A wire transfer is a method of electronic funds transfer from one bank or financial institution to another. This process allows individuals or entities to send money quickly and securely across both domestic and international borders. Wire transfers are typically facilitated through a network like SWIFT or domestic systems such as Fedwire in the United States. To initiate a wire transfer, the sender provides their bank with details including the recipient's bank account number, the recipient's bank's SWIFT/BIC code, and sometimes additional personal or business information. Wire transfers are known for their speed, often completing within the same day for domestic transfers and a few days for international ones. While wire transfers usually involve fees, they are favored for their reliability and security, especially for large sums or critical payments.
