Wire transfer
Wire transfer is a method of transferring money from one entity to another. A wire transfer can be made from one entity’s bank account to the other entity’s bank account, and by a transfer of cash at a cash office. Bank wire transfers are often the most expedient method for transferring funds between bank accounts. A bank wire transfer is effected as follows: Bank transfer is the most common payment method in Europe, with several million transactions processed each day.[citation needed] Debit cards are used extensively to pay in stores, while monthly bills are usually paid with a direct transfer (by cellular phone or Internet, or at the bank or an ATM). In 2002, the European Commission relegated the regulation of the fees that a bank may charge for payments in euros between European Union member countries down to the domestic level,[1] resulting in very low or no fees for transfers within the Eurozone; wire transfers between this zone and external areas can be expensive.
