I've been hearing a lot about the distinction between wire transfers and money transfers, but I'm not completely sure which one is appropriate for my needs. Could you make clear them in easy terms?
I believe it's helpful to comprehend that money transfers typically involve more complex processes than simply sending money by a wire transfer. What are some of the key distinctions amongst the two?
From a technical prospect, how do those two types of transfers work - does one rely heavily on clearinghouses, while the more is mostly handled straight by the bank?
What factors influence the overall cost and velocity of a money transfer versus a wire transfer? Are there any distinct circumstances where one may possibly be more advantageous than the other?
Could you elaborate on the different sorts of money transfers - like international money transfers, or transfers to businesses? How do those impacts the process?