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 ?
That's virtually the same cost as a bank wire transfer.
The successful institution must be able to accept international bank wire payments.
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.
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.
A few years ago, the Post Office stopped issuing "postal orders", a way of sending money by post, as they faced stiff competition from faster and more secure bank wire transfers.
From 2008 through December 2009, Sachdeva fraudulently authorized more than 200 bank wire transfers totaling more than $16 million to American Express.
Neovia prompts receivers to open their own NETELLER account and withdraw the funds via bank transfer, cheque, bank wire or through the Net + card which can be used at ATMs and point-of-sale terminals.
Once Higher One receives both the file and the bank wire, the company verifies that the amounts from both transmissions agree.