Banking
Wire transfer
A wire transfer is a direct electronic transfer of funds between banks, settling the same or next business day. Wires are used for large or international payments, are generally irreversible once sent, and carry fees at both the sending and receiving institutions.
In plain terms: Fast, expensive, and you cannot get it back.
Why it matters
The irreversibility is what makes wires the preferred instrument in payment fraud. Verify account details by a second channel before sending anything substantial, particularly if details arrived by email.
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