Wire transfer.

In plain English

A wire transfer is a direct electronic movement of money from one bank account to another, handled through bank-to-bank networks. Domestic wires often settle the same business day, and the money is considered final once it arrives. Wires are commonly used for large, time-sensitive payments like a home closing or a down payment. Because they are fast and final, wires are a favorite tool of scammers, and a wire sent to a fraudster is usually impossible to get back.

01Why it matters

A wire can move a huge sum in minutes with almost no way to undo it, so a single mistake or scam can cost you a down payment or your life savings.

02The math, step by step

You are buying a house and the closing agent asks you to wire your $30,000 down payment. You confirm the bank's wiring instructions by phone using a number you looked up independently, then send the wire, and it arrives the same day. If a scammer had emailed you fake instructions, that $30,000 could have gone to them with little hope of recovery. Domestic wire fees are typically charged per transfer; the exact amount varies by bank (for example, around $25 to $35 as an illustration, not a quoted figure).

03What this is NOT

04Receipts

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