Difference between "Bank Wire Transfer" and regular transfer

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A standard BACS transfer (Bank Automated Clearing System?) is like a one off standing order payment, which takes 2/3 days to reach the other account.

As I understand it, a wire / tegegraphic transfer is received the same day - mainly used for larger amounts (house purchases, or bills that need to be paid ASAP!).

You'll need to be more specific. Is it domestic or foreign? All banks use computerised systems unless you are paying cash in physicaly at a bank branch. All payments are variants of regular wire transfer. It is only a question of which electronic method is used and how quickly you want the money sent and whether abroad or to the UK.

The speedier the service, the more expensive it is likely to be. CHAPS (same working day) costs around £20 to £30 and is uneconomical for small amounts.

Alasdair schrieb:

Transfer is from Austria to UK.

According to the UK beneficiary, for a bank wire transfer I need to physically go to my local bank in Austria in order to have the transfer initiated. My bank told me I could have done it via online banking as well, although the UK beneficiary states that this is not the same and they insist on a "bank wire transfer".

So I ask myself what the difference is and why a regular online transfer will not supposedly suffice? Is there a security issue here maybe?

It's a small amount so it's not worth it.

What sort of amount are we talking?

Sending very small amounts internationally can be quite costly. I often buy odd things off Ebay and want to, say, send £20 to mainland Europe. I find the best way to do it is to put a Euro note in an envelope and send it taking the chance it will get there. It depends on how honest or dishonest the beneficiary is!

I cannot see why you cannot send it by online banking if the Austrian bank provides that facility. Few, if any, UK banks do for international transfers.

You will need the beneficiary's account name and his bank's IBAN (International Bank Account Number) which is probably written on his statements.

To send an International Money Order (IMO) from the UK costs around £20 depending on the bank. American Express allow you to send Travellers' Cheques but only in US dollars.

Alasdair schrieb: [...]

EUR 50

My bank told me that the transfer is simply an "EU transfer" which is very cheap, at least at my bank it is. I'll check on the statement when it appears.

They won't accept this, but I wouldn't do it anyway, not even for a small amount.

Neither do I see their point. I will go ahead and do it via online the next time, they probably won't even see the difference.

Yes, I have all this.