Brex Learning Center

Glossary

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Wire Transfer

A wire transfer refers to the electronic transfer of funds from one point to another in a network of hundreds of banks or transfer service agencies across the globe. The Federal Reserve Wire Network (FedWire) is an example of one of these networks. Wire transfers allow individuals in different geographical locations to transfer money to locales or financial institutions in other parts of the world in a fast and secure manner. Individuals can also use cash offices to make wire transfers in cash.