Wire transfer or credit transfer is a method of transferring money from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
Bank wire transfers are often the most expedient method for transferring funds between bank accounts. A bank wire transfer is effected as follows:
collect payment for the service from the
sender as well as from the recipient.
The sending bank typically collects a
fee separate from the funds being
transferred, while the receiving bank
and intermediate banks through which the
transfer travels deduct fees from the
money being transferred so that the
recipient receives less than when the
As a representative example of the cost, Bank Of America in California in August 2009 charged $25 to send a wire and $15 to receive one within the US. For international transfer, it charged $35-$45 outgoing, $15 incoming.
Anonymous Wire Transfers
Due to know-your-customer/client (KYC) regulations it is not possible to achieve 100% complete anonymity for wire transfers.
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