As John Galt pointed out, you can connect the two Macs with a cable. Some have reported that doing that can be tricky. I have done numerous such migrations and have always done it with an external drive. First the external drive is used to make a complete backup of the old computer. You can use Time Machine or a "cloning" commercial tool (examples include CCC, SuperDuper, TechTool Pro, there are many; Disk Utility can also be used).
One benefit of using the external backup drive is that you can continue using the external backup drive with either computer after the migration is confirmed to be successful.
Then when you activate the migration on the new Mac you select the option to migrate from a backup external drive. This is much faster than WiFi in most cases, and more reliable. Connecting the two Macs with a cable can be reliable and fast also depending on the type of cable.