Okuzeka
Finance & Banking vocabulary · Payments & Cards

Wire transfer

Meaning in finance & banking, with examples

nounCore term

In finance & banking, wire transfer means: An electronic transfer of money from one bank account to another, often between different banks or countries.

In Turkish: havale, EFT, para transferi

How it is used

Mostly American; in the UK people usually say bank transfer. You send, make or receive a wire transfer. International wires usually travel over the SWIFT network and may carry fees from intermediary banks.

Example sentences

  1. The supplier wants payment by wire transfer before shipping the goods.

  2. International wire transfers usually arrive within one to three business days.

Common collocations

  • send a wire transfer
  • international wire transfer
  • wire transfer fee
  • receive a wire transfer
  • IBANShort for International Bank Account Number: a standard code of up to 34 letters and digits that identifies a bank account for domestic and cross-border transfers.
  • instant paymentAn electronic transfer that reaches the recipient's account within seconds, at any time of day, on every day of the year.
  • transactionA single movement of money, such as a payment, transfer, deposit or withdrawal, recorded on an account or card.
  • direct debitAn instruction that lets a company collect regular payments, such as bills or subscriptions, directly from your bank account.

More terms: Payments & Cards

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This page explains English vocabulary for learners. It is not financial advice.