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No matter the type of wire, there’s always a sending and receiving party and an entity in the middle facilitating the transfer. Today, wire transfers happen in a wide variety of ways beyond the telegraph wires of yesteryear. When looking for the best way to send money, it’s wise to review all the options-from wire transfers to P2P payment tools-to find the safest and most cost-effective fit for your transaction. Paypal, Cash App and Venmo allow you to send money directly to people, and you may not need a bank account. These types of transactions process through the Automated Clearing House, like electronic checks and bill payments Some electronic funds transfers are referred to as wires but not processed through the most common bank and nonbank networks outlined above. For example, if your U.S.-based bank or credit union sends a wire transfer to a bank in Germany, it’s considered an international wire transfer. International wire transfers are those where the sending and receiving banks are located in different countries. For example, a wire sent from a bank in New York to one in California would be considered a domestic wire. Domestic Wire Transfersĭomestic wire transfers are sent and received in the same country of origin. Wire transfers are domestic or international, depending on where the transfer originates and its destination. That coded message authorized the release of funds to the person on the other end. The telegraph office would then send a coded message to the telegraph office closest to the recipient. To send money over long distances, customers would go to a telegraph office and make their payment. The term “wire transfer” goes back to when long-distance communication was done over telegraph wires. Most commonly, the term “wire transfer” refers to bank wires, which transfer money between banks using networks such as the Fedwire Funds Service (Fedwire for short) or Society for Worldwide Interbank Financial Telecommunication (SWIFT). To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.A wire transfer is a term that describes the electronic transfer of money. You may also visit the individual sites for additional information on their data and privacy practices and opt-out options. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices powered by the DAA or through the Network Advertising Initiative's Opt-Out Tool. Ads served on our behalf by these companies do not contain unencrypted personal information and we limit the use of personal information by companies that serve our ads. Relationship-based ads and online behavioral advertising help us do that.īank of America participates in the Digital Advertising Alliance ("DAA") self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). We strive to provide you with information about products and services you might find interesting and useful.
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Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
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Please treat Zelle ® payments like cash, once you send the money, you are unlikely to get it back - for example, you do not receive the item you paid for using Zelle ® or the item received is not as described. Neither Bank of America nor Zelle ® offers a protection program for payments made with Zelle ®. See the Online Banking Service Agreement at /serviceagreement for further details. We will send you an email alert with transaction details after you send money using Zelle ®. Transactions between enrolled users typically occur in minutes and transactions between enrolled consumers do not typically incur transaction fees from Bank of America. checking or savings account and must be made from an eligible Bank of America consumer or business deposit account. Transfers require enrollment in the service with a U.S. We recommend that you do not use Zelle ® to send money to those you do not know. Zelle ® should only be used to send money to friends, family or others you trust.