Meaning of the word "wire transfer" in English

What does "wire transfer" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

wire transfer

US /ˈwaɪər ˈtræns.fɝː/
UK /ˈwaɪə ˈtræns.fɜːr/
"wire transfer" picture

Noun

an electronic transfer of funds across a network of banks or transfer agencies around the world

Example:
I sent the payment via wire transfer this morning.
The wire transfer may take up to three business days to process.

Verb

to send money using an electronic transfer system

Example:
Can you wire transfer the funds to my account?
The company wire transferred the salary yesterday.