Wire Transfer
A wire transfer is an electronic payment service that allows money to be transferred from one person or institution to another, typically through a bank or financial institution. It is a secure and convenient way to send and receive money quickly without having to wait for checks or cash orders. Wire transfers are commonly used for business transactions, as well as personal payments such as international remittances.
In the context of cryptocurrency, wire transfers are used to fund digital currency accounts with fiat currencies (i.e., government-issued currencies). This means that individuals can use their local currency (such as US Dollars) to purchase cryptocurrencies like Bitcoin and Ethereum.
To make a wire transfer, the sender must provide information about the recipient’s bank account – usually name, address, IBAN number (International Bank Account Number), routing number/sort code etc., depending on which country you’re sending from – along with the amount being sent. The funds will then be transferred electronically between both banks in real-time and should arrive within 1-3 business days depending on which countries involved in the transaction.
Wire transfers are generally more expensive than other forms of online payments due to processing fees associated with them; however they remain popular because of their speed of delivery and reliability compared to other methods such as credit cards or eWallets .
