Key Takeaways
- A wire transfer is a method for transferring funds, domestically or globally, between bank accounts;
- Online wire transfers are more affordable and safer than offline methods;
- Choosing the right provider, like the soon-to-launch Ogvio, will be key to saving on costs while ensuring transparency and reliability.
Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁
People say that time is money. That quote takes on real meaning when you’re rushing to send funds quickly, either domestic or abroad. If you’re in this situation, you’d probably want to know how to wire money.
Unlike personal checks or money orders that often drag on for days before clearing, wire transfers cut through the delay. The process is straightforward and fully electronic. Funds are immediately deducted from the sender’s account and credited to the recipient in a heartbeat without needing to fill out any paperwork.
Some P2P (peer-to-peer) wire transfer platforms even come with the added benefit of low fees, such as Ogvio, which is rare to find. Plus, signing up on the Ogvio waitlist, you can put your name down for your share of the $15,000 prize pool available with BitDegree's Season 8 Airdrop!
And now, let's look into the "how to do a wire transfer online and offline" 101.
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Table of Contents
What is a Wire Transfer?
It’s highly possible that you already have some knowledge of what a wire transfer is. If so, feel free to skip ahead to the latter section on how to wire money. If you’re still new to the concept and weighing different payment options, a wire transfer may or may not be the best fit for your circumstances.
Latest Deal Active Right Now:So, before making your move, let’s define the notion of a wire transfer. It's essentially a method for electronically transferring funds between individuals or organizations.[1]
The process may take place between two bank accounts or via cash transfers online or at a designated physical office.
A wire transfer is often synonymous with a bank transfer. While there’s an overlap, there’s also a notable difference, but both belong to the broad category of Electronic Funds Transfers (EFTs). This classification also encompasses ACH, debit/credit, and ATM transfers.
Check out the handy table below to understand the differences between all of them:
Wire Transfer | ACH Transfer | Debit Card Transfer | Credit Card Transfer | ATM Transfer | |
|---|---|---|---|---|---|
Method | Electronic messaging between banks (often via SWIFT or Fedwire) | Batch-processed through the Automated Clearing House network | Payments pulled from the sender’s physical or virtual card through a third-party network (Visa, Mastercard, American Express, etc) | Payments made with a physical or a virtual card and borrowed from the issuing bank through a third-party network (Visa, Mastercard, American Express, etc) | Physical transfers between accounts |
Transfer Speed | Instant or up to 24 hours | 1-3 business days | Online: instant or near-instant; Bank transfers/direct debits: a few working days | Instant | Instant |
Security | Highly secure, irreversible once processed | Potential exposure to scams | Chargebacks and fraud protection | Chargebacks and fraud protection | PIN-secured, but the card is subject to loss and physical damage |
Costs | $$$ | Often free | $ to $$ | $$ to $$$ | $ to $$ |
Availability | International and domestic | Exclusive to the US (equivalents abroad include SEPA in the EU, BACS in the UK, etc) | International and domestic | International and domestic | Mostly domestic, with limited cross-border availability (subject to the network) |
Funding | Sender’s checking or savings account | Personal bank account (ACH credit/debit) | Debit card or linked bank account | Line of credit (to be repaid later) | Cash deposit or personal bank account |
Transfer Amount | Often large | Moderate with specific limits | Moderate with specific limits | Moderate with specific limits | Moderate with specific limits |
Use Cases | Real estate down payments, car purchases, supplier settlements, urgent cross-border remittance | Payroll, recurring bills, peer-to-peer (P2P) | Retail and daily purchases, online payments, local transfers | Retail and daily purchases, online payments, international travel, short-term borrowing | Quick top up or cash out without online banking |
Table: A comparison between different transfer methods
The details above should give you a clear understanding of what sets each method apart, and yet, most of them share noticeable overlaps. Across the board, bank account remains the underlying funding source, which can be in the form of checking, savings, debit, or credit.
Now, the real question is: will it really make sense to go ahead with how to do a wire transfer? If your situation involves moving large sums quickly and securely, then this is the method for you.
Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look!
Requirements for a Wire Transfer
I know that you’re eager to get into practice right away, but going in headfirst without a full grasp of the requirements might trip you up later.
Wire transfer instructions and requirements typically look different from one region to another. In general, though, you’ll be asked to submit the following:
- Sender information: full name, address, and bank account information.
- Recipient information: full name, address, bank name, bank account number, and bank routing number.
- Transfer details: the amount and the purpose (optional).
For cash-based wire transfers, it’s necessary to disclose the specific pickup location for the intended recipient. At times, it’s not always their home, as it could be a bank branch, an office, or an agent location.
As for sending funds to another country, in addition to the basic details above, you may need to supply extra information that will vary by location. These include:
- An International Bank Account Number (IBAN).
- The Bank Identifier Code (BIC) or SWIFT code.
The requirements outlined here serve only as a benchmark. To save yourself trouble and hassle, verify with your bank or money transfer service which information you’ll need before you start.
How to Wire Money
There are two ways to go about how to wire transfer money: online or in person.
