How to use a wire transfer

When you need to send or receive money quickly, a bank transfer or a wire transfer might be the right tool for the job. Wire transfers are immediate, reliable, and safe.

A wire transfer is an electronic transfer of money. A traditional wire transfer goes from one bank or credit union to another using a network such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Fedwire. But the term wire transfer gets used for other types of transfers as well, so it’s best to clarify the requirements if somebody asks for a wire transfer.

 If you want to send money to Nigeria or anywhere in Africa, you can always go for online money transactions. Usually, if somebody asks for a “bank wire,” they want the traditional bank-to-bank transfer. Otherwise, a money transfer service or another type of electronic payment might be acceptable.

Wire transfers are useful because the money moves within one or two days. Within Nigeria, same-day transfers are possible, and to send money globally (international transfers) takes an extra day or two. 

To wire money, just submit instructions to your bank. You’ll need to provide information about the recipient’s bank account, which you may need to request from the recipient—ask for “wire instructions.” To request with your bank, you may have to use a bank-provided form, but some banks let you complete the process online.

To receive money by wire, you’ll need to provide your bank account information to the person or business sending money. Ask your bank for “incoming wire instructions” to be sure you use the correct numbers. Again, the money typically moves in one day, but it might take an extra day for the funds to appear in your account balance online (unless you call to have the process expedited, which might or might not be possible).

Fees are often lower to receive a wire transfer than to send one and foreign transfers are more costly than domestic ones. But if you use your credit card to fund a wire transfer, you’ll pay cash advance fees, a higher interest rate, and fees for the transfer itself. It’s best to send a wire directly from your checking account.

Money transfer Nigeria is made easy as there are many modern transfer services such as ACE Money Transfer. If somebody asks you to wire funds, think carefully about who you’re sending to. Some transactions are especially risky: For example, if you wire money to an office that pays out the proceeds in cash (such as a retail “money transfer” shop in a strip mall, Ace money transfer, or similar), it is harder to verify who got the money. Anybody with a fake ID can collect the cash

It might be a bit expensive to send money directly from a bank so Ace is a better and inexpensive way which can send our money there. Unexpectedly ace also claims of no maximum limitations or amount to be sent to the receiver. This is a modern service that has made online money transfer easy.