Wire Transfer
An electronic funds transfer between banks that settles quickly, often the same or next business day.
What is Wire Transfer?
A wire transfer is an electronic method of sending money directly from one bank account to another, domestically or internationally, typically settling on the same business day for domestic transfers and 1–5 days for international. Domestic wire fees typically range from $15–$35 per transfer; international wires can cost $35–$50 plus currency conversion fees. Wires are irrevocable once sent — unlike ACH transfers, they cannot be reversed — making them preferred for large, time-sensitive transactions such as real estate closings. SWIFT codes are used for international wires; routing and account numbers for domestic.
Example
A homebuyer wires $60,000 in closing costs to the title company the morning of closing. The wire is initiated by 10 a.m. and confirmed received within hours — unlike an ACH transfer, which takes 1–3 business days to clear.