- Wire transfers handle much larger amounts (e-Transfers are capped at $10,000 daily by most banks) and settle faster than bill payments.
- Wires also offer same-day settlement (vs. 2-3 days for bill payment) but do require a bank visit, unlike the online convenience of bill payments.
- Wire transfers are also preferred for larger transfers (eg, $150K+) where your bill payment limit with your bank may be too low.
In summary, wire transfer is best if:
- You cannot use bill payment or;
- You require faster settlement and/or;
- Your purchase is above your bill payment limit with your bank eg, $150K+