WIRE TRANSFER: A Good Start in Typical World

Like the National Electronic Fund Transfer (NEFT) or Real-Time Gross Settlement (RTGS) which brought revolution in cost effective Domestic Money Transfer, Wire Transfer typically transfers money from one bank account to another on international  level. It is an electronic transfer of funds. U.S. domestic transfers are commonly done using Federal Reserve Wire Network, while Internationally transfers are transacted via Society for Worldwide Interbank Financial Telecommunication (SWIFT). Western Union is a common way to make transactions between individuals (not Financial Institutions). Wire Transfers are considered the best way to transfer the money internationally. In our branch we are usually having orders to send money to other country using Wire Transfers. In NRI Jalandhar branch our bank is having a very high value transactions on this account. Money remittance using Wire Transfer is not only cost effective but also a simple version of old cumbersome methods to send money abroad.