Bank Wire Definition

Bank wire is a system used when sending money to another bank electronically. Because they are fast, secure, and reliable, bank wires are used for important transfers and information exchanges. Let’s review the basics of bank wires and how they work.

What is Bank Wire?

Bank wire is a communication system that allows banks to share information about transactions. When you do a wire transfer, information about the transfer is sent via bank wire.

Sometimes the term bank wire is used to refer to a wire transfer - the actual sending and receiving of money as opposed to information.

• How Bank Wire Transfers Work