Direct deposits and wire transfers serve the same purpose. They get money from Point A to Point B. Both are forms of electronic money transfer that most banks and credit unions offer as a core service. The difference is that wire transfers typically cost money. The price varies between financial institutions, but you can expect to pay $15 to $50. Many people use them as a one-time transfer instead of direct deposits or recurring payments. Wire transfers are much faster than your everyday direct deposit. Instead of going through the five-step process mentioned above, the transfer goes between banks. The straightforward process allows your money to arrive in a fraction of the time of other options.