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Wire Transfer & Direct Deposits Are Not the Same Thing!

Home > News > Wire Transfer & Direct Deposits Are Not the Same Thing!

 

Although wire transfer and direct deposit are two ways to send money electronically, they are not the same thing. Today, sending money doesn’t require you to carry the cash in your pocket and hand it personally to someone else.

 Long gone are those days! Now, money transfer goes through electronically at ease and comfort. So, it is worth understanding the difference between wire transfers and direct deposits and when each service is used.
 

Direct Deposit

It is an electronic money transfer method that is best used when you want to send your money directly into a bank account or receive your money in your bank account. That’s why it is environment-friendly and used by employers to save lots of costs spent on paper work to pay their employees.  It also saves a lot of time visiting the bank to deposit checks manually, which increases the chances of having the checks lost or stolen.

Direct deposits are very useful if you are in a vacation or a business trip where you can’t sit and write paper checks or you don’t want to physically go to a bank or exchange house to receive your money.

If you are searching for the fastest and easiest way to send money to your employees, direct deposits come in handy. On top of that, many banks and money transfer service providers give their regular customers offers and discounts on their direct deposit services.
 

Wire Transfers

Similarly, wire transfers are used to send money electronically. But unlike direct deposits, wire transfers are used occasionally by individuals and companies. Wire transfers are conducted between banks and financial institutions rather than between an employer and their employees.

One of the best advantages about wire transfers is that they are completed instantly in most cases. For example, using Western Union services will enable you to send and receive money within few minutes. The fees of using Western Union to send money might vary depending on the recipient’s location and the amount of money to be sent.

 

Other Options to Transfer Money

If you are searching for other ways to send money anywhere, luckily, wire transfer and direct deposits are not your only options.

You have PayPal! PayPal has revolutionized the money world. It is the most popular online money transfer service in the 21th century.

To use PayPal, you need to create a free account and link it to your credit card to be able to transfer funds from your balance to the recipient’s PayPal account or credit card.
 

Abu Sheikha Exchange: One-Stop Shop for Your Money Needs

With Abu Sheikha Exchange, you can transfer money and send direct deposits at comfort. We aim at providing our customers with the best money services to make their payments easier.
 

We offer a wide range of services available to choose from:

  • Western union transfers: instant money transfers with the largest network across the world cash to cash + direct to bank account
  • Instant Local Outbound and inbound transfers
  • SWIFT Direct to bank account transfers worldwide
  • Global Outbound and inbound Transfers
  • Outbound and inbound remittances via Cash Express to United Arab Emirates
  • outbound remittances to Egypt: MISR Bank, ALEX Bank, and Cairo Bank (cash and direct to bank account)
  • TRANSFAST outbound remittances

 

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Abu Sheikha Exchange, Your Trusted Partner.


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