FED WIRE FUND TRANSFERS
Fedwire is a Real Time Gross Settlement (RTGS) system which is controlled by the United States Federal Reserve Banks which allow the financial institution to transfer funds electronically between its own participants.
In this type of fund transfer system banks sends the actual amount to the receiving bank and if in case same banks want to transfer money as well as receive money they both will be sending actual amount not the net amount or anything else.
For eg: If a bank C needs to transfer 20,000$ to bank D and bank D needs to transfer 5,000$ to bank C then bank C will not be sending the net amount i.e. 15,000$ to bank D. Indeed, It will be transferring 20,000$ to bank D and Bank D will be transferring 5,000 $ to Bank C.
It is owned and operated by 12 Federal Reserve Banks.
Although it is not managed for profit still a small fee is taken to transfer funds.
It Is very fast as well and it takes maximum one day to transfer the money and in some cases, it happens instantly as well.
Working hours of Fedwire are Monday to Friday 9 pm ET on the prior calendar day to 6:30. excluding the holidays