Easy to Use. The person that wishes to deposit goes to the bank, gives the bank the order to transfer a certain amount of money. Funds can take several hours or days to actually be transferred, from the sender’s to the receiver’s account. One of both banks must have a reciprocal account with one another, or it must be sent to a correspondent bank to be able to benefit to the recipient’s account. Bank-to-bank is considered the safest international payment method. 

 

Security. This payment method is thought to be very safe for  the following reasons: account holders must prove their identity, chargebacks are unlikely and information is transmitted with encrypted communication methods. Also, when placing international transfers for the USA, they are monitored by the OFAC. They do this to prevent people to transfer money to terrorist organizations, countries or entities under sanction by the US government. 

 

No Bank Account Needed. Money transfer is perhaps the largest company that offers wire transfers or money transfers without requiring a bank or account. The receiver only needs to show an ID upon receipt.

 

Anonymous Transfers. Wire transfers may be placed in cash offices, and are done almost completely anonymously, but they have been designed for transfers done between people who trust each other; when done with strangers, it can be unsafe. If a senders wish to remain anonymous they can choose to use an external service provider to act as an intermediate and receive as well as resend the money.