Wire transfer is an electronic funds transfer method used primarily for overseas wire transfers.
Wire transfers are most commonly used in relation to clearinghouse automated payment system (CHAPS) transfers in the UK banking system.
Usually wire transfers are completed within two to four business days, depending on the origin and destination of the transfer, as well as any currency exchange requirements.
Wire Transfers are also known as Telex Transfers (TT) or more generally as Telegraphic Transfers or Electronic Money Transfers.