wire-instruction

Vocabulary Word

Definition

'Wire instruction' is when you give a bank or another financial institution directions on how to send money through a wire transfer. It's a way to move money from one bank account to another digitally.

Examples in Different Contexts

In banking, providing 'wire instruction' is a critical step for executing a wire transfer. A bank teller might instruct, 'For the wire transfer, you'll need to give us wire instruction with the beneficiary's name, account, and bank details.'

Practice Scenarios

Legal

Scenario:

The client has agreed to pay the legal fees. The next step is processing those payments to the appropriate accounts.

Response:

I will get the wire instruction from the client to forward the payment as soon as possible.

Business

Scenario:

We have a large payment due to our supplier next week. Ensure all the necessary steps are taken correctly.

Response:

I'll double-check the wire instructions with the supplier and schedule the payment.