Final answer:
The statement that a wire transfer is an electronic transfer of funds across a network administered by banks worldwide is true. Wire transfers serve to move financial capital quickly and securely sometimes incurring service fees.
Step-by-step explanation:
The statement True or False: A wire transfer is an electronic transfer of funds across a network administered by banks around the world is true. Wire transfers involve the electronic movement of funds from one bank account to another through a network that is indeed administered by banks globally. these transfers can be domestic or international and are a method through which financial capital is moved in a modern economy.
Just as debit cards allow for the electronic transfer of real funds from a bank account, wire transfers serve a similar function, albeit typically for larger amounts and can include transfers across international borders. Unlike physical transport of money, wire transfers facilitate the quick and secure movement of financial capital. When conducting a wire transfer, there might be fees associated, but these are for the services provided by the banks to move the funds, not the creation of new money.