Can you explain how a money wire works?

A money wire is a way to transfer funds electronically from one person or entity to another. The sender initiates the transfer through a bank or a money transfer service, providing the recipient's information and the amount to be sent. The funds are then electronically transferred from the sender's account to the recipient's account, usually within the same day. There may be fees associated with the transfer, and both parties typically need to have accounts with the same financial institution or a compatible service.