A wire transfer electronically moves money from one bank account to another, typically completing within hours or by the next business day. Unlike ACH transfers, wire transfers are processed individually and in real-time, making them ideal for time-sensitive or high-value transactions.

Wire transfers usually cost $15-50, making them expensive for routine transactions but worthwhile for major purchases like real estate down payments. They're also harder to reverse than ACH transfers, so verify all details before sending. International wire transfers can take longer and cost more, but they're often the fastest way to send money across borders.