Article summary
There are many reasons why you may want to complete a wire transfer from your bank. From marking an exciting occasion, like making a down payment on a house, to sending a financial gift to a loved one for their birthday – or even supporting family and friends overseas.
This article will explain exactly what a wire transfer is and how you can wire money from your bank. It’s important to understand how to complete a wire transfer so you know how to get your money where it needs to be, quickly and efficiently.
In this article
- How does a wire transfer work?
- Where can I do a wire transfer?
- How do I do a wire transfer from my bank?
- What information will I need for a bank wire transfer?
- How long does a bank wire transfer take?
- FAQs and guides
How does a wire transfer work?
A wire transfer is a way to transfer money electronically. These transfers take place between two people, generally two bank accounts, and can happen within the US or internationally. No physical money is switching hands – it’s all done electronically.
Wire transfers may be a good option if you need to send money quickly. The majority of these transfers take place on the same day, or in a few days, so your funds should get to your destination smoothly. Wire transfers are often chosen to move large amounts of money, such as for real estate purchases, as the sending limits are usually high.
Where can I do a wire transfer?
It is possible to wire money from your bank. However, your bank is just one of two main ways to wire money.
Bank wire transfers
When considering how to wire-transfer money from bank to bank, check the service that your bank provides. Depending on your bank, it’s often possible to make a wire transfer online from the comfort of your home or in-branch with the help of a bank teller.
Bank wire transfers are made between two bank accounts. In this case, both the sender and receiver will need an account. There are often fees associated with bank-to-bank wire transfers, which could be between $5 and $50. To complete an international wire transfer, allow for it to take a few days longer than a domestic one.
Non-bank money transfers
You can also transfer funds using third-party money transfer services. These providers could be an option if your receiver doesn’t have a bank account, as many allow money to be sent and received via a cash pickup.
It’s worth noting that money transfer services usually charge a fee for using the company. Each service is slightly different and it’s important to check how the individual process works, as well as what information is needed, before committing
How do I do a wire transfer from my bank?
It’s straightforward to start a wire transfer through your bank, whether it’s to a domestic bank or an international one.
- Choose your provider – before beginning your wire transfer, choose the financial company you would like to send your money through. This could be through your bank or a money transfer service.
- Gather all requested information – when sending a wire transfer, you’ll be asked to provide proof of identification and information about your receiver. This may include your government-issued ID and payment method, as well as your receiver’s details and bank information.
- Budget ahead – ensure that you have sufficient funds to cover the amount you are sending, as well as a buffer for any additional transfer fees that may occur from the bank or service you are using to wire money.
- Fill out details carefully – make sure that you enter your receiver’s details accurately, so your funds reach the correct bank account. Any misspelling or incorrect digit may stop your loved one from receiving the money.
- Keep your receipt – obtain your receipt after the money transfer, so you can refer to it if you need to. Some services may allow you to track your money transfer too.
What information will I need for a bank wire transfer?
There are various pieces of information to provide before completing a wire transfer from your bank. This information can vary, depending on which financial institution you use, however typically you’ll need to provide the following:
- Full name and address
- Government-issued ID
- Payment method (like your credit or debit card, bank account, or cash if you are wiring money in person from a bank or money transfer service branch)
- Sufficient amount to pay (including any transfer fees or associated costs)
- Bank account details (such as your bank account number)
- Source of funds (in some cases).
To wire money domestically, to a bank account in the US, you’ll need your receiver’s:
- Name and address
- Bank name and address
- Bank account number
- ABA number (routing number)
If you want to send money to friends or family around the world, you may need to supply additional information. International bank wire transfers may require your receiver’s:
- Name and address
- Bank SWIFT or BIC code
- International Payments System Routing Code (for particular destinations).
How long does a bank wire transfer take?
There are many factors that can delay how long a bank wire transfer can take. These include:
- The destination country – some are considered ‘slow-to-pay’ countries and your funds could be delayed
- The sending amount
- Any bank cut-off times
- Public holidays (both in the sending country and local bank holidays in the receiving country).
A domestic wire transfer may only take up to 24 hours to be processed, so they are often chosen when payments need to be made quickly. International bank wire transfers can take significantly longer – potentially up to five business days.
Entering incorrect receiver details can also delay bank wire transfer times. To avoid this, be sure to enter accurate information to save time correcting mistakes.
FAQs and guides
- What information is needed for a wire transfer?
- How to receive a wire transfer
- Can you transfer money to another person’s bank account?
- Electronic funds transfer vs wire transfer: your guide
