Wire Transfer Home Purchase
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Bank wire transfers 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. Wire transfers are often the most expedient method for transferring funds between bank accounts. A bank wire transfer is effected as follows:
" The entity wishing to do a transfer approaches a bank and gives the bank the order to transfer a certain amount of money.
" The sending bank transmits a message, via a secure system to the receiving bank, requesting that it effect payment according to the instructions given.
" The message also includes settlement instructions. The actual transfer is not instantaneous: funds may take several hours or even days to move from the sender's account to the receiver's account.
" Either the banks involved must hold a reciprocal account with each other, or the payment must be sent to a bank with such an account, a correspondent bank, for further benefit to the ultimate recipient.
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