Wire Transfers

steve257

Can someone please explain how simple Wire Transfers are & how do they work? ... as I need to send 1000+ to an overseas wholesaler .... thought about Western Union but heard they are bad, expensive and the tool of choice by scammers.

Thanks.

humbug_4

I you try doing a wire transfer through your bank they will charge you anything from £15 to £30 for the privalege and the rate probably won't be that good. I used HIFX when I purchased a property in Italy (https://www.hifx.co.uk) before and they don't charge anything for the transfer. If you are sending to Europe you need fewer details - usually just the recipients name, bank and an IBAN number which is like an international bank account number.