Information on Swift Wire Transfers

A swift wire transfer is the process of quickly sending money from one person or location to another. Having the correct information surrounding this process can be very beneficial.

Significance

• We all at some point need to send or receive money, which accentuates the importance of being able to execute a swift wire transfer. In 2007, more than $2 trillion made it's way through federal wire transfer systems on a daily basis, according to the Bank Talk website.

Types

• Wire transfers can be accomplished by several different methods. Citi Bank, as well as nearly all banks, has a wire transfer service which allows you to transfer funds from them to other financial institutions, both in the U.S. and overseas. There are also private companies such as Western Union, in which money can be sent directly from one person to another without the need of possessing a bank account.

Warning

• You should use caution when sending money via wire transfer services. In 2009, more than $20 million was lost by small businesses within three months due to fraud that occurred from wire transfers. A general rule is to only send money to people that you know personally.