Live Oak Bank's wire transfer process and fees

Live Oak Bank handles wire transfers through its online banking platform and by phone with a representative. The bank charges outgoing domestic wire transfer fees (the amount varies depending on your account type and whether you initiate the transfer online or by phone), and incoming wires are typically received at no charge. You'll need the recipient's full name, account number, and routing number for domestic transfers, or their SWIFT code and IBAN for international wires.

Live Oak Bank processes domestic wire transfers on business days, usually within the same day if submitted before the bank's cutoff time—typically 2 p.m. Eastern Time. International wires take longer, usually three to five business days depending on the receiving bank's location and processing speed. Once a wire leaves your account, it cannot be recalled, so verify all recipient details before confirming the transfer.

Key Takeaways

  • Live Oak Bank charges a fee for outgoing domestic wire transfers, with the exact amount depending on your account type and how you send it.
  • You need the recipient's full name, account number, and routing number for domestic wires, or their SWIFT code and IBAN for international transfers.
  • Domestic wires sent before 2 p.m. Eastern Time on a business day typically arrive the same day; international wires take three to five business days.
  • Wire transfers cannot be reversed once sent, so double-check all recipient information before you confirm.

Setting up a wire transfer online at Live Oak Bank

Log into your Live Oak Bank online account and navigate to the transfers section. Select "Send a Wire Transfer" and choose whether it's domestic or international. Enter the recipient's name, account number, and routing number (for domestic) or SWIFT/IBAN (for international), along with the amount and a brief description of the transfer if needed.

Review all details carefully before submitting. Live Oak Bank will show you the fee amount before you confirm. Once you submit, the transfer enters the bank's processing queue. You'll receive a confirmation number via email or in your account dashboard—save this for your records in case you need to track the wire later.

Sending a wire transfer by phone

Call Live Oak Bank's customer service line during business hours and tell the representative you want to send a wire transfer. Have the recipient's information ready: full name, account number, routing number (domestic) or SWIFT code and IBAN (international), and the amount you're sending. The representative will walk you through the details and confirm the fee before processing.

Phone-initiated wires may carry a higher fee than online transfers at some banks. Ask the representative about the specific charge before you authorize the transfer. You'll receive a confirmation number at the end of the call—write it down immediately and ask for it to be emailed to you as well.

Receiving wire transfers at Live Oak Bank

To receive a wire transfer, provide the sender with your Live Oak Bank account number and the bank's routing number. For international wires, you'll also need to give them your SWIFT code (which is LIVOUS33 for Live Oak Bank) and your IBAN if the sender's bank requires it. Your account number serves as your IBAN in most cases, but confirm this with Live Oak Bank if the sender asks.

Incoming wires typically arrive within one to two business days for domestic transfers and three to five for international ones. Live Oak Bank does not charge you a fee to receive money. Once the wire arrives, the funds are usually available immediately, though some holds may apply depending on your account type or the amount received.

Wire transfer limits and restrictions

Live Oak Bank may impose daily or monthly limits on wire transfers, particularly for new accounts or accounts with limited history. These limits vary by account type and your relationship with the bank. Check your account terms or call customer service to learn your specific limit. If you need to send more than your limit allows, you can request a temporary increase, though approval is not may provide.

The bank also has fraud prevention measures in place. If a wire transfer seems unusual—a large amount, a new recipient, or a transfer to a high-risk country—the bank may delay processing while it verifies the request. This is a safety measure, but it can add hours or days to your transfer time. If this happens, the bank will contact you to confirm the transfer is legitimate.

Common mistakes to avoid with Live Oak Bank wires

The most frequent error is transposing digits in the account number or routing number. A single wrong digit sends your money to the wrong account, and recovering it is difficult and time-consuming. Copy the recipient's information directly from their bank statement or official communication rather than typing it from memory. Read it aloud to the recipient before you submit to catch mistakes.

Another common problem is missing the cutoff time. If you submit a wire after 2 p.m. Eastern Time on a business day, it won't process until the next business day. Plan ahead if you need the money to arrive on a specific date. Also, do not assume a wire has arrived just because you sent it—confirm with the recipient that they received the funds before considering the transaction complete.

When to use a wire transfer versus other payment methods

Wire transfers are fast and reliable for large amounts or time-sensitive payments, but they cost more than ACH transfers (which typically take one to three business days and may be free). Use a wire when you need money to arrive the same day or when the recipient doesn't have a U.S. bank account. For routine bill payments or transfers between your own accounts, ACH is usually cheaper.

International wire transfers are often the only option for sending money abroad, but they're expensive and slow compared to domestic wires. If you send money internationally often, ask Live Oak Bank about alternative services like international ACH or money transfer partnerships that might be faster or cheaper for your specific destination country.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

Not reliably. Once a wire leaves Live Oak Bank, it's in the Federal Reserve's system and cannot be stopped. Contact the bank immediately if you realize you made a mistake, but do not expect the transfer to be recalled. If it does get stopped, the funds return to your account within a few business days, minus any fees the bank charged.

What information do I need to give someone who wants to send me money?

Provide your Live Oak Bank account number and the bank's routing number (usually 011500120 for Live Oak Bank, but confirm with your account materials). For international senders, also give them the SWIFT code LIVOUS33. Do not share your online banking password or PIN.

Why is my wire transfer taking longer than expected?

Domestic wires usually arrive same-day if sent before 2 p.m. Eastern Time, but delays happen if the receiving bank is slow to process or if Live Oak Bank's fraud team is verifying the transfer. International wires routinely take three to five business days. Contact Live Oak Bank with your confirmation number if a wire is more than a week old.

Does Live Oak Bank charge to receive a wire transfer?

No. Incoming wire transfers are free at Live Oak Bank. You only pay a fee when you send money out. The sender's bank may charge them a fee, but that does not affect what you receive.

What happens if I send a wire to the wrong account?

Contact Live Oak Bank immediately with your confirmation number. The bank can try to recover the funds by contacting the receiving bank, but success is not may provide. If the receiving bank has already released the money to the account holder, recovery becomes a civil matter. This is why verifying the account number before sending is critical.