• Wire transfer facilitates electronic money transfers through a network of banks or transfer agencies around the world.

  • Senders pay for the transaction at the remitting bank and indicate the recipient’s name, bank account number and transfer amount.
  • Most bank transfers can take up to two business days to process.
  • International wire transfers are monitored by the Office of Foreign Assets Control to ensure that money is not transferred to terrorist groups or for money laundering purposes.
  • All transfers go through an internal automated clearing house before they are settled.