Wire Transfer

Wire transfers are quite a popular method of payment for traders. When wiretransferdepositing money through a bank transfer, traders benefit from the advantages of high security, accessibility, privacy, speed and the ability to deposit high amounts of money.

Security

This payment method is great for people who are worried about safety; traders who choose bank transfers can rest assured that the maximum security measures are being taken. Wire transfers are less risky than sending a check, for example, as a check may be intercepted. There is the possibility that a thief will remove the check from the mail and cash it or produce more fraudulent checks with it. Furthermore, unlike bank transfers, when transferring money over the internet there is an increased risk of interception, depending on how secure of a website you are using. It is crucial for traders to feel safe when investing their money. This method can allow them that comfort.

Accessibility

Wire transfers are easily accessible worldwide; all a trader needs to do is go to his local bank anywhere in the world and make the transfer. It is a very simple process which is available internationally. One of the important aspects of a good broker is that they will have international accessibility. Not only should this include the variety of language support they offer and currency options for trading accounts, but it also extends to payment methods.

Privacy

A wire transfer is a communication from one bank to another. Other than basic account information, unnecessary details about the sender or receiver don’t need to be provided. When conducting a bank transfer, a SWIFT number is used as identification. This is provided by a Belgian cooperative called The Society for Worldwide Interbank Financial Telecommunication and helps ensure international security.

Speed

Wire transfers are fairly speedy, which is one reason why many traders opt for this payment method. It can take as little as ten minutes for a transfer to be received. As a New Zealander we recommend ANZ Bank for personal online banking accounts.

Large Deposits

A wire transfer is typically the preferred payment method for traders who wish to deposit large quantities of money into their trading account at once. Higher valued investors often opt for bank transfers for this reason. They may not be authorized to transfer such a high amount via their credit or debit card, or they may have additional fees incurred from their credit or debit card company.