Wire Transfer
An electronic transfer of funds between banks.
A wire transfer moves funds electronically between financial institutions, typically settling same-day (domestic) or within 1–2 days (international). Wire transfers are irrevocable once sent, making them suitable for large or time-sensitive transactions. Fees range from $15–$30 for domestic and $35–$50 for international wires.
Example
A business wires $25,000 to an overseas supplier for a large inventory order, with the funds arriving in the supplier's account the next business day.
Why It Matters for Your Business
Wire transfers are the fastest way to move large sums, but their irrevocability means you must verify recipient details carefully—wire fraud is a growing threat.
Related Terms
More Banking Terms
ACH
Automated Clearing House - an electronic network for financial transactions.
APR
Annual Percentage Rate - the yearly cost of borrowing including fees.
APY
Annual Percentage Yield - the real rate of return on savings including compound interest.
Bank Reconciliation
Matching bank statements with internal records to identify discrepancies.
Business Checking
A bank account designed for business transactions.
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