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What is a wire transfer?

Wire transfers move money electronically from one bank account to another. They can be domestic (between two U.S. accounts) or between a U.S. and international account.

A wire transfer is a common way to electronically move money from one person to another. The two main types of wire transfers are international and domestic.

In general, the majority of wire transfers made by consumers from the United States to other countries are "remittance transfers" under federal law and come with certain consumer protections if you send them through remittance-transfer providers.

When you transfer money from one bank or credit union account to another within the United States, it’s likely done through a domestic wire transfer.

If you have a problem with your wire transfer, contact the company right away and explain the issue. You can also submit a complaint to the CFPB.

Learn more about money transfers.