In Europe, wire transfer is termed as telegraphic transfer or giro. Today, the wire transfers are done electronically. It is an electronic payment system which authorizes a bank to move funds from any customer's account to any beneficiary or recipient's bank account. It is one of the quickest money transfer system available today while ensuring strict security and reliability. The bank wire transfer is widely used in international trading or ordering goods from overseas. The funds are transferred to the sellers account prior to the goods are shipped. Today, wire transfer has become easier through the Internet. So anyone can transfer funds to different parts of the world conveniently and reliably. It's a matter of clicking a button or key on your laptop or personal computer.
Wire transfer is known to be the most reliable and secured money transfer system in the world. In essence, it is a money transfer system that ensures extreme security. For example, it is managed and monitored through global controllers which closely monitor the funds via different networks. Wire transfer is popularly used for many banking transactions such as, credit card balance transfers, paying utility bills, personal account management, and procurement of goods from overseas and many more. Similarly, when you use your credit card or debit card to pay for any purchases at a retail outlet, you promptly make payment by simply swiping your credit card using the credit card reader. In other words, you are actually authorizing a wire transfer from your bank account to the retailers or the sellers account.
Many institutions are there to process wire transfers. Today, not only the banks do the wire transfers but also the institutions such as Western Union carryout wire transfers. Compared to banks, Western Union can wire transfer your funds within minutes, but it is bit expensive. If you want the cheaper options, it is still better to deal with a bank which charges less but it will take at least one day or more to transfer funds.
Banks in India process wire transfers through the network of Reserve Bank of India, but they usually take one to three days to transfer funds. If you want your funds to be transferred in few hours, you can use the costly providers such as Western Union. In fact you are paying more for the fast service.
The Reserve Bank of India hold the cash reserves of banks and financial institutions and make loans to them. The Reserve Bank of India, regulates the money circulation in the Indian monitoring system and also collects and process millions of cheques including wire transfer and other transactions.
Today, you have to thank the latest technology such as computers and advanced communication systems which enable you to do wire transfers online, by telephone, or in person. They can not only be done locally but also can be done nationwide including globally.