![]() The majority of international wire transfers are processed via the SWIFT network. For example, to send money from the US to France you may use bank transfer or you may wire it through MoneyGram, Western Union or another money transfer provider. So, we can say that a bank transfer is a type of wire transfer, along with other types of wire transfers as well. This transfer could happen between two different types of bank accounts of the same person (for instance from a savings account to a checking account), but more commonly the term refers to the process of transferring funds from one location to another (even overseas) via banks.Ĭonversely, an international wire transfer is more generic terminology which refers to sending money electronically from one location to another. A bank transfer is a term used to describe the process of transferring money from one bank account to another. The two terms wire transfer and bank transfer are often used to describe the same thing, but this is not always the case. The difference between wire transfers and bank transfers In fact, only information is exchanged between the institutions about the recipient, their account details and the transfer amount, with the transfer itself happening electronically. There is no physical transfer of money between banks or financial institutions when conducting a wire transfer. South Georgia and the South Sandwich Islandsīottom line: should you wire money internationally? What is an international wire transfer?Ī wire transfer is the electronic transfer of funds from one person to another via a bank account or a money transfer account held with a specialised provider (e.g.
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