I know 550D cannot trigger 430ex2 flash wirelessly.
So, is it that I just need to use a wireless flash transmitter (eg: Phottix) to fire my flash off-camera? Or do I also need a receiver on my 430ex2?
You need both. Wireless triggers usually come as a set of trigger and receiver.
Do note that using simple (and cheaper) triggers will require manual flash settings. If you want to have ETTL features you need to use the more expensive types of triggers who will establish the communication between camera and flash for ETTL to work.
If u use st-e2 and transmit using optical (light to communicate), u dun need receiver. But your 430ex2 need to be in line of sight to the transmitter, so that ur flash can "see" light from transmitter (eg e2 or built-in flash from some camera like 7d). In bright area, eg under bright sunlight, may have problem as can't "see" clearly.
If use radio (eg pocket wizard, yongnuo radio trigger), u need transmitter and receiver. Some model like yongnuo the unit itself can be both transmitter and receiver, so u just need get a pair can switch them around.
Canon 550D internal flash cannot set as a master flash that is why you cannot trigger 430EX2 when you set it as slave.
You need ST-E2 or other flash with master capability(90ex/580ex/600ex) attach to your camera to trigger 430EX2 in ETTL mode or buy radio trigger.