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Wire Transfers Explained

One of the oldest and most reliable ways to send and receive money online is with a wire transfer. The two most popular companies that handle wire transfers are Western Union and MoneyGram. Both of these companies are well known, safe and reputable.

When you wire money to an online gaming site you just need to provide the name and location of who and where you are sending the money. It is really that simple. Western Union has the big name when it comes to wire transfers and they are kind of like a bank in many respects. You give them the money at one location and the receiver picks up the money at another location, even if it is clear across the world.

Wire transfers are fast, safe and secure but they can be costly. You should find out in advance what the charges will be before choosing to use a wire transfer. Most wire services prefect cash although some will accept debit cards.

Another type of wire transfer is a bank-to-bank wire transfer. The disadvantage to using a bank is that you have to give out personal information and that is never a plus.

Most times, when you are talking about wire transfers you are talking about sending money but they can also be used to receive money.