Aside from your day-to-day checking and saving account management, sometimes you need other banking services to transfer money in a different way. Wire transfers are a go-to method for transferring money to a different account quickly and securely. Whether you’re a personal or business banking customer with us, Community National Bank & Trust is happy to assist you with both domestic and foreign wire transfers available at any one of our banking centers in Kansas, Missouri, and Oklahoma.
What is a wire transfer?
Wire transfers are electronic transfers of money from one account holder’s bank to another bank. A traditional “bank wire” describes a domestic transfer processed via a network of banks within the United States. International transfers (also referred to as “remittance transfers”) allows customers to send funds to individuals around the world via transfer service agencies.
When requesting a wire transfer at your local bank, you will need to provide the amount you’re sending to the recipient as well as their name and bank account number. You’ll also pay any applicable fees at your banking office.
Why perform a wire transfer?
There are several benefits and reasons as to why you might opt for a wire transfer over other forms of sending money:
Speed and Processing Time
Faster than setting up direct deposit, wire transfer money can arrive anywhere from a few hours to a few days later—depending on where it’s going and when you initiate the transfer. Setting up a wire transfer takes a few short minutes, and most take no longer than two business days to process if not completed within the same day. However, international wire transfers may take extra time, often an additional day or two. Recipients also don’t need to wait multiple days for funds to clear before using them, as the money moves into their account directly.
For preapproved Community National Bank & Trust business customers, you can save even more time by performing your wire transfers online.
Significant or Long-Distance Transactions
In certain scenarios—such as buying a house or sending money abroad to relatives—using cash, check, or electronic payment applications might not transfer funds fast enough for your recipient. Wire transfers are likely your best bet in these times, as the balance will be available for immediate use once complete. Plus, this method allows a high daily transfer limit, meaning you can send large sums of money worry-free.
Peace of Mind
Wire transfers are widely accepted as an efficient and secure way to guarantee your funds are transferred or received. Although bank wires do require a fee to send, this charge depends upon a few factors, including the wire transfer destination and amount. Domestic incoming wires will generally cost the least amount of money, whereas international outgoing transfers will cost the most. Check with your local banking center to discuss your options based on your existing account holder status.
Domestic and International Wire Transfers with CNB&T
Considering a wire transfer for a big or time-sensitive payment? One of our customer service representatives at any banking center can help you complete the forms needed for you to wire transfer money effectively. Are you already a preapproved commercial customer with us? Enjoy the convenience of performing your wire transfers online! To initiate a wire transfer with Community National Bank & Trust, contact us or visit in person today.