A wire transfer is an electronic bank-to-bank money transfer — one of the fastest and most secure ways to send money. Domestic wires typically arrive the same day; international wires take 1-3 business days.
In the US, domestic wires use the Fedwire system (Federal Reserve) for real-time settlement. International wires use the SWIFT network, connecting over 11,000 financial institutions across 200+ countries. Each wire carries a unique tracking number for traceability.
Wire transfers are irrevocable once sent — you cannot cancel them like a check. This makes them preferred for large transactions (real estate closings, business payments) but also attractive to scammers. Fees range from $15-30 for domestic wires to $25-65 for international ones. Fintech alternatives like Wise offer cheaper international transfers.