Wire transfers move money directly from one bank account to another, usually within one business day

A wire transfer is the fastest way to move money between bank accounts when you need it to arrive quickly. Your bank takes the funds from your account and sends them electronically to the recipient's bank, which deposits the money into their account. The whole process typically takes one business day, though some transfers complete the same day if both banks process them early enough.

Wire transfers are commonly used for large purchases like down payments on homes, closing costs, or paying contractors. They're also used to send money to family members, pay bills that require immediate payment, or transfer funds between your own accounts at different banks. Because the money moves directly and can't easily be reversed, wire transfers carry more risk than credit cards or checks — so you need to be certain about where the money is going before you send it.

Key Takeaways

  • You'll need the recipient's full name, bank account number, routing number, and bank address to send a wire transfer.
  • Domestic wire transfers (within the U.S.) usually cost between $15 and $30, while international wires cost more and take longer.
  • Once you send a wire transfer, you cannot cancel it if the recipient's bank has already accepted it, so verify all details before confirming.
  • Most banks let you initiate wire transfers online, by phone, or in person, but some require you to visit a branch for large amounts.

Information you need to provide before sending

Before you can send a wire transfer, you'll need to gather specific information about the recipient. Ask them for their full legal name (exactly as it appears on their bank account), their bank account number, and their bank's routing number. You'll also need the name and address of their bank. If you're sending money internationally, you may also need a SWIFT code, which identifies the bank in the international system.

Double-check every detail, especially the account number and routing number. A single digit wrong will send your money to the wrong account, and recovering it is difficult and time-consuming. If you're sending money to someone you don't know well, consider calling their bank directly to confirm the account number matches the person's name before you send anything.

How to initiate a wire transfer at your bank

Most banks let you start a wire transfer online through their website or mobile app, by calling their wire transfer department, or by visiting a branch in person. Online is usually the fastest option if your bank supports it. Log into your account, find the wire transfer or "send money" section, and enter the recipient's information along with the amount you want to send.

For larger amounts, your bank may require you to visit a branch or speak with a representative by phone to verify your identity and confirm the transfer details. Some banks have limits on how much you can wire online without additional verification. If you're wiring money for a real estate closing or other major transaction, your bank may ask you to provide documentation or a written request before processing the transfer.

Domestic versus international wire transfers

A domestic wire transfer stays within the United States and typically arrives within one business day. Fees usually range from $15 to $30, depending on your bank. An international wire transfer goes to a bank account outside the U.S. and takes longer — usually three to five business days — because it passes through multiple banks and currency conversion systems. International wire fees are typically $35 to $50 or more.

International transfers also require additional information: the recipient's SWIFT code (or IBAN for European banks), and sometimes an intermediary bank's details if the recipient's bank doesn't have a direct relationship with your bank. Exchange rates vary by bank and by the moment you send the transfer, so the amount the recipient receives may be slightly less than what you sent due to currency conversion and fees.

Fees and timing you should expect

Domestic wire transfer fees typically fall between $15 and $30 per transfer, though some banks charge less and others charge more. A few banks offer free wire transfers to customers who meet certain balance or account requirements. International wire fees start around $35 and can reach $50 or higher depending on the destination country and whether an intermediary bank is involved.

Timing depends on when you send the transfer and when both banks process it. If you send a wire transfer before your bank's cutoff time (usually mid-afternoon on a business day), it may arrive the same day or the next morning. Transfers sent after the cutoff or on weekends and holidays won't process until the next business day. International transfers take longer because they move through multiple banking systems and may involve currency conversion delays.

Why wire transfers can't be reversed once sent

Unlike a credit card charge or a check, a wire transfer cannot be recalled once the recipient's bank accepts it. The money leaves your account immediately and goes directly into the recipient's account. If you send money to the wrong account by mistake, you'll have to contact the recipient's bank and ask them to return the funds — but they have no obligation to do so, and the process can take weeks or months.

This is why scammers often ask victims to send money by wire transfer: once the money is gone, it's nearly impossible to get back. Before you confirm any wire transfer, read the details on your screen one more time. Verify the recipient's name, account number, and amount. If anything looks wrong, cancel and contact the recipient to double-check the information.

When a wire transfer is the right choice

Wire transfers make sense when you need money to arrive quickly and the recipient's bank account is the only payment method available. Real estate closings, contractor payments, and large purchases often require wire transfers because they may provide the seller receives the money before they hand over the property or goods. Wire transfers are also useful for sending money to family members in other countries when speed matters.

Wire transfers are not the right choice for small everyday payments, because the fees add up and the money takes time to arrive anyway. For routine bills, use your bank's bill pay service or automatic transfers between your own accounts. For purchases from businesses, use a credit card or debit card so you have fraud protection. Reserve wire transfers for situations where you need the money to arrive quickly and you're certain about where it's going.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

You can try to cancel a wire transfer immediately after sending it, before the recipient's bank processes it. Contact your bank right away and ask them to recall the transfer. If the recipient's bank has already accepted the funds, the transfer cannot be reversed, and you'll have to ask the recipient to return the money voluntarily.

What's the difference between a wire transfer and an ACH transfer?

A wire transfer moves money directly between banks and usually arrives within one business day, but costs $15 to $30. An ACH transfer is slower (typically three to five business days) but is often free or costs just a few dollars. Use ACH for routine payments and wire transfers when you need the money to arrive quickly.

Do I need to be at the bank in person to send a wire transfer?

Most banks let you send wire transfers online or by phone without visiting a branch. However, some banks require you to visit in person for large amounts or for your first wire transfer. Check with your bank about their policy before you need to send money.

What information do I need to receive a wire transfer?

To receive a wire transfer, you need to give the sender your full legal name, bank account number, routing number, and your bank's name and address. Make sure the name you provide matches exactly how it appears on your bank account, or the transfer may be rejected or delayed.

How do I know if a wire transfer is a scam?

Be suspicious if someone you don't know well asks you to wire money, especially if they claim there's an emergency or time pressure. Legitimate businesses rarely ask for payment by wire transfer from individual customers. If you're unsure, hang up and call the organization directly using a phone number you find yourself, rather than one they provided.