A wire transfer is a fast, secure way to send money directly from one bank to another, typically the same day for domestic transfers. In this episode, Ryan explains when wire transfers make sense versus a standard ACH transfer, what fees to expect, and why the irreversibility of a wire matters.
The risk Ryan spends the most time on is wire fraud. Once a wire is sent, it cannot be recalled. Scammers specifically exploit this in real estate transactions and other high-dollar situations by impersonating title companies or lenders. Ryan and Aaron walk through what to watch for and how to verify instructions before sending any large amount.
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And, as always, Stay the Course!
