Difference between Wire Transfer and Normal Transfer

by Jodie Taylor author

A method of exchange for goods and services is widely known as currency. It is generally accepted in the form of money like coins and paper notes. Its value is determined by the government and with the authority of the government is it circulated within an economy. Currency is the base of the trade whether it is on interstate level or international level.

Today currency is involved in every aspect of our lives. Currency Exchange is defined as transferring of money across the globe. Money exchange could be a stand-alone business or can be a part of services offered by banks and other financial institutions. Currency exchange makes profits from its services by adjusting the exchange rate or by taking commission from the customers.

Wire Transfer in Toronto Online

Ways to Exchange Currency

Today the world is more interconnected and people are doing business and purchasing things from across the globe. It was the need of the time to evolve the currency transfer methods. With the advancement of technology now there are various options available through which money transfer is possible. People around the world use different ways for money exchange and Wire Transfer in Toronto is usually used. To avail the best option for sending or receiving money it is very important to first do the research. Most commonly used methods are

· ACH Transfer (Automated Clearing House) it is an electronic fund transfer system.

· Online Transfer it is the easiest way to transfer money. All we need is internet connection and services of the local bank to transfer money.

· Wire Transfer it the most common ways to transfer money to international levels.

Wire Transfer Vs Normal Transfer: Differences

Wire transfer is the fasted way to transfer money online. It is done by a bank or nonbank providers such as Western Union, Pay Pal, TransferWise and many others. For Wire Transfer in Toronto, CandianForex is one of the best services for money transfer online in Canada.

Normal transfer or ACH transfer is also an electronic system for transfer money online but sometimes it involves bank personnel on each ends to send or receive money. This method works in batches and funds or money is not available in the beneficiary’s account until next working day. There are some points on which a wire transfer and normal transfer of money differ from each other. First of all

Wire Transfer Toronto

· Wire transfer is really a fast way for an immediate transfer of funds.

· Normal transfer or ACH transfer is somehow similar to wire transfer only it uses wire transfer and transactions are not immediately available.

· Wire transfer costs a bit more expensive than the other methods of sending money.

· The main issue with the wire transfer is you can not verify the sender or the receiver for the money. A false identity can easily be used at any end of the transactions. Anyone can collect the money and disappear leaving almost not trace.

· Normal or ACH transaction has fraud liability and laws to protect from such frauds. A credit card provides some protection too. Through this method, we are protected some way.

Normal transfer of money is a good choice however if the money is needed urgently one can pay the fee and get a wire transfer.