what is wire transfer

A wire transfer is a method of electronic funds transfer from one person or entity to another. It involves transmitting money electronically across a network of banks or transfer agencies around the world. Wire transfers can be made from one bank account to another bank account, or through a transfer of cash at a cash office. The sender is the one who provides all the instructions for the transfer, which may include the recipient’s name, bank, account number, amount, and sometimes a pickup location. Wire transfers can be facilitated by a bank (sometimes referred to as a “bank wire”) or by a nonbank money transfer provider. Wire transfers are common for both domestic use in the U.S. and international use. They are popular for international transfers because they are easy to exchange to a foreign currency, if needed. Wire transfers are a good option if you need to complete a transfer urgently. Most wire transfers can take as long as two business days to process.