Question 1

What is a wire transfer?

Accepted Answer

A wire transfer is the process of moving money electronically from one financial institution to another. If both accounts are in the U.S., it's called a domestic wire transfer. If one is overseas, it's an international wire transfer. Wire transfers typically have a fee the sender pays, the recipient pays, or both. The fee is determined by the financial institution and type of transfer. It can be a set amount or a percentage of the transfer amount. Some people call a wire transfer by different names, such as a wire payment, money transfer, bank transfer, or bank wire.

Question 2

How do wire transfers work?

Accepted Answer

In order to start a wire transfer, the sender must provide some important details about the recipient. This might include the recipient's name and personal contact information, and the receiving bank or credit union information, like account number and routing number. You'll also need to specify the amount you'd like to transfer. Other information may be required, particularly for international wires, so check with your financial institution about exactly what you'll need. Once your bank confirms all the information and you pay the wire transfer fee, your financial institution will initiate the wire transfer by contacting the recipient's institution with payment instructions. When approved, the amount of the wire transfer moves electronically between the two banks. The amount of the transfer will be debited from and credited to the proper accounts.

Question 3

What is a credit card wire transfer?

Accepted Answer

A credit card wire transfer—like a regular wire transfer—involves sending funds electronically from one party to another. The main difference with a credit card wire transfer is that the money sent is on credit—instead of funded by cash—and usually comes with added fees and interest.

What is a Credit Card Wire Transfer?

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