Wire Transfer

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DEFINITION of 'Wire Transfer'

An electronic transfer of funds across a network administered by hundreds of banks around the world. Wire transfers allow for individualized transfer of funds from single individuals or entities to other individuals or entities, while still maintaining efficiencies of fast and secure movement of funds.

BREAKING DOWN 'Wire Transfer'

Wire transfers allow people in different geographic locations to easily transfer money to locales and financial institutions around the globe. For providing the service, banks will collect a fee, sometimes based upon the size of the transfer being made. Outside of North America, wire transfers are sometimes referred to as a 'telegraphic transfer' or t/t.

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