Wire Transfer

A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire transfers are processed individually and in real-time, making them faster but more expensive than ACH transfers.

Wire transfers can be domestic or international. International wires often rely on SWIFT messaging and may require an IBAN in many countries. Domestic wire transfers in the US typically settle the same day, while international wires may take 1-5 business days. On your bank statement, wire transfers appear as separate line items with details about the sending or receiving institution. International wires may reference the beneficiary bank, route through CHIPS in the U.S., and include a reference number for tracking.

Related Terms

ACH

Automated Clearing House

ACH is an electronic network for financial transactions in the United States. It processes large vol...

SWIFT

Society for Worldwide Interbank Financial Telecommunication

SWIFT is a global messaging network that financial institutions use to securely transmit information...

Fedwire

Federal Reserve Wire Network

Fedwire is a real-time gross settlement (RTGS) system operated by the Federal Reserve Banks for high...

CHIPS

Clearing House Interbank Payments System

CHIPS is a private sector clearing and settlement system for large-value wire transfers and payments...

IBAN

International Bank Account Number

An IBAN is a standardized international numbering system used to identify bank accounts across natio...

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