Can you explain how money wires work?

Money wires are electronic transfers of funds from one person or entity to another. The sender initiates the transfer through a bank or money transfer service, providing the recipient's information and the amount to be sent. The funds are then electronically transferred to the recipient's account, usually within the same day. Fees may apply for the service, and both parties must have accounts with the same financial institution or a compatible service for the transfer to be successful.