Advantages of Bank Wire Transfers

The process of conducting electronic payments from one bank account into another is known as a bank wire transfer. There is a set service fee charged for bank wire transfer that can either be a percentage of the transaction or it may be a flat rate charged on all transactions regardless of the amount.

Reasons for Offering Bank Wire Transfer Services

As one of the most traditional methods of performing offline payments, bank wire transferring is highly popular amongst retailers worldwide. This method does not require the use of an online platform, thus allowing the payment to be electronically transferred from one bank account to another.

The following are some of the benefits of offering bank wire services to your clients:

  • Fast: The payments transferred with bank wire transfers are fast and do not require a long period of time to be completed. For example: Western Union enables individuals to send money through the high speed service.
  • Secure: In contrast to cheque and postal payments, bank wire transferring enables customers to transfer money through a highly secure platform.
  • Accessible: As a traditional method of money transferring, bank wires are accessible across the globe. The service is available at banks, call centers and many other convenience stores worldwide.
  • Privacy: As this money transfer is exclusively between two bank accounts, the privacy of senders and receivers is of the utmost importance. SWIFT number codes are provided in order to receive the payments, which add more privacy and security to this form of money transfer.

These are some of the benefits of specializing in bank wire transfers. It is important to seek the assistance of a professional consultancy firm when seeking to obtain a bank license to ensure that the process is completed in a timely and professional manner and in compliance with the jurisdictional regulations.

For more information and to begin the process of obtaining a bank wire transfer license, please view our Wire Transfer Services page.