What is the difference between Bank wire and Bank transfer ?
By DY06119
@DY06119 (135)
India
December 6, 2008 3:38am CST
In Alertpay to withdraw money it charges $0.50 for Bank Transfer and $15 for Bank Wire .Please explain the different .
1 response
@cambiste (1244)
• India
6 Dec 08
I'm not very sure of the difference but here's what i understand:
Bank transfer is a transfer between two bank accounts, usually of the same bank. This is cheaper because the money is being transfered between accounts in the same bank.
Bank wire is more costly and also less secure. You can send money to just about anyone in the world, even those who dont have a bank account. The reciever can collect the money at a cash register and just disappear.
@cambiste (1244)
• India
6 Dec 08
oh, and i forgot to add: Most of the Nigerian scams (also called advanced-fee fraud) use bank wire to get their money and run away with the fraud, and no one can track them down.
Bank transfer is safer because you or the bank knows all details of the reciever and chargebacks are possible.
