Wire Transfer vs Bank Transfer: What's the Difference?

When you need to send money to someone, you have a few options. You could carry cash with you and hand it over in person. You could write a check. Or, you could make a bank transfer or wire transfer. But what's the difference between the two? And which one is right for your needs? Keep reading to find out. 

Bank Transfer 

A bank transfer is when you send money from your bank account to another person's bank account. The money is transferred electronically, which means it can take a few days for the recipient to receive the funds. Bank transfers are typically free or have a very small fee associated with them. One advantage of bank transfers is that they can be made online or in person at your local bank branch.  

Wire Transfer 

A wire transfer is similar to a bank transfer, but the funds are transferred immediately—usually within 24 hours. That said, some banks may take longer to process a wire transfer. Wire transfers also typically have higher fees associated with them than bank transfers do. However, if you need to send money quickly, a wire transfer may be your best option. Like bank transfers, wire transfers can be made online or in person at your local bank branch.  

Conclusion:  

So, what's the verdict? When it comes to a bank transfer vs a wire transfer, there are pros and cons to both options. If you're sending money to someone who lives in the same country as you do and you don't need the funds to arrive immediately, a bank transfer is probably your best bet—it's affordable and easy to do. On the other hand, if you're sending money internationally or you need the funds to arrive right away, a wire transfer may be your best option—despite the higher fees.