A wire transfer is an electronic bank-to-bank fund transfer routed through Fedwire (domestic) or SWIFT (international). Wires settle same-day, are irrevocable once sent, and have no dollar limit. Cost: $15-$30 outgoing domestic, $30-$50 international; receiving wires often free. Wires are required for large transactions — home purchase closings, business deals, international payments. The irreversibility is both feature and bug: protection for the recipient, danger for senders who can be scammed by fraudulent wire instructions. Always verify wire details via a known phone number (not email) before sending. The IRS reports wires over $10,000.
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Wire Transfer
August 22, 2026 · Aditya Gupta
Personal Finance
Related terms
ACH Transfer
ACH (Automated Clearing House) transfers move money electronically between US bank accounts via the ACH network — direct…
Adjustable-Rate Mortgage
An adjustable-rate mortgage (ARM) starts with a fixed introductory rate (typically 5, 7, or 10 years), then adjusts…
Auto Loan
An auto loan finances a vehicle purchase, with the car serving as collateral. Standard terms run 36-84 months;…
Automatic Bill Pay
Automatic bill pay is a service that pulls funds from your account on a scheduled date to pay…
Balance Transfer
A balance transfer moves credit card debt from a high-interest card to a card offering a 0% promotional…
Bank Run
A bank run occurs when many depositors simultaneously withdraw their funds, fearing the bank will fail. Banks operate…
