Definition of Wire transfer:
A wire transfer is most often used to transfer funds from one bank or financial institution to another. No physical money is transferred between banks or financial institutions when conducting a wire transfer. Instead, information is passed between banking institutions about the recipient, the bank receiving account number, and the amount transferred.
An order to transfer funds issued by means of a telegraphic (now also electronic) message.
Electronic transfer of funds through the cable and wireless networks that unite the worlds banking system. Also called cable transfer or bank wire.
A wire transfer is an electronic transfer of funds via a network that is administered by hundreds of banks and transfer service agencies around the world. The transfer can also be made in cash at a cash office. Wire transfers allow for the individualized transmission of funds from single individuals or entities to others while still maintaining the efficiencies associated with the fast and secure movement of money. By using a wire transfer, people in different geographic locations can safely transfer money to locales and financial institutions around the globe.
How to use Wire transfer in a sentence?
- Senders pay for the transaction at the remitting bank and provide the recipient's name, bank account number, and the amount transferred.
- International wire payments are monitored by the Office of Foreign Assets Control to ensure the money isn't being wired to terrorist groups or for money laundering purposes.
- A wire transfer is a transfer of funds done electronically across a network of banks or transfer agencies around the world.
- Most wire transfers can take as long as two business days to process.
Meaning of Wire transfer & Wire transfer Definition