Understanding Wire Transfers

What is a Wire Transfer?

A wire transfer is a direct payment from one bank to another, typically used by large companies for its simplicity and security. Unlike PayPal or other third-party apps, a wire transfer sends money directly to the company’s bank account.

Here’s how a typical process works:

• Place your order without paying immediately.
• Receive a receipt and payment details via email.
• Use the provided payment details to complete an international bank transfer.
• Await confirmation of payment from the company.

Why Are Wire Transfers Used?

Wire transfers are preferred by many companies because they offer:

• Enhanced security for payment verification.
• Support for large orders and transactions.
• Seamless handling of international payments.
• Avoidance of third-party disputes with credit card companies.
• Lower transaction fees compared to alternatives.

Details Needed for a Wire Transfer

To complete a wire transfer, you’ll need the following information:

• SWIFT/BIC Code: A unique code identifying the recipient’s bank internationally.
• IBAN: The recipient’s international bank account number.
• Currency: The currency in which to make the payment (check the company’s FAQ if unsure).
• Order Number: A unique identifier for your payment so the company can confirm it’s from you.

The order number ensures the company can match your payment to your order, even though the money goes directly to their bank.

Step-by-Step Example

Let’s walk through an example using United Pharmacies:

1. Create an account and place an order for items like Estradiol Valerate Pills or Cyproterone Acetate.
2. Checkout without paying immediately; you’ll receive a confirmation email with payment details.
3. Log into your bank account and initiate an international transfer.
4. Enter the provided SWIFT/BIC Code, IBAN, and payment currency.
5. Add your unique order number as a reference so the company can identify your payment.

For example, although United Pharmacies is based in Hong Kong, their bank is located in Bulgaria. Once the bank confirms your payment, United Pharmacies will process and ship your order. If you're in the UK, you’ll receive shipping updates via Royal Mail.

Final Tips

Wire transfers may seem intimidating at first, but they’re straightforward once you’ve done them. Companies like United Pharmacies often let you switch to easier payment methods (like card payments) after your first successful transfer.