Online money transfer services are perceived to be the next-gen. They shift traditional providers into the background as mobile and web-based platforms take center stage.
The money transfer landscape is no longer dominated solely by banks and legacy institutions. Fintech providers and telecom companies are beginning to blur the lines between communication and finance.[2] Most services integrate social aspects, payments, and shopping in one ecosystem.
But that doesn’t mean conventional methods are gone for good. Older generations and folks living in rural areas or regions with limited digital penetration still rely on cash, checks, or branch-based transfers. These methods offer a sense of familiarity and security that newer technologies have replicated, but not yet fully replaced.
Whichever path you’ll take, I’ll explore both parts of the equation, so you can see which route adds up for you.
How to Wire Money Online
If the nearest bank to your residence is not within walking distance, you may want to consider how to wire money online as a more viable and convenient option. For anyone doing this for the first time, it’s normal to feel a little bit flustered. No worries, I’ll guide you through where to start.
1. Pick a Money Transfer Platform
A wire transfer usually involves a bank-to-bank procedure, but these days, you don’t need to go through the old-fashioned way to send money.
Digital services now make it possible to forward or receive funds by relying on an alternative system that does not entirely depend on a traditional bank network.
Some non-bank platforms adopt a hybrid infrastructure, connecting you to banks for smoother and more flexible transactions. Others offer modern substitutes that operate outside of the conventional banking framework.
When deciding between these two separate methods, it’s important to factor in their respective pros and cons, which you’ll find in the table below:
Hybrid | Independent | |
|---|---|---|
Pros | ✓ Faster settlement ✓ Usually more cost-friendly ✓ Can both send and receive to actual bank accounts | ✓ Works even if one party doesn’t have a bank account ✓ Convenient for cross-border P2P transfers |
Cons | ✗ Might still depend on banks for final delivery | ✗ Higher rates ✗ Withdrawals to bank accounts can take days ✗ Transfer limits and account restrictions |
Table: Hybrid VS independent wire transfer option comparisons
If I had to give a nudge, hybrid solutions are better overall, since they strike a balance between speed, cost-efficiency, and even security. Either way, both choices are generally compliant, meaning they remain in line with existing financial regulations.
Moving on to the platforms, going hybrid will be ideal if you’re an everyday user, an international remote worker, or an HR sending money abroad. Here are some names worth considering:
- Ogvio. A soon-to-launch money transfer service that will seamlessly support 7k+ banks, including VISA, Mastercard, and SEPA. It will enable cross-border remittances in 160+ countries at a significantly low cost (most transfers will be free) and at a remarkably high speed - or in an instant.
- Revolut. An e-money platform that has expanded into global banking in select regions. It provides multi-currency accounts for audiences of different ages. However, its limited monthly free transfer cap restricts freedom and results in higher expenses on subscription fees.
There are other honorable mentions, such as Wise and Payoneer, but Ogvio is shaping up to be one of the lowest-cost and fastest global remittance solutions on the market. The platform will be user-friendly, as you can send or receive money just as easily as sending someone a direct message on X.
📚 Read More: Best Money Transfer Apps
And in today’s economy, Ogvio will help safeguard your funds against inflation by pegging them to stable currencies like EUR or USD.
Signing up for the Ogvio waitlist is one of the requirements of joining the BitDegree Season 8 Airdrop, where you could have a chance to share the $15,000 prize pool. Read the rules and join up!
Meanwhile, fully independent platforms like PayPal can provide alternatives for niche transfer corridors and underbanked users. However, they often apply higher mark-ups to cover outsourced operational costs, since they handle currency exchanges externally rather than internally.
In some cases, their transfer speed doesn’t match that of hybrid providers since they depend on more intermediaries and payment rails. If you decide to go with them in a dire situation where a hybrid solution is a no-go, make sure to factor in add-on rates and longer delivery windows.
2. Sign Up on the Platform
Just like on social media, you can’t send a message if you don’t have an account. Differently, on money service platforms, you won’t be able to send money.
As you can probably tell, especially if you’ve signed up on a website elsewhere, the step-by-step is simple. Typically, you’ll need to register and verify your email address, then create a password. For security reasons, you might be prompted to activate two-factor authentication (2FA).
However, when setting up an account with a money transfer service, you’ll also need to pass the Know-Your-Customer (KYC) verification. Identification is one way for providers to protect you and their business from fraud, money laundering, and terrorism financing.
Sure, skipping the KYC might give you more privacy, but it comes with the risks of suspended or frozen funds, restricted access, and arbitrary account limits, often with little or no recourse.
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So, if you come across any money transfer providers that bypass KYC, you might want to think twice. There’s potential for exposure, even if minimal, to fraud and regulatory issues. Thankfully, many reputable online services let you verify your identity quickly with no hassle.
Ogvio, for instance, will introduce light KYC procedures for certain providers and countries. Unlike many other platforms, you may not need to upload documents or complete a face scan, so you can stay compliant without unnecessary friction or delays.
