Definition of wire transfer

wire transfer

An electronic transmission of money from one place to another. For example, you might request that your bank transfer money from your bank account in Vancouver to the account of a relative in Quebec City. To do this, you would provide the relative’s name and account number, as well as the address of the bank in Quebec City. Your bank would then "wire" the funds, which would usually arrive within a couple of days.

Clearing House Interbank Payments System (CHIPS)

An international wire transfer system for high-value
payments operated by a group of major banks.

Fedwire

A wire transfer system for high-value payments operated by the Federal Reserve System.

EFT (electronic funds transfer)

Funds which are electronically credited to your account (e.g. direct deposit), or electronically debited from your account on an ongoing basis (e.g. a pre-authorized monthly bill payment, or a monthly loan or mortgage payment). A wire transfer is a form of EFT.

Bank wire

A computer message system linking major banks. It is used not for effecting payments, but as a
mechanism to advise the receiving bank of some action that has occurred, e.g. the payment by a customer of
funds into that bank's account.

Depository transfer check (DTC)

Check made out directly by a local bank to a particular firm or person.

Electronic depository transfers

The transfer of funds between bank accounts through the Automated
Clearing House (ACH) system.

Official unrequited transfers

Include a variety of subsidies, military aid, voluntary cancellation of debt,
contributions to international organizations, indemnities imposed under peace treaties, technical assistance,
taxes, fines, etc.

Private unrequited transfers

Refers to resident immigrant workers' remittances to their country of origin as
well as gifts, dowries, inheritances, prizes, charitable contributions, etc.

Transfer agent

ndividual or institution appointed by a company to look after the transfer of securities.

Transfer price

The price at which one unit of a firm sells goods or services to another unit of the same firm.

Transferable put right

An option issued by the firm to its shareholders to sell the firm one share of its
common stock at a fixed price (the strike price) within a stated period (the time to maturity). The put right is
"transferable" because it can be traded in the capital markets.

Unilateral transfers

Items in the current account of the balance of payments of a country's accounting books
that corresponds to gifts from foreigners or pension payments to foreign residents who once worked in the
country whose balance of payments is being considered.

Wire house

A firm operating a private wire to its own branch offices or to other firms, commission houses or
brokerage houses.

Transfer price

The price at which goods or services are bought and sold within divisions of the same organization, as opposed to an arm’s-length price at which sales may be made to an external customer.

negotiated transfer price

an intracompany charge for goods
or services set through a process of negotiation between
the selling and purchasing unit managers

transfer price

an internal charge established for the exchange
of goods or services between organizational units
of the same company

transfer time

the time consumed by moving products or
components from one place to another

Transfer price

The price at which one part of a company sells a product or service to
another part of the same company.

Transferred-in cost

The cost that a product accumulates during its tenure in another
department that is earlier in the production process.

Transfer Payment

A grant or gift that is not payment for services rendered.

Bin transfer

A transaction to move inventory from one storage bin to another.

Interplant transfer

The movement of inventory from one company location to
another, usually requiring a transfer transaction.

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