cash at a local money transfer office or an online currency exchange service provider.

Different systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of the transactions.

This page has been included on this site so that you have a better understanding of the reasons why bullion dealers use wire services and to make you more knowledgeable about the process.




The History of the Wire Transfer



Wire transfers are a way for people and businesses to exchange money when they are apart from one another.

In the United States, wire transfers date back to the invention of the telegraph, when Western Union first came onto the scene.

The method of exchanging currency between people dates back to the "giro transfer."

The "giro" was a centralized banking system in which funds could be withdrawn or deposited through the post office. The "giro" system dates back at least to Ptolemaic Egypt in the 4th century BC.




Wire Transfers...The Process



Bank money transfers are often the most expedient method for transferring funds between bank accounts.

  • The person or institution wishing to do a transfer approaches a bank and gives the bank the order to transfer a certain amount of money. If the person or entity uses an online currency exchange service, make sure that the company is trustworthy, has a good track record of sending money, and has expertise in wiring money.
  • Talk to your local bank official or a customer service agent with the specific information needed for the wire transfer. However, if you are doing this online, make sure all your information is correct before entering it into the system.
  • The person or entity will need the recipients banking information, the recipient's name, the recipient's address, the bank's routing number, bank account number, and the bank's phone number and address.
  • If you are transferring money to an international bank account, you will need the recipient's bank's SWIFT code. A "SWIFT code" is a standard format of Bank Identifier Codes (BIC) and a unique identification code for a particular bank. These codes are used when transferring money and information between banks.

The following link is to a website that offers all the International SWIFT or BIC codes The SWIFT codes.

  • If the person or entity is sending money from a wire-transfer service (not a bank), they will need to know the recipient's name and the wire-transfer location or where to pick up of the wire transfer .
  • Depending on the company you use, you may need to know the exact address of the bank or wire transfer company's office where the recipient will receive the money.
exchange rates
  • If the person or entity is sending money internationally, they need to be aware of the currency's conversion rate. 

This is so you will have enough money for the purchase or transfer.

Some services will provide this information for you before you initiate the transfer, although not all do.

It is up to the individual or entity to know this before they move forward with the money transfer.

Currency Converter

  • If using an online service, fill in the indicator of how much money you would like to transfer, or tell the agent at the bank or wire transfer office how much money you would like to transfer.
  • The sending bank transmits a message via a secure system (ex, SWIFT or Fedwire) to the receiving bank, requesting that it will receive the payment according to the instructions given.
  • This message will include settlement instructions.
  • Make sure to get a receipt for the money transfer or have one emailed to you. If the transfer of money was from one bank to another, make sure you have confirmation that the transfer was successfully competed.
  • If using a wire transfer service, ask for a confirmation number so that you can check to make sure that the recipient successfully received the money.
  • Furthermore, if you are using an online wire-transfer service, make sure the company provides you with a confirmation number in your account or sends one to you through a text or email.
  • In a wire transfer between banks, the money is held through the banks involved in a reciprocal account with each other, or the payment must be sent to a bank with such an account for further benefit to the recipient.

A few extra Notes:
The wire transfer service or bank may collect a fee separate from the transferred money. Furthermore, the service or bank may charge the receiver for the funds they collect; you will want to know this before you send the money.



TIGERKING Flip Up Small Safe With Biometric Lock TIGERKING Flip Up Small Safe With Biometric Lock -



Why are Wire Transfers Prices
Less than Credit Card Prices?



It costs the dealer virtually nothing to receive wire transfers compared to credit card purchases, which is why dealers charge less for bullion if the buyer/investor decides to use a wire service.

Why is this?

Every business that collects money from a Credit Card service pays a percentage of every sale to the Credit Card service, including retailers, restaurants, your local coin dealer, or an online bullion dealer.

Having once owned a business and collected money from customers using credit cards, I have some experience in this area.

Credit Card services charge dealers and business owners to use their services. There are fees for every transaction, usually running anywhere from 3.0% to 6.5% of the total cost of the purchase.

In addition, not all Credit Card services process the transactions themselves (ex, Visa, and MasterCard), so there are additional fees to an outside processing company.

The Credit Card servicing fees that businesses pay, are paid at the end of every transaction or at the end of each month.

Either way, if the dealer or business does not compensate for these fees in one matter or another, it will slowly eat away at their bottom line and will likely negatively affect the business.

Bullion Dealers charge less for Wire transfers than Credit Cards because Credit Card Services charge them to collect money from customers using their cards, and it costs them little to nothing to accept wire transfers.

Beware that once a transfer is completed it is nearly impossible to get your money back it is best to send the money to a business or person you trust.

Click "here" to read an article from the US Federal Trade Commission concerning wire fraud.





Wire Transfers
with Bullion Dealers



Most bullion dealers have a minimum purchase amount before you can qualify to pay for items by a wire transfer. 

It is good to know that when you wire money to purchase bullion, you will be sending the money to the bullion dealers' bank, not to them directly.

It is extremely important to make sure you get all the recipient's correct information before initiating the transfer.

The following is what generally happens after you purchase bullion from a bullion dealer and wish to pay with a wire transfer.

  • The bullion dealer sends you a receipt, usually by email or a text. This receipt will include all the information needed for the currency exchange.
  • It will include the dealer's bank name and address, the amount needed to complete the order, and the bank account number and routing number.
  • Once you have filled out all the necessary information to complete the wire transfer, the dealer will send you an email, text, or call you to confirm that the transfer was successfully completed.




Online
Wire Transfer Services



currency symbols

Please read all information carefully and make sure that you are aware of a currency's conversion rate if you are sending the money internationally.

It is up to you if you choose to use one of these services. If you feel more comfortable using your bank to make a wire transfer, I would encourage you to use that route.



Beware: once a transfer is completed it is nearly impossible to get your money back it is best to send the money to a business or person you trust.


Western Union


ShareMoney


Xoom


MoneyGram


World First


CurrencyOnline


Neteller


Venstar-Exchange






Wire Transfers - Sources:

Wikipedia.org - Wire-Transfer

eHow.com - How to Do an International Wire-Transfer

wiki How - How to Wire-Transfer Money





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