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The receiving and sending banks settle the wire transfer transaction.The recipient’s bank account receives funds for the wire transfer amount from their own bank.Wire transfer networks include Fedwire or CHIPS for domestic wire transfer transactions and SWIFT for international wire transfer transactions. The sender’s bank provides wire instructions through a secure wire transfer network for the wire transfer to the recipient’s bank (and any intermediary banks).
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wire transfers include the Fedwire Funds Service and Clearing House Interbank Payments System (CHIPS). In the United States, domestic wires are less expensive and usually quicker to settle than international wire transfers. Types of wire transfers include domestic and international. Although wire transfer fees are expensive, wire transfers are safe to use domestically and internationally if the parties’ identification, bank and account information, physical address, and legitimate transaction purpose (excluding scams, money laundering, or terrorist organizations) can be verified.