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 banking, 'wire transfer' is a method of electronic funds transfer from one person or entity to another. A bank manager might explain, 'A wire transfer is the fastest way to move money internationally, but it usually incurs a fee.'

Practice Scenarios

Business

Scenario:

Our client is requesting that we expedite the payment to avoid hindrance in the delivery process. What's the quickest method you suggest?

Response:

Let's go ahead with a wire transfer. It is quick and direct, suitable for expedited payments.

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.