Wire transfer, also known as bank transfer or credit transfer, is a method of electronic funds transfer from one person or entity to another. Wire transfers can be made from one bank account to another bank account, or through a transfer of cash at a cash office. Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Wire transfers are most often used to transfer funds from one bank or financial institution to another.

Here are some key points to know about wire transfers:

• Wire transfers can be domestic (between two U.S. accounts) or between a U.S. and international account.
• Wire transfers are common for both domestic use in the U.S. and international use.
• Wire transfers are popular for international transfers because they are easy to exchange to a foreign currency, if needed.
• Wire transfers are often used to pay invoices, to send funds among family, or for real estate transactions.
• Wire transfers are a good option if you need to complete a transfer urgently or need to move large amounts of money.
• Wire transfers are initiated from one bank or financial institution to another, and no physical money is transferred between banks or financial institutions.
• Wire transfers are secure and information contained in wires is transmitted securely through encrypted communications methods.
• Wire transfers can generally not be recalled, unlike credit card payments.
• Fees and limits may apply, depending on your account type and the type of wire.

Overall, wire transfers are a fast and secure way to transfer funds electronically between people or businesses, and they are commonly used for both domestic and international transfers.