A Wire Transfer is an electronic transfer of funds from one person or entity to another. This method of payment is typically used for large value and international transactions, as it is quick, secure, and reliable.
In a wire transfer, the funds are transferred instantly, and the transaction cannot be reversed once it has been initiated. Wire transfers are facilitated by a network of banks and transfer agents and can be initiated via online banking, at a bank branch, or through a money transfer service.
Fees associated with wire transfers vary based on the provider, the amount being transferred, and the destination. It is important to note that while wire transfers are secure and immediate, they do not offer the same level of protection against fraud as credit card payments.
It is recommended to only send wire transfers to trusted recipients. Additionally, wire transfers can sometimes involve additional steps or requirements, particularly for international transactions, such as the provision of a SWIFT code or an IBAN number to identify the recipient’s bank account.