“Most advisors make their money when your portfolio grows, which is why they love older people and wealthy people who specifically do not understand commission structures,” he said. A wire transfer allows you to send money electronically from your bank account to your recipient's account, through networks like Fedwire or SWIFT. It's faster than some other methods and, without the need for physical checks or cash, it's considered more secure. A domestic wire transfer can be completed the same day and international transfers within a few business days. In either case, the transfer is usually irreversible once completed. Online money transfer stocks closed higher this Tuesday, with PayPal and Wise posting gains of 3.2% and 4.1% respectively. Data from SWIFT indicates transaction volumes rose 12% year-over-year, suggesting sector revenue forecasts will likely be revised upward in upcoming earnings calls.