Wire Transfer / EFT ( Electronic Fund Transfer)

Wire transfer is the method in which money is transferred from one bank account to another through a set of electronic instructions. The message (instruction) given by sender bank is acknowledged by recipient bank to complete the wire transfer process.

Wire Transfer is usually performed if you need an immediate funds transfer from over seas. This is done between two bank accounts and usually takes less than 48hrs. To make the wire transfer process secure, Society for Worldwide Interbank Financial Telecommunications has introduced a SWIFT code. This SWIFT code will contain all the information about the recipent bank and thus preventing any chance of error.

Wire transfering is facillitated by use of the IBAN (International Bank Account Number) account numbers of sending bank and receiving bank. IBAN contains all details including the country, bank name, regional location and customer account number.

For more information : Check out How Wire Transfer Works ?