Usually, completing the KYC takes less than 10 minutes, but the verification might extend to more than 24 hours if you’re asked to submit documents for review. Read through the platform’s policies to proceed smoothly.
3. Initiate the Transfer
After clearing the KYC, you can go ahead and make your transfer. Gather all the requirements (refer to the previous section for the full checklist). Depending on the platform, navigate to the pay or transfer menu and select [Wire] as your preferred method.
Once that’s out of the way, typically, here are the wire transfer instructions you might need to follow:
TIP: Never share the code with anyone, not even your spouse, parent, or best friend, or you’d risk compromising your account.
Congratulations, now you know how to do a wire transfer online! Some platforms will also have a dashboard where you can monitor the transaction status in real-time. Do not forget to confirm with the recipient if they’ve received the funds.
Mind that the technicalities of the steps above differ from one platform to another, but the general logic should still be the same.
NOTE: If either party doesn’t have a bank account, you’ll need to connect to a third-party service. Ogvio doesn’t only connect you to banks, but also payment providers like PayPal, Stripe, and Revolut. As a result, you can send funds into a linked e-wallet. It won’t count as a traditional wire transfer, but it’ll still get the job done.
How to Wire Money Offline
Wire transfers usually involve a huge sum of money. That’s why I wouldn’t recommend moving with it offline, since carrying a large amount of cash increases the risk of attracting the wrong people. Nevertheless, this offline approach might be more practical for older generations who aren’t comfortable with online platforms.
So, whether you’re a guardian accompanying your parent or handling the transfer yourself, check out how to wire transfer money in person, complete with several considerations to be aware of along the way:
If you’re carrying hard cash, I’d suggest doing the following:
1
Travel by a private car instead of walking or riding a public transit to avoid displaying cash in public areas;
2
Store the funds securely inside a wallet, or, if it’s a large amount, a briefcase with a password or combination lock;
3
Once you arrive at the physical location, ask a security guard to accompany you as you proceed to the seating area or directly to the counter.
Having these protective guardrails in place will ensure the transfer remains smooth-sailing from the moment you leave your house until the wire transfer is finalized.
And that’s that. As you can see, how to wire money offline can be slightly impractical, especially the first few steps. If you transfer money abroad frequently, I’d advise learning how to do it online for privacy and security reasons.
Most modern platforms, like Ogvio, fortunately, will have intuitive interfaces and provide comprehensive onboarding materials to help you get up and running in no time.
How to Receive a Wire Transfer
At this point, you know how to send, but how to receive a wire transfer if you’re on the other end?
There are a few things to take care of pre- and post-transfer.
First things first, make the process easier for your sender by sharing all the information to transfer the money. Refer to the previous section on Requirements for a Wire Transfer for the full details.
When the time comes to collect the money, usually in the next 24 hours, you can do any of the following:
- Check your online account. If you use Ogvio later, the payment should appear instantly. No waiting time or freezes.
- Look into your bank account. Log in to your bank’s website or app to confirm the incoming transfer. Mind that some banks might take a few extra hours to process international wires.
- Prepare for a cash pickup. Usually, you’ll receive a notification when the funds are ready to pick up at the nearest branch or agent location. Bring any valid ID to ease verification later.
If you run into any issues, it’s not the end of the world. Contact the customer support team of your money service provider immediately, such as by sending them an email or giving them a call.
Well, that pretty much wraps up how to receive a wire transfer. I’d say you’re on the lucky side. After all, receiving money is the sweeter end of the deal.
How to Avoid Wire Transfer Fees
How to avoid wire transfer fees? That's a question of possibility rather than practicality.
It’s not impossible to expect zero charges when sending funds, and everyone can aspire to that. A “cheat sheet” that you can try out is using Ogvio once it launches later. Most transfers will be free. In the event that costs are incurred, the fees are projected to be extremely low.
Transfers between Ogvio users will come at no cost.
So, if your goal is to avoid wire transfer fees or cut them down, the trick is to find a financial service that sets the bar for free or low transfer rates. There aren’t many out there, but if you look close enough, you’ll discover gems like Ogvio. Don’t miss out by signing up for the waitlist.
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Conclusions
How to wire money is an important know-how for anyone frequently sending money to friends or family abroad. In practice, you can opt for an online or offline method, though the former wins in terms of convenience, cost, speed, and security.
To begin, round up all the requirements, such as any information about you, the sender, as well as the recipient. Most importantly, pick a money transfer service that you can actually trust, such as one that doesn’t hit you with any hidden fees. Everything that follows is based on the step-by-step guide detailed on each platform’s interface.
Join the Ogvio waitlist to be among the first to enjoy quick, low-fee international transfers. While you're at that, take your chance to earn your share of the BitDegree Season 8 Airdrop $15,000 prize pool!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. Semeraro, A., Tambuscio, M., Ronchiadin, S., Li Puma, L., Ruffo, G.: ‘Structural Inequalities Emerging From a Large Wire Transfers Network’;
2. Cynthia, M.: ‘Mobile Money Transfer Services: The Next Phase in the Evolution of Person-To-Person Payments’.
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