The bank wire transfer is a popular funding method that can be used for both depositing and withdrawing funds from your binary options account.
The wire transfer is a form of electronic payment which is made directly between bank accounts. An electronic handshake is made between the bank account of the sender and the recipient. It is deemed to be one of the most secure methods of funds transfer . This is due to the high level of security used by the major banks making the transaction.
High level validations of identify are made on each side of the transaction which help to ensure that transactions can only be made on cleared funds in the account.
The drawback to this funding method is that Banks charge a fee for transfers made by wire. This fee is actually paid by both the sender and the recipient for each transaction. For the sender the fee is normally set as a fixed amount, separate from the funds being sent. In addition the receipt bank will normally also deduct a fee from the physical amount that has been transferred. The result of this is that the actual funds received will be lower than the actual funds sent.
As a result of this you will find that most brokers charge a set processing fee of $30 for withdrawal requests made using this method.
The key benefit of the wire transfer is that it is the most widely supported way of facilitating money transfers around the globe. It provides an almost universally secure and reliable method for the transfer of funds across borders and between people of different locals. As a result it is one of the most widely supported funding methods offered by binary option brokers.
It is worth noting however that although the electronic transfer times are almost instantaneous, the actual transfer of funds between accounts can take days to complete. Processing times will be dependent upon the banks involved in the transaction. Typically brokers will quote 5 to 7 working days for funds to reach an account.