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.