Here's a step-by-step guide on how wire transfers work and how they can help you move large sums of money quickly.

CNBC Select provides comprehensive information on wire transfers, including the process, transfer duration, and any associated fees.

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How to wire money

Choose a provider

Gather the information

Your government-issued ID or online bank account access
Your bank account number
Recipient's full name and address
Recipient's bank account number
Name and address of recipient's bank

To ensure the safety of wire transfers, it is recommended to verify the recipient's account details over the phone and double-check the routing number, as banks have different routing numbers for wire transfers and ACH transfers, according to Stripe.

Send the funds

The money transfer service Wise advises keeping the receipt confirming the transaction details after sending the wire, as it serves as proof that the transfer was successful and can be useful in case of any issues.

Wire transfer fees

When sending or receiving money through wire transfer, fees are typically involved.

For a comprehensive list of wire transfer fees at major banks, visit their websites.

Avoiding wire transfer scams

While sending cash through the mail is risky, wire transfers are safer, according to Island Federal Credit Union. However, once the money is sent, it can be difficult to track or retrieve it, as Wise points out.

If a third party joins an email chain between you and an entity you are doing business with and requests a wire transfer, you may be getting phished, according to the U.S. Secret Service. Similarly, if a loan service asks you to wire an advance fee in exchange for a guaranteed loan, you may be getting phished, according to the FTC.

According to the Office of the Attorney General of Texas, scams can take many forms and the following indicators could signal danger.

You're asked to send someone money unexpectedly
You're contacted by someone with a weird email address
You're asked to make payments by wire transfer, cryptocurrency or gift cards

Bottom line

To avoid costly wire transfer fees, look for an account that waives them if you frequently make wire transfers. Additionally, verify all wire transfers to ensure the information is accurate and authentic as they are typically final.