Is Wire Transfer Safe?
Understand the process of a wire transfer and what makes it safe
- A wire transfer is a way to transfer money from one bank account to another electronically.
- The sender arranges for the wire transfer through online banking.
- The sender needs the receiver’s full name, address, bank account details, and SWIFT code to make the wire transfer.
- International wire transfer happens on the secure SWIFT network.
- digibank offers secure, paperless, same-day transfers with competitive exchange rates and higher transaction limits.
Is wire transfer safe?
When you want to send money abroad, be it to support your child studying abroad or to family residing there, you want to use a safe and reliable method to do so. One of the more popular methods of money transfer is wire transfer. But is wire transfer safe? Will your money reach your child or relative in time and in full?
This article will walk you through the process of an international wire transfer to set your mind at ease.
The international wire transfer process
Let’s say you want to transfer money to your son’s bank account to pay for his off-campus accommodation. You want to do a wire transfer.
- The first thing you must do is keep some details ready: your son’s local address, bank account details, including its address and SWIFT code. You may also need the International Bank Account Number (IBAN) along with the Bank Identifier Code (BIC). All this information is necessary to ensure that the right person receives the money.
- Next, visit the bank’s secured net banking page or app. Go to the money transfer section and choose wire transfer. Input your son’s details, choose the amount you want to transfer and submit your request.
- The bank initiates the electronic fund transfer process. The request passes through the gates of the secure SWIFT network. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a global network that allows financial transactions amongst different financial institutions in a standardised, secure ecosystem.
- The funds may not go directly from your account to your son’s, especially if they are in different banks. They may be routed through one or more correspondent banks on the SWIFT network.
- Assuming accurate bank account details were provided, your son will receive the international wire transfer within a few hours to a few business days. Your son will receive a notification and details stating that you have transferred the money.
You will have to pay a fee for the service. However, the amount will depend on the route the transaction takes, and the terms and conditions of the financial institutions involved.
Why digibank for wire transfers
digibank makes international wire transfers more manageable and safer for you. Please take a look at how digibank makes it happen.
Using digibank ensures all your transactions are processed through a secured network. You don’t have to worry about the privacy or security of your data or account.
Many currencies and country combinations from digibank come with a zero-fee policy. This means that your child receives 100% of what you send as the bank doesn’t charge any fee.
Competitive exchange rates
You don’t have to fret over the dynamic currency exchange rates as digibank offers the most preferential rates.
Did your son forget to tell you about the rent that is due tomorrow? No worries. As long as you make the cut-off time for same-day wire transfer, your son will receive his rent money within the same business day!
The entire international wire transfer is digital. There is no tedious gathering and submission of forms or other documents. Sit back on your couch, and with a few taps on the laptop screen, your wire transfer will be done.
Higher transfer limits
digibank collaborates with remittance partners who offer higher transaction limits. This way, you don’t have to send the money in multiple tranches. You can seamlessly send it at one-go.
Is wiring money safe? Yes, it is – secure, fast and paperless. Download digibank by DBS to effortlessly send money to your loved one with 100% confidence.