Wire Transfer

Business, Legal & Accounting Glossary

Definition: Wire Transfer



Full Definition of Wire Transfer


A wire transfer is simply an electronic transfer of funds. A wire transfer allows people on opposite sides of the globe to quickly and easily exchange money. The term wire transfer originates from a time when telegrams were used as the means of communicating over long distances. During that era, a wire transfer was a message sent over a telegram line, or wire, directing an amount of money to be given to a particular person. A wire transfer is a relatively safe means of instantaneously transferring money. The identities of the bank account holders are confirmed and the funds are guaranteed, so the potential of fraud in a wire transfer transaction is limited. A wire transfer can also be called a bank transfer or EFT (electronic funds transfer). An ATM transaction would be an example of a wire transfer.


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https://payrollheaven.com/define/wire-transfer/
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Wire Transfer. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 12, 2020 https://payrollheaven.com/define/wire-transfer/.
Chicago Manual of Style (CMS):
Wire Transfer. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/wire-transfer/ (accessed: July 12, 2020).
American Psychological Association (APA):
Wire Transfer. PayrollHeaven.com. Retrieved July 12, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/wire-transfer/

Definition Sources


Definitions for Wire Transfer are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th February, 2020 | 0 Views.