Bank Wire Payment Solutions

A bank wire is the electronic transfer of money. The wiring of funds online is achieved with a computerized messaging system that is used by banks to send out relevant information to enable the transfer of funds from one account to another. Bank wires can take place between companies of any size or individuals provided the payee and payer both have bank accounts that allow for bank wires to take place.

Starting Business can obtain bank wire payment solutions for your company to offer clients, and ultimately enable your company to reach a far wider audience on a global basis.

Accepting Bank Wires as a Payment Solution

Many organizations offering goods and services wish to offer bank wire payment options for their clients. A bank wire is effectively the transfer of funds from one account to another electronically. This means the funds can be transferred in a safe, secure and timely manner.

Bank wires are used for the purpose of transferring funds from one account to another electronically. This means that bank wires do not involve the physical movement of money in order to transfer funds between bank accounts.

There are a number of types of bank wire systems that can be used, and which range in the cost, volume of transactions and immediacy of payments from one account to another.

Process Involved in Bank Wire Payments

The process involved in using a bank wire to pay for goods or services includes the following main steps;

  • The individual or company wishing to make a payment via bank wire must approach their bank and give instructions on the amount of money to be transferred and to whom
  • The bank making the payment will then transmit the message through a secure computerized system
  • The transfer of funds will not be instantaneous
  • A reciprocal account is required for the transfer to take place
  • The sending bank may collect a fee for the transfer of funds.

Bankers Draft

A bankers draft, also referred to as a bankers cheque can be described as a cheque whereby the amount of money stipulated on the cheque is withdrawn from the financial institutions account as opposed to the individuals own bank account. For an individual to request a banker’s draft they must first transfer the required sum of money into the bank account of the financial institution thus proving the funds are available by the bankers draft. Starting Business can help organizations to accept banker’s drafts from financial institutions and will consult with you to ensure your payment solution meets your business needs.

Obtain Bank Wire Payment Solutions with Starting Business

In order to process bank wires it is vital that the organization has a bank account and Starting Business consultants can assist you in opening a relevant bank account to process your bank wire payments in a timely and cost effective manner. Our dedicated consultants can also provide you with the required information and guidance with regards to obtaining bank wire payment solutions and processing bank wires effectively and in line with industry standards.

For information on how we can assist you with bank wire payment solutions, please Contact Us.