Can someone explain bank transfers?



I’m looking to buy a motorcycle from a private seller and his preferred payment method is via bank transfer. I’ve never done this and don’t know how it works. Why would someone choose that method instead of something else? (Check, spay, cash) any insight on this?

In: Economics

Wire transfers in the US are typically instant and final (irreversible), although expensive. This gives the seller a way to ensure they are paid, but then the trust has to be placed on the seller to provide the good as promised.