FOLIO Ontology

Wire Transfer

IRI:
https://folio.openlegalstandard.org/RDO3UKXcvzCX1v6RIJEbhiy
Preferred Label Electronic Funds Transfer
Alternative Labels
Bank Transfer EFT SWIFT Transfer

Definition

"Wire Transfer" refers to the electronic transfer of funds from one financial institution or account to another, executed via a network of banking institutions or transfer service providers. This method of transferring money is commonly used for both domestic and international transactions and is generally considered secure and fast.

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