What is a wire transfer? Full overview 2025 | Profee Blog [Log in](/auth/login) [Sign up](/auth/registration) English * * * * * [Visit our website](https://www.profee.com) Profee * [Blog](/articles) * [Transfers](/article-categories/money-transfers) * [Remittance options](/article-categories/remittance-options) * What is a wire transfer: A thorough overview # What is a wire transfer: A thorough overview [Transfers](/article-categories/money-transfers)[Remittance options](/article-categories/remittance-options) [Theo Miller](/authors/theo-miller) Sep 29, 2025 5 minutes Many people confuse bank wire transfers with ordinary bank remittances. But they are different, and we’ll make it clear in this article. Read on if you’re curious and want to know how to send a wire transfer. [## What is a wire transfer?](#wiretransfer)[## How does a wire transfer work?](#how)[## What information is needed for a wire transfer](#information)[## Are wire transfers the best choice?](#best)[## Sending money internationally with Profee](#profee)[## FAQ — What is a wire transfer?](#faq) ## What is a wire transfer? The wire transfer meaning in banking is ‘a method of sending money electronically between two accounts within the country or abroad’. In other words, it’s a transfer to any bank without cash being involved. Sounds exactly like traditional bank transfers, right? Not quite so — wire transfer meaning in banking has its own specifics. ‘Money wire transfers’ refer to remittances managed through networks like SWIFT or Fedwire. Meanwhile, ‘bank transfers’ mean domestic payments through local networks like SEPA in Europe. To you, as a customer, it results in differences in processing times, costs, and available destinations. Since we’re done with defining the wire transfer meaning in banking , let’s move on to a more practical part of the article. ## How does a wire transfer work? Here’s how to send a wire transfer step-by-step: 1. Visit a branch or find the ‘money wire transfer’ section in your bank’s app. 2. Check what information is needed for a wire transfer and enter it. 3. Add the transfer amount. 4. Pay the fees. 5. Confirm. Depending on the bank, you might also get a tracking number or confirmation message so you can follow the transfer. Bank wire transfers are easy to master. They are not overloaded like crypto platforms, and you don’t have to wait in line to pass the cash. **_Explore: [Blockchain and cryptocurrency: Are they really cheaper for sending money?](https://www.profee.com/articles/blockchain-and-cryptocurrency-are-they-really-cheaper-for-sending-money)_** What is a wire transfer? ## What information is needed for a wire transfer It depends on whether you send money within the country or abroad. Piece of information Domestic bank wire transfers International bank wire transfers Recipient full name Yes Yes Recipient address Sometimes required Yes Recipient bank name and address Yes Yes Recipient bank account number Yes Yes, or IBAN Bank routing number (ABA/RTN) Yes No SWIFT/BIC code No Yes [IBAN (International Bank Account Number)](https://www.profee.com/articles/what-is-an-iban) No Yes Currency amount and type Yes Yes Sender full name Yes Yes Sender address Sometimes required Often required Phone numbers (sender and recipient) Sometimes required Often required Purpose of transfer Sometimes required Often required Information needed for international money transfers is usually more detailed because moving funds across countries requires extra verification. **Important note:** Every bank has its own rules, so the exact information needed for international money transfers can vary. What follows, however, are the core details you’ll typically need to complete a bank wire transfer. ## Are wire transfers the best choice? Money wire transfers look simple and convenient, but there are several cons you should be aware of. * **High fees.** In some cases, you might pay as much as 50 EUR — or even more — just to send a single transfer. That’s a serious hit to your wallet. * **Extra paperwork.** Banks often ask for additional information needed for international money transfers, which can slow things down and add unnecessary stress. * **Unstable rates.** Since exchange rates usually aren’t locked in, the final amount your recipient gets may be less than expected. For anyone careful with money, that’s incredibly frustrating. * **Lengthy waiting times.** Some transfers can take several days to complete, and not everyone is willing to wait or deal with the stress that comes with delays. Wire transfers suddenly lost their appeal, especially since there is a better alternative — Profee, your online service for sending money abroad. Sending money abroad ## Sending money internationally with Profee Profee has been around since 2017 and gained the trust of over 800,000 people worldwide. You can [send money to bank accounts, cards and mobile wallets](https://www.profee.com/send-money) (options vary based on your destination country). Interested? Then check why you’ll love our service: ### It protects your money and data… Profee has an official licence, follows bank compliance rules, takes care of your personal data and monitors scam activity to prevent it. [Read more about our anti-fraud measures here.](https://www.profee.com/articles/profee-antifraud-international-remittance-secure) ### …and respects your budget We lock the rate during the transfer and keep the fees low, so your budget won’t be affected much. Plus, [customers say](https://www.trustpilot.com/reviews/68bffd1846e63a793bdb8aaa) that our rates are unmatched — you’ll enjoy them, too. ### Profee is honest with you There are no hidden transfer fees or anything that you don’t know about. We display all transfer details clearly before you hit ‘Confirm’. ’ **_[Comparing transfer fees: Profee vs. Wise vs. Remitly](https://www.profee.com/articles/comparing-transfer-fees-profee-vs-wise-vs-remitly)_** ### Made with recipients in mind We won’t disturb your friends or relatives by asking them to download our app. The money will land automatically into their accounts. Explore our website or app for more information. If questions arise, we’ll be happy to answer and help you send money back home beneficially. ## FAQ — What is a wire transfer? ### Why would I use a wire transfer? Wire transfers are secure and reliable, that’s why people use them. ### Can I send a wire transfer from my phone? Yes! You initiate it directly from your smartphone in most cases. ### Do all banks do wire transfers? No, but most institutions should offer them. ### What are the risks of wire transfers? You can’t get your money back if you accidentally send it to the wrong person. You can also be involved in fraud if you don’t verify the recipient carefully. To protect yourself, check our [tips on avoiding transfer scams](https://www.profee.com/articles/avoiding-money-transfer-scams-red-flags-every-expat-should-know). ### How long does a wire transfer take? From minutes to several days. It can be delayed during weekends and bank holidays. ### How does a wire transfer work? You send money directly from one account to another through global transfer networks like SWIFT. ### Is PayPal a wire transfer? No, it’s a digital platform for remittances and money management. However, you can initiate a wire transfer through PayPal. Trademarks, logos and other graphic or text elements are owned by the respective right holders. We do not promote third-party brands but provide introductory information only. All the facts mentioned in the article are valid on Sep 29, 2025 – discover the current Profee terms we are offering you right now [here](/send-money). ## How does Lemonade Finance work? Discover how Lemonade Finance operates, its key features, and how it helps users manage money and insurance seamlessly in a digital environment. The Profee Team Aug 26, 2025 7 minutes ## How to send an international money order Step-by-step guide on sending an international money order safely and efficiently. Learn costs, timelines, and security tips. The Profee Team Aug 29, 2025 5 minutes ## How to create a Profee account What do you need to become a Profee customer? We explain how to create a profile at Profee. 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