When you need to send or receive money quickly, a bank transfer or a wire transfer might be the right tool for the job. Wire transfers are immediate, reliable, and safe (as long as you’re not sending money to a thief).
For significant transactions—like buying a home—wire transfers or cashier’s checks might be your only options. Why? The short answer is that the funds are available to the recipient more or less immediately.
Because the money moves quickly, the recipient should not have to wait for funds to clear before claiming or using the money. In other words, there is usually no hold placed on money received via wire transfer. For anybody selling merchandise or services, a wire transfer is safer than a check.4 Checks can bounce, and it can take several weeks (or more) to find out that a payment was bad.