When conducting a wire transfer you are electronically transfering money from one account to another.
With bank to bank transfers there is no actual cash being exchanged. Instead the electronic balances in
each account is properly adjusted. Wire transfers are a very safe way to to transfer funds electronically.
A popular form of wire transfers is the use of your ATM / Debit card. Each time you use your debit card
you are authorizing a wire transfer from your account to the retailer's bank account. Another common use
of a financial wire transfer is having your employer making a direct deposit into your bank account for your paycheck. Also,
automatic bill payments are another example of wire transfers that are conducted frequently.
Example Electronic Wire Transfer Forms:
Western Union is an example of a company that conducts wire transfers to various geographic locations. For
example, someone can send a wire from a Western Union location in Houston, Texas to someone located at a Western
Union location in Maui, Hawaii. This is probably the fastest and easiest way to get cash to someone located somewhere else.
Money Wire Transfers vs. Money Orders
Money orders consist of prepaid financial instruments that can then be used to pay off a debt obligation. Where a
Wire Transfer is an electronic movement of funds from one account to another.