A wire transfer is used to transfer funds from one bank or financial institution to another. These transfers are considered remittance transfers under U.S. law. However, the term has also come to represent any electronic transfer of money from one person to another.
Read MoreCurrencies are affected by everything from whether a country’s leader says something wacky to the current trading price of oil. Values can rise and fall faster than you might expect, such as when the Canadian dollar and several other currencies plunged by about 15 percent in December 2015, thanks to a drastic cut in oil prices.
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