What is wire-transfer?

Ive seen this word on some online shopping websites. having read it from google, i still don’t understand how it works. I’d appreciate if can explain it better. Thanks!!

Tags: wire transfer

4 Responses to “What is wire-transfer?”

1. son says:

   February 28, 2012 at 10:55 am

   wire transfer is basically a bank to bank transaction. for example if you are into import, the seller who is usually abroad provides you his or her bank details were you can send your money as down payment or as full payment. You then go to your bank and you provide the bank details of your seller or supplier for them to send the money through wire transfer for a fee.however, there are some considerations like
   1. is it a company or an individual person? mas maganda po kung kumpanya ang nagpapadala ng pera at kumpanya din tatangap ng pera. pwede din po tao ang magpapadala ng pera at kumpanya naman makakatangap. madami mo itatanong ang bangko pag you as an individual is also sending money to an individual because of oue anti laundering law.
   2. dapat po kumpleto talaga ang bank details ng padadalhan mo. super hassle po pag may sablay sa details. matutulog sa ere ang pera
   3. ask your bank din po kung correspondence bank nila ang banko ng padadalhan mo. mamamasyal po ang pera mo bago mapunta sa recipient kapag wala silang special relationship.

   pwedeng overnight or isang buwan ikot pera pag may sablay sa number 3 and 3 not considering the hassle. been there po.

   i hope it helps. ciao

2. jake555 says:

   March 17, 2012 at 9:28 pm

   ask ko lang po, anu ang receiving bank at beneficiary bank? do i need to put these 2 details para ma transfer ung funds? my instructions kasi from the foreign company na we need to follow… nalilito kasi ako dito… btw, sa US ako magpapadala ng pera. at once na nagbounce back ung fund… ty sa sagot.

3. son says:

   March 20, 2012 at 1:35 pm

   HI JAKE

   I think it would be wise po to ask your bank. it is possible that the receiving bank is different from the beneficiary bank. the latter being the bank where your buyer maintains his/her account. may mga banks po kasi which maintain accounts sa mga malalaking bangko. this is possibly the receiving bank na may international relationship. dun babagsak padadala mo tapos it will be credited to the account of the beneficiary bank which in turn will be credited sa account mismo ng pinapadalhan mo. ask ur bank po for help. mahirap po maligaw pera, may mga charges po kasama.

   i hope this helps

4. facz says:

   October 25, 2012 at 11:48 am

   Hi! ask ko lang regarding wire transfer..let say from my forex account, if Im gonna withdraw from my forex broker thru wire transfer kailangan ba ng dollar bank account recipient talaga o okay lang sa Peso bank account ipasok???