Unlike EFTs, bank wires are reviewed and verified by employees at both the sending and receiving firms before they’re processed to ensure the sender has the money to complete the transfer, and that the receiving account is available to accept the money. This is the fastest way to send money, as funds are typically available on the same day if the wire is completed before 4 p.m. Banks may send account information, notifications, and transaction requests over bank wire.
A bank wire is an electronic message system that allows banks to communicate securely with each other.
