# Wire Transfer

*Banking & Payments — Finicade finance glossary*

A wire transfer moves money individually and in near real time through a central bank system, settling with finality — meaning it generally cannot be reversed. That finality is why wires are used for house purchases and why they are the payment method of choice for fraudsters. Wire fraud in property transactions is common enough that closing agents now verify instructions by phone as standard practice.

**Also known as:** bank wire, Fedwire, CHAPS, telegraphic transfer

**Related terms:** [ACH](https://finicade.com/glossary/ach), [SWIFT](https://finicade.com/glossary/swift), [Settlement (T+1)](https://finicade.com/glossary/settlement), [Cashier's Check](https://finicade.com/glossary/cashiers-check), [Real-Time Payments](https://finicade.com/glossary/real-time-payments)

Source: https://finicade.com/glossary/wire-transfer