Understanding Wire Transfers

Why might someone choose a wire transfer over writing a check?

• Wire transfers are cheaper than checks.

• Wire transfers are faster and more reliable.

• Wire transfers are slower but more secure.

• Wire transfers do not require any bank information.

What information is typically required to initiate a wire transfer?

• Recipient's address and social security number.

• Recipient's name, bank name, and account number.

• Recipient's phone number and email address.

• Recipient's driver's license and passport number.

What is a common fee range for domestic wire transfers?

• $5 to $10

• $15 to $30

• $50 to $100

• $35 to $50

Why is it important to double-check the recipient's information before sending a wire transfer?

• Because the bank will verify it for you.

• Because once sent, the money is difficult to recover if there's a mistake.

• Because incorrect information can delay the transfer.

• Because it affects the transfer fee.

What is a safer alternative to wire transfers for transactions with unknown parties?

• Using a personal check.

• Using a debit card.

• Using a credit card or escrow service.

• Sending cash through mail.