Which statement best describes wire transfers?

Which statement best describes wire transfers?

• A. They are not electronic
• B. They are electronic transfers of funds with speed 1 day or less and a fee of $15-$25
• C. They are slower than ACH
• D. They have no fees

Answer: (B)

Wire transfers are electronic transfers of funds between banks, designed for fast movement of money. Domestic transfers often settle within the same business day, and international ones are generally quicker than many other payment methods while still carrying a fee. Fees are common and vary by bank and transfer type, with domestic wires typically around $15–$25, though international wires can be higher. This combination—electronic movement of funds with quick delivery and a standard transfer fee—best matches how wire transfers work. The other statements aren’t accurate: wires are electronic, they’re usually faster than ACH, and they typically have fees.