Wire Transfer Description

Wire transfers are a method of electronic funds transfer, widely used for sending money quickly and securely across distances. They enable the transfer of funds between banks or through transfer services, domestically or internationally. To initiate a wire transfer, the sender needs the recipient's banking information, including account number and bank routing details. This method is favored for its speed, as transfers can often be completed within the same day or within a few days, especially for international transactions. Wire transfers are considered secure, but irreversible, making it crucial to verify all details before sending. They are commonly used for large transactions.