Wire transfers move money directly from your bank to theirs, usually within one business day
A wire transfer is a direct electronic movement of money from your bank account to someone else's bank account. The receiving bank gets the funds, not a payment app or intermediary service. Wire transfers are faster than checks or ACH transfers, but they cost money—typically $15 to $30 per transfer—and cannot be reversed once sent.
You initiate a wire through your bank's website, mobile app, or by calling or visiting a branch. Your bank sends the money to the receiving bank using the Federal Reserve's wire network (for domestic transfers) or SWIFT (for international transfers). The receiving account gets the money the same business day or the next one, depending on timing and time zones.
Wire transfers are common for large payments, time-sensitive situations, and transfers to people you trust completely. They are not reversible, so confirm the receiving account details before you send.
Key Takeaways
- Wire transfers move money directly between banks and arrive within one business day, but cost $15 to $30 and cannot be reversed.
- You need the recipient's full name, bank name, account number, and routing number to send a domestic wire.
- International wires require the SWIFT code and may take two to five business days and cost $30 to $50.
- Once a wire is sent, you cannot cancel it; confirm all details with the recipient before initiating the transfer.
- If you send money to the wrong account, contact your bank immediately, but recovery is not may provide.
Information you need before you wire
Gather these details from the person receiving the money before you start the wire. Missing or incorrect information will delay or fail the transfer.
For a domestic wire (within the United States), you need: the recipient's full legal name, their bank name, their account number, and their bank's routing number. The routing number is a nine-digit code that identifies the bank. You can find it on a check, on the bank's website, or by calling the bank directly.
For an international wire, you also need the recipient's SWIFT code (also called a BIC code), which identifies their bank globally. Some banks also ask for an IBAN (International Bank Account Number) or additional information about the recipient's country and address. Ask the recipient's bank what information you need before you attempt the transfer.
Write down or screenshot everything. Do not rely on memory or a text message when entering account numbers.
How to send a wire through your bank
Most banks offer wire transfers through their website or app. Log in, look for "Send Money," "Wire Transfer," or "Payments," and select wire transfer (not ACH or bill pay). Enter the recipient's name, account number, routing number, and the amount. Review all details carefully—this is your last chance to catch a mistake.
Confirm the transfer. Your bank will show you a confirmation number. Write it down or take a screenshot. The money leaves your account immediately, though it may take a few hours to appear in the recipient's account if you send it late in the day.
If your bank does not offer wire transfers online, call the bank or visit a branch. A representative will walk you through the process and may ask security questions to verify your identity. Bring a photo ID.
Some banks charge a fee for outgoing wires. Check your account or call ahead to know the cost before you send.
Domestic wires versus international wires
Domestic wires (within the United States) are faster and cheaper. They typically arrive the same business day or the next morning, and cost $15 to $30. You need only the recipient's routing number and account number.
International wires take longer and cost more. They usually arrive in two to five business days and cost $30 to $50 or more, depending on the destination country and your bank. You need the recipient's SWIFT code, and sometimes their IBAN or address. The receiving bank may also deduct a fee from the amount that arrives, so the recipient gets less than you sent. Ask the recipient's bank what the final amount will be.
Some countries have restrictions on wire transfers or require additional documentation. If you are sending money to a country outside North America or Western Europe, contact your bank first to confirm it is possible and what you need to provide.
What happens if you wire money to the wrong account
Once a wire is sent, it cannot be stopped or reversed. The money goes to the account number you provided, regardless of whether the name matches. If you sent it to the wrong account, contact your bank immediately—the same day if possible. Provide your confirmation number and the details of the transfer.
Your bank can try to recover the money by contacting the receiving bank and asking them to return it. Success depends on whether the receiving bank cooperates and whether the money has already been withdrawn. If the receiving account holder refuses to return it, recovery is unlikely.
This is why confirming the account number with the recipient before you send is critical. A wrong name with a correct account number will still send the money to that account.
Wire transfer timing and when money arrives
Domestic wires sent before your bank's cutoff time (usually 2 p.m. or 3 p.m. on business days) arrive the same day. Wires sent after the cutoff or on weekends or holidays are processed the next business day. The receiving bank may hold the money for one to two business days before it shows in the recipient's account, though most release it immediately.
International wires take longer because they move through multiple banks and currency exchanges. A wire sent on Monday morning may not arrive until Wednesday or Thursday. Weekend and holiday delays add extra time.
If the recipient says they have not received the money after the expected time, ask them to check with their bank. Sometimes the money arrives but is held pending verification. Provide the recipient with your confirmation number so they can trace it on their end.
Fees and costs of wire transfers
Your bank charges an outgoing wire fee, typically $15 to $30 for domestic wires and $30 to $50 for international wires. Some banks charge less if you are a premium customer or if you wire frequently. A few banks do not charge for outgoing wires; ask yours.
The receiving bank may also charge an incoming wire fee, usually $10 to $15. This fee comes out of the amount the recipient receives, so if you send $500 and the receiving bank charges $15, the recipient gets $485. Ask the recipient's bank about incoming fees before you send.
International wires often include currency exchange fees and intermediary bank fees. The total cost can be 2 to 5 percent of the amount sent. Ask your bank for a quote before you send an international wire.
Alternatives to wire transfers
If wire transfer fees are too high or you need more time, consider other options. An ACH transfer (Automated Clearing House) is free or costs $1, but takes three to five business days. Most banks offer ACH transfers through their website or app.
A check is free to write but takes five to ten business days to clear and requires a mailing address. Payment apps like Venmo, PayPal, or Cash App are fast and free for small amounts but may charge a fee for bank transfers and have daily limits. These apps work best for money between people who know each other, not for large or formal payments.
For very large amounts or time-sensitive business payments, wire transfer is still the standard, despite the cost. For personal transfers between friends or family, ACH or a payment app may be cheaper and fast enough.
Frequently Asked Questions
Can I cancel a wire transfer after I send it?
No. Once a wire is sent, it cannot be canceled or reversed. Contact your bank immediately if you made a mistake, but recovery is not may provide. This is why you must confirm all account details with the recipient before sending.
How long does a wire transfer take?
Domestic wires arrive the same business day or the next morning if sent before your bank's cutoff time. International wires take two to five business days. Weekends and holidays add extra time.
What if the recipient's name does not match the account number I have?
The money goes to the account number you provide, not the name. If the name and number do not match, contact the recipient and ask them to confirm the account number is correct. Do not send if you are unsure.
Do I need a reason to wire money?
No. You can wire money for any reason. Your bank may ask what the transfer is for, but you are not required to provide a detailed explanation for personal transfers.
Is a wire transfer safe?
Wire transfers are secure in transit—your bank encrypts the information. However, they are not safe from fraud if someone tricks you into sending money to the wrong account or if a scammer impersonates the person you intend to pay. Verify the account details directly with the recipient before sending.