Bank wire

A payment method used for transferring funds from one bank to another.

There are various bank transfer networks.



SWIFT is a financial messaging system from a co-operative society comprised of seven international banks. SWIFT’s network is used for international bank wire transfer as well as domestic transfers in some regions.

Transfers messages use a SWIFT code as the Bank Identifier Code (BIC) or for transfers within certain regions such as within the EU only an International Bank Account Number (IBAN) need be referenced.


The Fedwire Funds Service from the U.S. Federal Reserve is a real-time gross settlement system to settle funds electronically between banks. Fedwire is available only for domestic transfers.

Fedwire funds and securities transactions are processed in real time when received by the Fedwire applications and, once settled, are final and irrevocable.


While Automated Clearing House payment do occur from an account at one bank to an account at another, they are not considered to be “bank wire transfers” and thus are not addressed in this article.

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