I'm trying to understand the nuances between a wire transfer and an external transfer. Can you break down the key differences for me?
What are some common scenarios where one type of transfer is preferred over the other - perhaps for international payments or distinct business transactions?
How does the velocity and cost of each method vary, considering factors like transaction fees and manufacturing times?
Are there any situations where one process might be more appropriate than the other due to protection considerations or regulatory requirements?
What's the common method included in initiating a wire transfer versus setting up an external transfer - are they entirely diverse procedures?
Can you make clear how these approaches effect recipient banks and their associated fees?