Wire transfer which is also known as credit transfer is a method of electronic funds transfer from one person or institution to another.
A bank transfer is the way of sending money from an account of a bank to an account of another bank which may be located anywhere in the world.
|Basis||Wire transfer||Bank transfer|
|Definition||An order to transfer funds issued by means of a telegraphic (now also electronic) message.
|The sending of money from one bank account to another, usually electronically
|History||Wire transfers originated in the 19th century, sent over telegraph lines.||There is no specific history regarding bank transfers however, banking in its modern sense evolved in the 14th century in the rich cities of Renaissance but in many ways was a continuation of the ideas and concepts of credit and lending that had their roots in the ancient world.|
|Word origin||It was originated in Late 19th cent.; earliest use found in The Times. From wire + transfer.||It was originated in Middle English: from Old Norse bakki, of Germanic origin; related to bench|
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