What is a Bank Wire?

Answer:
A bank wire is the computerized system utilized

to transfer funds electronically from one bank to another. The actual electronic transfer of money between banking entities is called a wire transfer. Wire transfers are often the fastest means of transferring money from an account at one bank to an account at another.

Bank Wire transfers can be made between domestic financial institutions, and also between banks located in different countries. Transfers within the United States are made via the Fedwire system. International transfers are made using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) bank wire system.

Wire transfers can either involve transferring funds directly from one financial institution to another, or may be initiated by a presenting cash for transfer at a bank or wire transfer provider such as Western Union.