A wire transfer moves funds electronically from one bank account to another. It is fast, usually same-day for domestic transfers, and it is final. Once the money leaves, it cannot be recalled without the recipient's consent. That finality is why businesses use wires for large payments, real estate closings, and international trade. It is also why wire fraud is so devastating when it succeeds.

The mechanics involve a network of correspondent banks. For a domestic wire, the sending bank transmits instructions through Fedwire, the Federal Reserve's real-time gross settlement system. For an international wire, the sending bank uses SWIFT to message the receiving bank, and the funds settle through correspondent accounts. Each intermediary may take a fee. The receiving bank may also charge for incoming wires.

Wires require precise information. The recipient's name, account number, routing number for domestic transfers, and SWIFT code plus IBAN for international transfers. A single wrong digit can send the money to the wrong account or bounce it back after delays. Unlike ACH transfers, wires do not batch. They move immediately and individually.

Fees range from $15 to $50 for domestic wires and $25 to $75 for international wires. Some banks waive them for high-balance customers. The cost is worth it when speed and certainty matter. For routine bills, ACH is cheaper and sufficient.