Wire Transfer
Direct electronic fund transfer between financial institutions.
Detailed Description
Wire Transfer
What is a wire transfer?
A wire transfer is an electronic method of transferring funds from one person or entity to another using a network of banks or transfer service providers.
What are the two types of wire transfers?
The two types of wire transfers are domestic and international.
What are the advantages of using wire transfers?
Advantages include speed, security, a clear transaction record, and the ability to handle large amounts of money.
What are common uses of wire transfers?
Wire transfers are commonly used for personal transactions, business payments, and international remittances.
What are the typical fees associated with wire transfers?
Domestic wire transfer fees range from $15 to $30, while international transfers can cost between $30 and $50 or more.