#Wire transfer meaning free#
Through my bank account I get free checks, so I am not paying anything extra for the check. This probably doesn't make a lot of sense to some people, but if it is cheaper for me to send a check than pay by wire transfer, this is what I will do. Wire transfers are usually faster compared to ACH payments which we looked at earlier. However, they got their name from when they first came into being, and instructions were literally passed down a wire, through the telegraph system.
I like the convenience of using electronic transfers to pay a bill, but if they charge a fee that is greater than a postage stamp, I will just send a check in the mail. What is a wire transfer Wire transfers these days are electronic funds transfers. I pay most of my bills online and many times will use an electronic check to make the payment.
I could have transferred money to him through something like Paypal, but it would have taken 2-3 days for the money to show up. I paid a fee on my end to have the money wired, but there was no fee that needed to be paid on the other end. He was able to receive the money the same day so he at least had some extra cash available to him. This is the first time I had wired money like this and the process was really simple. In a situation like this I didn't care if there was a fee or not, and expected that there would be one. I used a wire transfer company to wire money from my bank to his bank. When my son was living in another state he was robbed and had no money or identification. This service is still available and if money is needed quickly, this is still the best way to go. Many years ago people often used something like Western Union to wire money. The process of doing a wire transfer has been around a long time though. In our age of electronic payments and communication we don't think anything about having money wired from one place to another. I think this is definitely the way of the future and see checks as being obsolete some day. I hardly ever write checks anymore and pay as much as I can electronically. I have my bank ABA number and bank account number memorized so I don't have to look it up in my checkbook every time I want to wire money this way. This doesn't make sense to me because the money is coming out of the same account.
Some times when I go to pay a bill online, they will charge a fee for a debit card transaction, but don't charge anything if I use an electronic check. Wire transfers are an efficient way to send money from one account to another. I don't understand why some companies charge a fee to have money sent electronically and others don't. Wire transfers might be done on your phone, online, or with your bank. If I want to transfer funds from my pay pal account to my bank account, which routing number I must use?
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