Definition
An electronic method of sending money from one bank account to another, often used for large or international transactions.
What to consider
- Double-check all recipient details before initiating a transfer.
- Be aware of any fees and currency conversion charges.
- Keep a record of the transaction confirmation for your files.
Real world scenarios
- Kieran buys a car from another state and sends the payment via a wire transfer. He confirms routing details twice to avoid errors.
- Alana pays her European supplier through an international wire, factoring in currency exchange rates and any transfer fees.
- Ron keeps wire transfer receipts to confirm each major transaction, safeguarding him from disputes over non-delivery of funds.
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