What is Wire Transfer? Simply explained

What is Wire Transfer? Wire Transfer is an electronic transfer method

Wire transfer – money transfer by bank transfer

A “wire transfer” is a method of transferring money electronically between different banks or financial institutions. The money is transferred from one bank account to another, either domestically or internationally.

• The term “wire” originates from the time when such transfers were actually processed via telegraph cables. Nowadays, wire transfers are usually made electronically via the SWIFT network or other financial systems.

• Wire transfers are often a fast and secure way to transfer large amounts of money, but they can also involve fees, especially for international transactions.

• The time a wire transfer takes can vary depending on various factors. In general, wire transfers within the same country can often be completed within a day, while international transfers can take several days or even longer depending on the countries involved and the respective bank policies.

• The cost of a wire transfer varies depending on the bank, the destination country and the amount being transferred. The fees often amount to three to five percent of the total amount in question.