How Wire Transfers Work

The fastest and safest way to get or send money is a wire transfer. Cleared funds arrive at the payee's bank virtually immediately after the transaction is processed, and each party to a wire transfer has to verify their identity.

While a wire transfer is fast, there are a few drawbacks. First, your bank may require you to do special paperwork and pay a fee. Also, sending money via wire transfer means that the money is gone for good - you generally can't stop payment or get the money back - so you have to be sure you'll get your money's worth.

Find out How Wire Transfers Work and how to use them.

Further reading:

• How to do a Bank Wire
• Use Online Bill Pay