Wire Transfer

A Wire Transfer is an electronic transfer of funds between bank accounts.

• AKA: Bank Transfer, Credit Transfer.
• See: Time-Critical, Electronic Funds Transfer, Federal Reserve, Fedwire, Real Time Gross Settlement, Clearing House Interbank Payments System, Net Settlement.

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References

2016

• (Wikipedia, 2016) ⇒ https://en.wikipedia.org/wiki/wire_transfer Retrieved:2016-10-21.
  • Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.

    Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserve's FedWire system in the United States are more likely to be real time gross settlement (RTGS) systems. RTGS systems provide the quickest availability of funds because they provide immediate "real-time" and final "irrevocable" settlement by posting the gross (complete) entry against electronic accounts of the wire transfer system operator. Other systems such as CHIPS provide net settlement on a periodic basis. More immediate settlement systems tend to process higher monetary value time-critical transactions, have higher transaction costs, and a smaller volume of payments. A faster settlement process allows less time for currency fluctuations while money is in transit.

2008

• (MA DoR, 2008) ⇒ Massachussets DoR. (2008). “Municipal Finance Glossary.” Massachussets Department of Revenue - Division of Local Services
  • Wire Transfer – The electronic authorization crediting money from one bank or financial institution account to another.

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