Definition
A bank-to-bank transfer that moves money the same day, usually within hours, for a fee, commonly around $25-35 to send domestically. Wires are effectively final once sent, which is why they are standard for home closings and other large, time-sensitive payments.
Why it matters
Speed and finality cut both ways: a wire settles a closing on time, and a wire sent to a fraudster is usually unrecoverable. Wire fraud targeting homebuyers with spoofed instructions is common enough that verification is part of the process.
Example
On closing day a buyer wires a $60,000 down payment for a $30 fee. Before sending, they call the title company at the number from their signed paperwork to confirm the account details, because the emailed instructions could have been spoofed, and a misdirected wire rarely comes back.
Related terms
This definition is educational, not financial, legal, or tax advice. U.S. rules and limits change; verify time-sensitive details with official sources. See our disclaimer.