Wire Transfer
Definition
A direct, usually same-day electronic transfer of funds between banks, used for large or time-critical payments. Wires are fast and final but typically cost more than ACH or standard transfers.
Related Terms in Banking & Payments
NEFT
National Electronic Funds Transfer, an India-wide system for one-to-one bank transfers settled in batches. It suits routine payments without the instant or high-value focus of IMPS and RTGS.
RTGS
Real Time Gross Settlement, an Indian system for high-value interbank transfers settled individually and in real time. It is used where large amounts must move immediately and with finality.
IMPS
Immediate Payment Service, an Indian system for instant interbank fund transfers available around the clock, including on holidays. It bridges the gap between batch NEFT and high-value RTGS.
UPI AutoPay
A feature of India's Unified Payments Interface that lets customers authorise recurring payments — subscriptions, bills, EMIs — to be collected automatically from their account up to an approved limit.
Stop memorising terms — let HelloBooks do the work
AI-assisted bookkeeping that handles invoicing, GST, reconciliations, and reports automatically. Free to start.