Transferring money from location to another has become a necessity in today’s financial habits for many. Whether it is transferring funds from one country or another, or within the country, there are plenty of options to consider when it comes to money transfer. Amongst the different options available, the telegraphic transfer has always been a popular choice for many.
The telegraphic transfer works like other money transfer options. The sender will select a fixed amount that needs to be transferred along with the required service charges. Additionally, details of the designated financial account are also provided. Standing instructions are provided to the sending bank or institute, which is then passed to the receiver. Once the transfer is made and received, it is considered as a ‘cleared’ transfer.
Previously, it was used by telegraph companies that carried telegraphic transfer of money orders from one wire company to another. Through this form of transfer, the bank or financial institute, through the standing instructions, can wire funds from one account to another account. Today, with the progress in technology and economy, it is now possible to wire funds from any financial institute to another. Therefore, funds can also be transferred through this process by depositing money in cash, at a cash office which can be transferred to the requested bank account.
Telegraphic transfer, which is considered as a wire transfer, is considered to be one of the easiest forms of making payments for any bank transactions. It is also a popular option for those who want to make large money transfers. Today, it can be used to make payment for banking transactions such as personal account management, credit card balance transfer, paying telephone bills and even other utility or internet bills.
In addition to this benefit, this money transfer is also one of the safest options. As the actual transfer of funds is not seen by any individual, until it reaches its destination, it cannot be easily compromised. In this way, it ensures the maximum security when making any payments or any transfers. Additionally, as it is administered by the global administer, it monitors the transfer of funds across different networks, thus ensuring a smooth and secure transfer.
Wire or telegraphic transfers are extremely fast. Once the funds are deposited it in the account, it can be withdrawn and used for any purpose required. In most cases, there is no hold on the funds so that the recipient can use the funds within a business day. If there is any delay, the receiver needs only to show the wire proceeds in the financial account, to access it