What are Wire Transfers?

Domestic and international wire transfers, like ACH transfers, are electronic payments processed directly from one bank account to another. They are processed using account and routing numbers using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. Wires are typically used to send large amounts of money quickly and can be used to send money internationally. Startups typically use wire transfers to push funds into their operating account monthly and to pay one-time large invoices.