How Your Business Can Benefit From Using Wire Transfers
When sending and receiving business payments, a manager's key considerations are timing and reliability.
If, for example, you are buying electronic components from a manufacturer in Singapore, Canada, or even
another state, a delay in moving your payment to your vendor may hold up your shipment and interfere with
meeting your commitments to your customers. If instead of buying components, you are selling them to international
or domestic customers, the receipt of prompt and assured payments may smooth your cash flow and reduce
your need for short-term credit.
Of the available funds transfer options, one of the most cost-effective is the wire transfer service
that your bank offers through its correspondent bank network and the Federal Reserve wire. You can use
wire transfers to send funds to banks nationwide and worldwide for fast credit to your suppliers. Your
customers can use wire transfers to deliver funds swiftly to you from their banks worldwide.
Wire transfer service is simple for you to arrange and work with. After signing an agreement and receiving
a security code, you just call your bank to order the transfer of available funds from your account to
your vendor. Your vendor will have immediate access to funds you wire to banks in the U.S. Availability
of funds may take a little longer outside the U.S.
You can receive funds from your customers through the same wire network, with immediate credit to your
account when a wire arrives during business hours. Other possibilities for incoming wire transfers are
paying down your outstanding credit or having the funds paid to you in cash.
The speed and reliability that wire transfers provide make them a cost-effective way to handle your
outgoing and incoming remittances to and from destinations anywhere in the world.