Question about Wire Transfers Vs Bank Transfer?

Question

I talked to my banker today, and told me wire transfers are used when sending money to a different bank, when individuals are working different banks. And its called "bank transfer" when they're using the same bank.  Isn't it the same?

Justin Sullivan · Answer

I am not a banker, I do know that it is much easier to send money to someone using your same bank as opposed to using a different bank. So that would make sense that one is a bank transfer and the other a wire transfer. I know when I do transfer with persons at my same bank they clear faster or immediately as opposed to other banks

Dave Skow · Answer

@Fili Aguirre- your banker is correct

Chris Seveney · Answer

@Fili Aguirre

No they are not the same. A bank transfer is internal to the bank and is not external

whereas a wire transfer goes through the federal reserves system (banks are assigned ABA numbers) and takes time for verification.

Jamie Parker · Answer

@Justin Sullivan is correct sending money to someone using the same banks as you is much easier right now. I went to the bank earlier this week, attempting to set up a bill pay on a seller financing property I recently closed. The banker told me that the account that I am sending the bill pay to has to be an account with my name on it. Confused as if I can do an external transfer, even wires are tough as well.

@Fili Aguirre but yes wire transfers are same day transfer to different banks thru the ACH system and usually comes with a fee around 30 bucks (as far as I know, not a banker). Bank transfers are account to account within the same bank. IF you opened your account in one place and someone else opened there account in another place but same institution. Same bank but the numbers get off when for each individual bank tho they are the same. same same but different lol

Question about Wire Transfers Vs Bank Transfer?

Most Popular Reply