What is a wire transfer?
Wire Transfer is a method of electronic funds transfer from one person or institution to another. A wire transfer can be made from one bank account to another bank account.
Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediate banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than what the sender sent.