Wire transfers are more common than you may think. The name “wire transfer” can be misleading in this day and age. At one time, they meant transactions that were conducted through such services as Western Union, but not anymore. Today, wire transfers take place all the time, whether we know that they are happening with our transactions or not.
In basic terms, a wire transfer is simply the electronic transfer of money. Wire transfers can take place with virtually any size entity. Banks will often transfer huge sums of money between themselves via wire, even though no actual cash is being moved. The accounting procedures for these types of transaction are all electronic. This is a very secure way to move large amounts of money.
Wire transfers are also used for such transactions as credit card balance transfers. Again, there is no actual cash money moved during this process. Transferring money from your savings account into your checking account is a wire transfer. Most people have used an ATM card to purchase something and that is a wire transfer as well. When you pass your ATM card through the machine at the retailer, you are authorizing a wire transfer...
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