What Is a Wire Transfer?

Business & Management
#1

A wire transfer is an electronic cash transfer that takes place via a network managed by hundreds of banks and transfer service organizations all over the world. Cash can also be used to make the transfer at a cash office.
The sender pays the remitting bank for the transaction and provides the recipient’s name, bank account number, and the amount sent.
The majority of wire transfers might take up to two business days to complete. The Office of Foreign Assets Control keeps track of international wire transfers to guarantee that money isn’t going to terrorist groups or being used to launder money.