How long does a wire transfer take?

The transaction time for a wire transfer varies depending on where you are sending money, but it typically takes anywhere between one and five business days.

What's the difference between a bank transfer and a wire transfer?

Bank transfers and wire transfers are both ways to electronically transfer money from one bank account to another. However, while wire transfers can be used to send money domestically or internationally, bank transfers are used for domestic payments using a country's payment system. For example, Australia's New Payments Platform was launched in 2018 and Osko, which uses the platform, offers real-time bank transfers between Australian bank accounts.

How safe are wire transfers?

Yes, wire transfers are a safe way to send money overseas - provided you only ever send money to someone you know. Because you can't cancel or reverse a wire transfer, it's essential to make sure you're sending funds to a legit source before initiating a transfer.