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When you need to send money fast, wire transfers can help you get it where it needs to be safely and securely.
While the cost is slightly higher than common peer-to-peer ways of sending money back and forth, there’s little waiting for transfers to happen and funds availability is usually immediate.
What Are Wire Transfers?
A wire transfer is a term that describes the electronic transfer of money. Most commonly, the term “wire transfer” refers to bank wires, which transfer money between banks using networks such as the Fedwire Funds Service (Fedwire for short) or Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The term “wire transfer” goes back to when long-distance communication was done over telegraph wires. To send money over long distances, customers would go to a telegraph office and make their payment. The telegraph office would then send a coded message to the telegraph office closest to the recipient. That coded message authorized the release of funds to the person on the other end.
What Are the Types of Wire Transfers?
Wire transfers are domestic or international, depending on where the transfer originates and its destination.
Domestic Wire Transfers
Domestic wire transfers are sent and received in the same country of origin. For example, a wire sent from a…
