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Wire Transfers or Online Money Transfers? Which is Better?

Home / Wire Transfers

What’s the difference between a wire transfer and an online money transfer?

Sending money instantly has become a major part of people’s personal and business lives. Whether you need to transfer personal funds abroad to your family or friends, make payments for products or services, or pay vendors for your business, you need a money transfer service that you can count on.

Wire Transfers

With a wire transfer, you have a flexible solution when you need to sending funds internationally. With this kind of transfer, funds are sent directly to a bank account via an electronic wire network, allowing the recipient to collect funds in person.

Because verification of both sender and recipient bank accounts is required, wire transfers are more secure than some other transfer types. With MTFX, whether you choose a wire transfer or other type of transfer, we will put verification measures in place to ensure the security of your transfer.

Online Money Transfers

Online transfers offer a more cost-efficient way of sending funds. Less work has to be done during the processing of the transfer; so it’s not rare for online transfers to have no cost for domestic transactions or low costs for international transactions.

This process does take slightly (or considerably) longer than a wire transfer, however. A wire transfer can get funds to your beneficiary in as little as 10 minutes, but an online transfer may take up to five days. If you are using a service other than MTFX, security is often a concern, as no physical verification is performed during the process. However, with MTFX you can rest assured that your funds will arrive safely at their destination, thanks to our superior security measures.

You Can Trust MTFX

One of the largest and most trusted Forex and international payment solution providers in Canada since 1996, MTFX now proudly brings a reputation of excellence to the United States. When you choose our services, you’ll get the best security, world-class insights and advice from our account executives, and 24/7 access to and control of your deals through FXOffice.
To learn more about our services, Contact us today.

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