To send money using this transfer system a sender needs to provide his identity. This identity will be thoroughly checked. The information related to this transfer is highly secured as the format that is used is encrypted. For commercial transactions you need to include the company name, ID number and invoice number (if available).
In wire transfer primarily host bank sends a highly secured message with detail instructions about the payment to the receiving bank. It will take several hours to transfer the money. The banks involved with the transfer usually have reciprocal accounts with one another. If not, then money can be sent with the help of anther bank with reciprocal account.
The cost of bank wire transfer method varies from country to country in a large range of scale. But in order to have a secure payment method the fees can be ignored generally.