The word "wire transfer" refers to an electronic transfer of payments over a network operated by banks and transfer service organizations worldwide. Sending and receiving institutions are involved in wire transfers, and the party initiating the transfer must provide information such as the name and account number of the recipient. Rather than exchanging cash, these transactions are handled electronically. Wire transfers can be made between banks in the same country or across borders.
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Suppose you are depositing money at an institution like a credit union or bank. In that case, you may be required to complete an application slip for deposit to direct your funds to the proper location. Deposit slips are a way to identify yourself and provide directions towards your institution. They also serve as an electronic trail of each transaction.