Wire transfer:
Wire transfer which is also known as credit transfer is a method of electronic funds transfer from one person or institution to another.
Bank transfer:
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.
Differences:
| Basis | Wire transfer | Bank transfer |
|---|---|---|
| Definition | An order to transfer funds issued by means of a telegraphic (now also electronic) message. (www.oxforddictionaries.com) |
The sending of money from one bank account to another, usually electronically (www.dictionary.cambridge.org) |
| 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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