What's the difference between bank wire transfer and ordinary bank transfer?

The difference between bank wire transfer and bank transfer: in the past, when handling banking business, the money was transferred to different places by means of transfer. Before the electronic processing was realized, the processing speed of transfer was slow, and it took a long time to reach the other party's account, but the remittance fee was cheap and the postage could be paid. In the actual settlement process, in order to let the money reach the other party's account as soon as possible, some customers urgently ask the bank to speed up the remittance and let the money reach the other party's account in a very short time. Under the conditions at that time, the way of "telegraph remittance" came into being. This speeds up the remittance, but in addition to the remittance fee, you have to pay the telegram fee. Now, due to the extensive promotion and use of electronic banking, this difference has disappeared, but the old name is still used.

1. T/T: It is one of the ways of exchange settlement (including letter transfer and T/T). The payer fills in the power of attorney for payment and goes through the payment formalities through the bank;

T/T is a foreign exchange settlement method. In addition to the transfer of funds between units, telegraphic transfer can also be used for units to pay related funds to individuals in different places, such as retirement wages, medical expenses, various labor fees, remuneration and so on. , it can also be used for individuals to pay related money to units in different places, such as mail-order goods, books and periodicals, etc. T/T only needs to know the user name and account number of the other party to send money to the other party.

2. Transfer: it is a non-cash monetary receipt and payment business, which is generally handled through banks. There are several ways of transfer settlement: bank draft, commercial draft, cashier's check, bank acceptance draft, transfer check, remittance, entrusted collection and acceptance.