By Jakob Jelling http://www.cashbazar.comIn
past, if you wanted to send money electronically through a wire transfer you only had a few options available to you. You could go to your local bank to conduct transfer, or you could use services of a company such as Western Union. But nowadays more and more companies are set up to provide wire transfer services, especially online. Companies such as PayPal, for example, allow almost anyone to send money worldwide through their website – and all you need is an e-mail address and a credit card. In addition, most local banks that provide online banking services now allow their patrons to send wire transfers through Internet.
So what exactly is a wire transfer? Essentially, a wire transfer is transfer of money from one bank account to another. The transfer is always conducted by a third party, such as a bank or a wire transfer service provider. Because transaction is carried out electronically, money is never physically seen or touched by person who sends or receives money.
Even with advent of communications technology and alternative online banking services, however, most people prefer to carry out a wire transfer through traditional route. This remains true for many reasons, but main reason is that it is easier to trust a bank that has a well-known name and a physical presence outside of web than a new company that operates almost exclusively over Internet. And if you already have a bank account, a wire transfer is very easy to accomplish.
