wire-transfer

Vocabulary Word

Definition

'Wire transfer' is a way to move money from one bank account to another. It's done electronically (no physical cash changing hands), usually through a network like SWIFT or SEPA.

Examples in Different Contexts

In real estate, 'wire transfer' is a common method for transferring large sums of money, such as down payments for property purchases. A real estate agent might advise, 'Please arrange a wire transfer for the down payment to secure the property.'

Practice Scenarios

Academics

Scenario:

Parents and students need an easy method to pay tuition fees without incurring excessive charges. Any suggestions?

Response:

Wire transfer might be feasible but can be costly due to bank fees. We need to explore more viable options.

Tech

Scenario:

There's been some concern around the security of our latest payment feature. Can we ensure it's safe before launch?

Response:

Wire transfers are generally secure. It is vital that we have robust encryption and security measures in place to protect client data.