Wiring money can be a fast way to move funds electronically for big expenses and payments, within the U.S. or abroad. If you’re not familiar with the process, here’s a quick tutorial on how to wire money.
Decide which provider to use
There are two main entities that send wire transfers: banks and nonbank money transfer providers. With banks, there are at least two financial institutions involved, the sender’s and receiver’s. Bank wire transfers within the U.S. can take as little as a few minutes, but expect at least a few days for those that are international.
Services such as MoneyGram and Western Union allow you to move funds to and from bank accounts in the U.S. or internationally. These services also allow you to transfer cash and have the other party pick up the money at a cash office near them. Wire transfers can take a few minutes to several days, depending on the service.
Because a wire transfer is irrevocable and a cash-based one can be anonymous, never send funds to anyone you don’t know well to avoid becoming a victim of a wire transfer scam.
» MORE: See our guide to how much wire transfers cost by bank
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