What is a wire transfer? How money moves between banks
By SendPay Business · · 2 min read
A wire transfer is an electronic payment sent directly from one bank account to another. The term is used most in the US; in the UK people usually just say bank transfer. For payments abroad, a wire usually travels over the SWIFT network.
What you need to send one
- The recipient's name and address as the bank holds it.
- Their account number or IBAN.
- Their bank's SWIFT or BIC code.
- The amount, the currency and a payment reference.
How long and how much
International wires often take one to five working days, especially if they pass through intermediary banks. Costs can include a sending fee, fees taken by banks along the way and an exchange rate margin, so the amount that arrives can be less than expected.
Check before you send
Wires are hard to reverse once sent. Confirm the details directly with the recipient, especially if they arrive by email, because changed bank details are a common fraud trick.
Where SendPay fits
SendPay platforms include GBP, EUR and USD accounts, sending and currency exchange under your own brand, powered by licensed partners. You can preview your platform before you pay.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
Who pays the charges on an international transfer?
See what you pay and what the recipient gets under OUR, SHA and BEN.
International transfer charges calculator →What is a SWIFT code?
The code that identifies a bank in international payments.
What is a SWIFT code? →What is correspondent banking?
How banks move money for each other across borders.
Correspondent banking →What does a transfer really cost?
Work out the fee plus the hidden rate cost.
Money transfer cost calculator →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.