What Is Wire Transfer?
An electronic transfer of funds between banks, typically used for large or urgent payments.
Wire Transfer Explained
A wire transfer is a direct bank-to-bank electronic payment used for sending or receiving large amounts of money, often for real estate closings, international payments, or business transactions. Wire transfers are faster than ACH but carry higher fees ($15-$50 per transfer). On bank statements, wire transfers appear with identifying details such as the originator or beneficiary name and a reference number. These transactions are captured in CSV conversion like any other statement line item.
Technical Details
Domestic wire transfers in the U.S. use the Fedwire Funds Service, operated by the Federal Reserve, which processes real-time gross settlement (RTGS). International wires use the SWIFT network with correspondent banking relationships. Wire transfer records on statements typically include: amount, date, reference number, originator/beneficiary information, and sometimes the receiving bank's routing number. Unlike ACH transactions which are batched, wires settle individually and are irrevocable once processed. Statement descriptions for wires often include 'WIRE' or 'FED WIRE' identifiers.
Examples
- A $250,000 wire transfer for a home purchase closing
- An international wire transfer to a supplier showing as 'INTL WIRE - SWIFT REF 12345'
- A $25 wire transfer fee charged by the bank on the same statement line
Cited Statistics
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Data breaches in the financial sector increased 18% year-over-year.
Source: Identity Theft Resource Center 2024 Data Breach Report
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U.S. consumers used an average of 5.3 financial products in 2023.
Source: Federal Reserve - Economic Well-Being of U.S. Households
Related Terms
Frequently Asked Questions
What is Wire Transfer in simple terms?
An electronic transfer of funds between banks, typically used for large or urgent payments.
Why does Wire Transfer matter for bank statements?
Understanding wire transfer helps you work more effectively with your financial data. When converting bank statements to CSV, this concept is directly relevant to how your data is structured and used.
How does Wire Transfer relate to CSV conversion?
Wire Transfer is part of the broader process of extracting, transforming, and using financial data from bank statements. Our converter helps bridge the gap between PDF bank statements and usable spreadsheet data.
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