what is domestic wire transfer

A domestic wire transfer is an electronic transfer of funds between two different banks or institutions within the same country. It is a fast and convenient way to transfer money from one person to another, and it can be initiated by the sender providing all the instructions for the transfer, which may include the recipients name, bank, account number, amount, and sometimes a pickup location. Domestic wire transfers are generally processed on the same day they are initiated and can be received within a few hours. Wire transfers are most often used to transfer funds from one bank or financial institution to another, and no physical money is transferred between banks or financial institutions when conducting a wire transfer. Wire transfers are reliable and secure, and they are unlikely to be misplaced or lost in the mail. Wire transfers are a good option if you need to move large amounts of money, pay invoices, send funds among family, or for real estate transactions. The sender must pay for the transaction in full upfront, and the funds must be available in the senders account. Domestic wire transfers tend to cost around $30, while international transfers are approximately $40.