Wire transfer is one of the most common and convenient ways to move money between accounts, whether between accounts of the same bank or different institutions.

With the popularization of digital banking services, this operation has become even more accessible and practical, allowing transactions to be carried out quickly and securely, without the need for physical travel to a branch.

In this article, we will talk about what a wire transfer is and how it works.

What is a wire transfer?

A man doing a Wire transfer.

A wire transfer is a financial operation that allows the movement of money from one account to another, as we said, whether within the same bank or between different financial institutions.

This process can be carried out in various ways, including electronic transfers, money orders, and instant transfers.

Wire transfers are widely used by both individuals and businesses for various purposes, such as bill payments, sending money to family or friends, and conducting commercial transactions.

The process is secure, thanks to advanced security and authentication systems implemented by banks and payment platforms.

To make the transfer, the user needs to provide some essential information, such as the recipient’s account number, bank code, and the amount to be transferred.

Understand better how it works

Wire transfer is a relatively simple process, but understanding the details of how it works can help you use it more efficiently and safely.

The process begins when the sender decides to transfer money to another account. This can be done through internet banking, mobile apps, ATMs, or directly at a bank branch.

The sender needs to provide essential information, such as the recipient’s account number, branch, bank, recipient’s details, and the amount to be transferred.

To ensure the security of the transaction, the bank requests authentication from the sender.

After authentication, the bank checks if the sender has sufficient funds in the account to complete the transfer. If so, the transaction is authorized.

Once authorized, the transfer enters the bank’s processing queue. Depending on the type of transfer, processing time may vary.

The sender’s bank sends the funds to the recipient’s bank. This process involves the exchange of information between banking systems, ensuring that transaction data is correctly forwarded.

In international transfers, the process may involve intermediaries and currency conversion, which may take longer and involve additional fees.

The recipient’s bank receives the funds and credits the amount to the specified account. The recipient can then access the money.

Both the sender and the recipient usually receive notifications confirming that the transfer has been successfully completed.

By understanding these steps, users can make wire transfers with greater confidence and efficiency, making the most of the different options available to meet their financial needs.

How much does a wire transfer cost?

In Canada, the cost of a bank transfer can also vary depending on the type of transfer, the bank, and the specific policies of the financial institution.

Sending a domestic electronic transfer (wire transfer) within Canada usually costs between $10 and $20, depending on the bank and type of account.

Receiving a domestic electronic transfer can cost between $5 and $15. Some accounts may waive this fee, especially premium accounts.

Internal electronic transfers are usually free or have a nominal fee, depending on the bank and type of account. Often, transfers between accounts at the same bank are free.

Types of transfers

There are several types of wire transfer. Get to know the main ones:


These are transfers made within the same country. They are faster and have lower costs.

Moreover, suitable even for large amounts of money.

The cost depends on the type of transfer the person is going to make, and usually, wire transfers are completed on the same day or the next business day.

The most common uses are for mortgage payments, major purchases, sending funds between personal and business accounts.


When it is necessary to make a bank transfer to another country, international transfer is used. The cost is higher and it involves sending funds to a bank in another country.

It involves the use of systems such as SWIFT or IBAN.

There are transaction and currency conversion fees. The processing time is 1 to 5 business days, depending on the bank and destination country.

They are used for payments to international suppliers, sending money to relatives abroad, international investments.

Is it safe to make a wire transfer?

Yes, making a wire transfer is generally safe, as long as appropriate security practices are followed.

Financial institutions implement various measures to protect bank transactions and ensure that money reaches the intended recipient without issues.

It is worth remembering that bank transfers are a secure and efficient method of moving money, thanks to the robust security measures implemented by banks.

However, security also depends on careful practices by the user. Therefore, check everything before completing the process.

Is the process time-consuming?

The speed of a wire transfer can vary significantly depending on the type of transfer, the financial institutions involved, and the countries of origin and destination.

Generally, domestic electronic transfers are processed on the same day or the next business day, if made within the bank’s business hours.

Interac e-Transfers are almost instant, with the recipient receiving the money within minutes. However, in some cases, it may take up to 30 minutes.

International transfers can take 1 to 5 business days, depending on the banks involved and the countries of origin and destination.

Several factors can affect processing time, including time zones, business days in the countries involved, security verification procedures, and the need for currency conversion.

Therefore, it is important to know these details of the bank transfer so that you can have an idea of the processing time and cost.

When making the transfer, be sure to choose the right option.

So, what did you think of the content? Also, check out other tips on our website.