Bank wire

Bank wire

A computer message system linking major banks. It is used not for effecting payments, but as a mechanism to advise the receiving bank of some action that has occurred, e.g., the payment by a customer of funds into that bank's account.

Bank Wire

1. An electronic communications system between banks. Employees at banks use the bank wire to inform other banks that an activity or transaction has taken place. Important: It is not used to actually transfer funds.

2. See: Electronic funds transfer.
References in periodicals archive ?
Purchases of bitcoin must be made with cash or with a USD5,000 minimum for a bank wire.
Prosecutors say they created companies and false portfolio overviews as well as fake bank wire transfers and bank statements to conceal the scheme.
"When the solar panel on your home is selling 5 cents of electricity to your neighbor, it's not going to be through a bank wire. It will be through a micropayment on a crypto network," Viglione said.
It also offer payments such as Money Transfer service and Bank wire transfer.
That's virtually the same cost as a bank wire transfer.
Limassol, Cyprus, October 23, 2016 --(PR.com)-- FXCC already offers Neteller, Skrill, Bank Wire Transfer and Credit/Debit Card to its clients but recognized the need to cover broader geographical regions for forex traders.
The company has transferred the full merger consideration through bank wire by China Merchants Bank Co., Ltd to the paying agent on 17 November 2015.
Once engaged the operator collects the details from the victim and uses the website malfunction to authenticate the user and later empty the bank account with a bank wire.
By the way, this hacking organisation did not take credit card payments for their services--just bank wire transfers and Western Union.
Despite not having presence outside the UAE currently, National Bonds facilitates bond purchase for interested regional and international customers through bank wire transfers.
The Asian worker was caught red-handed while conducting several bank wire transfers through Saudi banks.