Full Explanation
A wire transfer is a direct electronic transfer of funds between bank accounts. Wire transfers are typically initiated by the sender's bank and routed through banking networks (like SWIFT) to the recipient's bank. Wire transfers are secure and reliable but can be slow (1-3 days) and expensive ($15-50). Modern alternatives like Woalet offer faster settlement at lower costs.
Frequently Asked Questions
Typically 1-3 business days. Some corridors offer same-day settlement.
Generally no, once sent wire transfers cannot be reversed. Be careful with recipient details.
Recipient bank name, account number, routing number (US), IBAN (EU), or SWIFT code.
Yes, very secure. But verify recipient details carefully before sending.