Glossary - W
Wire transfer is the means of transferring money electronically around the world. This can be institutions, individuals or organisations. Also known as a ‘SWIFT payment’ as wires are dependent on SWIFT messaging and correspondent banking.
The wholesale market used by banks, governments, investment funds and large corporates to buy and sell foreign currency is called the Spot Market. Spot means “on the spot” prices for soonest delivery possible. For most currencies, the standard settlement period for spot trades is two business days.