Are wire transfers safe?

While no method is foolproof, generally speaking, wire transfers are a safe method to transfer money. According to the Bank of Canada, as of 2021 wire transfers in Canada are managed by system called Lynx. It replaced the much older system, Large Value Transfer System (LVTS), which had been in use since 1999. Lynx is supposed to be more resilient and secure than LVTS, and has greater compatibility with other financial systems.

What is a SWIFT code?

Short for Society for Worldwide Interbank Financial Telecommunication, a SWIFT code is an international bank code used for incoming transfers. Every bank has a unique SWIFT code that can be used to identify it in a global financial transaction such as a money transfer.

Should I wire transfer money in Canadian dollars or foreign currency?

For international money transfers, it's better to send money in your recipient's currency. This takes the burden of converting the currency off of your recipient. It may even be cheaper to wire money in a foreign currency.

How long does a wire transfer take?

Wire transfer processing times vary from bank to bank and depend on several factors, such as whether the wire transfer is domestic or international. Generally, wire transfers can take up to 5 business days. It could take longer if you initiate a transfer on, or just before, the weekend or a holiday.

Aliyyah Camp

Contributor

Aliyyah Camp is a SEO content strategist and former publisher at Finder, specializing in consumer and business lending. Her writing and analysis has been featured in CentSai, the Dough Roller and the Chicago Tribune. She holds a BA in communication from the University of Pennsylvania.