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Direct deposit means that your employer is depositing your paycheck into your bank account every payday and the money is ready for use as soon as it arrives. Wire Transfer means that you are sending money from your bank account to somebody else and that money will be deposited directly into the person's bank account.
Itâs best to send a wire directly from your checking account. Bank Wire Transfer Safety. The main risk with wire transfers is when you send money. With a wire transfer, money goes from one bank to another, and then to the recipientâs account. Inside of the United States, that means each party to a wire transfer needs a bank account.