The atoms and electrons in the hot metal are moving with a higher energy than the water molecules. When a water molecule bounces off the metal, it will generally bounce off with a higher energy than it had before the collision, while the metal atom that it hit will be left with less energy. This is the way that energy is transferred from the metal to the water, raising the temperature of the water, and lowering the temperature of the metal. If there was no gravity, and the water was not raised to its boiling point, then there would just be a diffusion of heat as each heated water molecule then lost energy when it collides with another water molecule farther from the metal, heating the water further away from the metal. That will be conduction. If there is gravity downward, the heated water will also rise away from the metal (if the face of the metal is not vertical) and cooler water will rush into cool the metal even more effectively. That will be convection. if the water is heated so quickly that it vaporizes, there will be bubbles of steam forming, which then will lose energy to the liquid water. The bubbles may be totally condensed before they reach the surface of the water, and all their heat goes back into the water. If the water is at its boiling point, the bubbles will not condense and steam will come off the surface of the water, carrying heat away from the water, and you will see the water boil.
There will be thermal (mostly infra-red) radiation from the metal that is absorbed by the water, and thermal radiation from the water that is absorbed by the metal. If the water is cooler, the metal will not absorb as much radiation as it emits and it will cool down. The water will absorb more than it emits, and it will heat up. But the amount of energy transferred this way will probably be much smaller than the mechanism mentioned above.