Interesting... I don't know much about Fedwire, I will check it out. Thanks YuriNiyazov!
And yes sorry it's not free, just relatively cheap -- I think it's $200/year and $1 per transaction, which doesn't seem like enough to cover traditional wires.
Alright yuriniyazov, I’ve been reading for hours about Fedwire but I’m still a bit stumped. To participate directly in Fedwire you need to have a Master account with the Fed, in which case you need to basically be a bank. So they… have a secret subsidiary that’s a bank that has a fed master account? Or somehow a very, very good relationship with their bank such that their bank (which has a master account) proxies the Fedwire transactions for them at cost?
And yes sorry it's not free, just relatively cheap -- I think it's $200/year and $1 per transaction, which doesn't seem like enough to cover traditional wires.