what is wire transfer of money

A wire transfer is an electronic transfer of funds from one bank account to another. It can be used to transfer money domestically (between two U.S. accounts) or between a U.S. and international account. The sender 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 or by a nonbank money transfer provider. They are a common way to electronically move money from one person to another. Wire transfers are often used to pay invoices, to send funds among family, or for real estate transactions. They are also popular for international transfers because they are easy to exchange to a foreign currency, if needed. Wire transfers are typically processed on the same day for domestic transfers and within a few days for international transfers. Wire transfers are secure and efficient, but they can be expensive, and fees vary according to provider, destination, and the dollar amount transferred. If you have a problem with your wire transfer, you should contact the company right away and explain the issue.