A wire transfer is an electronically instructed transfer of funds between financial institutions. Businesses often use wires for higher-value, urgent or international payments. The term is broad: it does not identify one network, delivery time, fee model or settlement method.
Domestic and international wires
| Area | Domestic wire | International wire |
|---|---|---|
| Jurisdictions | Usually one | Two or more |
| Currency conversion | May not be needed | May occur |
| Routing | Domestic system | Can involve Swift and correspondents |
| Bank details | Local identifiers | May include BIC, IBAN or intermediary data |
| Fees | Sending or receiving charges | Sending, intermediary and receiving charges may apply |
What does a wire instruction need?
Required details depend on the bank and destination. Typical fields include Recipient legal name, account number, bank identifier, address, currency, amount, payment purpose and reference. Some routes need an intermediary bank or jurisdiction-specific code.
Can a wire be reversed?
A bank can sometimes request a recall, but recovery is not guaranteed. Once settlement is final or the Recipient has moved the money, the options narrow. Changed Bank details should be verified before authorization, not after a payment leaves.
A wire remains useful where the Recipient needs a bank-led route or documentation. For recurring supplier invoices, compare it with an eligible Quotable Payments route on total cost, expected amount, timing and reconciliation evidence.
