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wire transfer

n. (context banking English) A transfer of funds between banks by electronic means.

Wire transfer

Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.

Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserve's FedWire system in the United States are more likely to be real time gross settlement (RTGS) systems. RTGS systems provide the quickest availability of funds because they provide immediate "real-time" and final "irrevocable" settlement by posting the gross (complete) entry against electronic accounts of the wire transfer system operator. Other systems such as CHIPS provide net settlement on a periodic basis. More immediate settlement systems tend to process higher monetary value time-critical transactions, have higher transaction costs, and a smaller volume of payments. A faster settlement process allows less time for currency fluctuations while money is in transit.

Usage examples of "wire transfer".

The money is to be deposited by wire transfer to a certain numbered account in a bank in Freeport, Bahamas.

Every wire transfer had to be double-checked to make sure it had the correct code.

The money changed hands by way of a wire transfer to a bank in Panama.

The key to the box should be handed over to Mr Al Obaydi when, and only when, you have received the full payment by wire transfer.

I washed ten thousand dollars through the wire transfer department of a bank in the Bahamas and dropped it neatly in Doctor Whitley's personal account.