Wire Transfer

Wire transfers move money directly between banks through secure networks. Domestic wire transfers often use a country's large-value payment system, while international wire transfers usually travel through the SWIFT network, which connects thousands of banks worldwide.

To send a wire transfer, the sender typically provides the recipient's name, bank details, account number and, for international transfers, a bank identifier code and sometimes an international bank account number.

For example, a buyer completing a house purchase might wire the deposit to the seller's solicitor or a title company, or a business might wire payment to an overseas supplier.

Wire transfers are generally fast and secure, with domestic transfers often arriving the same day and international ones taking one to several days. They usually involve fees, and international transfers may include currency conversion charges and fees charged by intermediary banks.

A key risk is that wire transfers are very difficult to reverse once sent. Scammers often target wire transfers, for example by sending fake emails with changed payment details. Verifying payment instructions by phone using a trusted number before sending large sums is an important precaution.