• 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.