There are numerous options for sending money, such as checks, mobile apps, and electronic transfers, for different types of needs. When speed and simplicity are top priorities for a money transfer, wire transfers may be a good option.
A wire transfer is a method of transmitting money electronically between people or businesses in which no physical money is exchanged. The sender is the one who provides all the instructions for the transfer, which may include the recipient’s name, bank, account number, amount, and sometimes a pickup location. The wire transfer can be facilitated by a bank (sometimes referred to as a “bank wire”) or by a nonbank money transfer provider.
When would I use a wire transfer?
Wire transfers are common for both domestic use in the U.S. and international use. They are popular for international transfers because they are easy to exchange to a foreign currency, if needed.
They are also a good option if:
- You need to complete a transfer urgently. Most domestic transfers are processed on the same day, and international transfers are typically completed within a few days (depends on country).
- You need to move large amounts of money. Though limits vary based on the money transfer provider, they tend to be high. For this reason, wire transfers are often used to pay invoices, to send funds among family, or for real estate transactions.
Where can I send a wire transfer?
Though you can send wire transfers to both domestic and international recipients, fees vary according to provider, destination, and the dollar amount transferred.
The information you need to supply varies depending on whether you are using a bank provider or a nonbank provider:
- When sending a domestic bank wire, you will need to provide the recipient’s name, address, bank account number, and ABA number (routing number).
- When sending an international bank wire, you will need to provide the recipient’s name, address, banks SWIFT BIC, and bank account number, plus the International Payments System Routing Code, for certain countries (you will be prompted for this).
These methods are similar in terms of security.
What else should I know about wire transfers?
- Take care to determine that a wire transfer is valid and appropriate as wires are final and cannot be canceled once the transfer is initiated.
- Familiarize yourself with the fees that apply to your wire transfer before initiating a transaction as the amounts vary depending on the provider, destination, mode of sending money, and amount of money being transferred. If you are sending a wire in foreign currency, you should also pay attention to the amount of the exchange rate as the amount of the exchange rate can vary among providers.
When you practice due diligence with regards to security, wire transfers can be an easy, convenient way to transmit money. Learn more about wire transfers.
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Enrollment in Wells Fargo Online® Wires is subject to eligibility requirements, and terms and conditions apply. Applicable outgoing or incoming wire transfer service fees apply, unless waived by the terms of your account. Your mobile carrier’s message and data rates may apply. For more information, see the Wells Fargo Online Access Agreement and your applicable account fee disclosures for other terms, conditions, and limitations.
In addition to any applicable fees, Wells Fargo makes money when we convert one currency to another currency for you. The exchange rate used is set by Wells Fargo, includes a markup and may be different than exchange rates you see elsewhere. For additional information related to Wires and foreign currency wires, please see the Online Access Agreement or applicable service documentation.
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FAQs
There is a fee to send most wires, starting at $25. You'll be able to review fees before sending a wire. Third parties, including non-U.S. branches of Wells Fargo, or other banks may also apply fees. Fees may be waived when they are funded from an eligible account type.
How long does it take for a Wells Fargo wire transfer to go through? ›
Domestic and International Wire Transfers sent through Online Wires are typically sent the same business day if they are submitted by 2:00 pm Pacific Time. Otherwise, they will be sent the next business day. Easily access your online wires history through Wells Fargo Online.
Is there a limit on wire transfers in Wells Fargo? ›
Wells Fargo has a $25k daily wire transfer limit that cannot be lifted without an in-person appointment with a banker.
Does a wire transfer happen immediately? ›
Domestic wire transfer: Due to EFAA regulations, most bank-to-bank wire transfers between accounts in the U.S. are completed within 24 hours. Some banks make wired funds available to recipients immediately, especially on transfers between accounts at the same institution.
How to avoid wire transfer fees? ›
Here are some strategies for avoiding wire transfer fees:
- Select a financial institution or account that waives wire transfer fees.
- Use a payment or money transfer app, such as Zelle or Venmo to send money for free.
- Send a check (if time permits). ...
- Send money using online bill pay, possibly for free.
The information you need to supply varies depending on whether you are using a bank provider or a nonbank provider: When sending a domestic bank wire, you will need to provide the recipient's name, address, bank account number, and ABA number (routing number).
Are wire transfers over $10000 reported to the IRS? ›
Under the Bank Secrecy Act (BSA) of 1970, financial institutions are required to report certain transactions to the IRS. This includes wire transfers over $10,000, which are subject to reporting under the Currency and Foreign Transactions Reporting Act (31 U.S.C.
What's the difference between wiring money and transferring money? ›
Bank and wire transfers can be sent nationally, but only wire transfers can be made internationally. You can set up a bank transfer to send internationally, but it will require tapping into the SWIFT network that wire transfers rely on for the transaction to be completed.
Is there a limit on wire transfers? ›
Whether you are sending or receiving wire transfers, you should know the circ*mstances when you may need to report your wire transfer to the Internal Revenue Service (IRS). Although there is no limit to how much you can send someone with a wire transfer, as the sender, you may be subject to a gift tax.
How do I check the status of a wire transfer? ›
Contact your bank or payment service provider: Reach out to your bank's customer service or visit the nearest branch (if they have any). Provide them with the transaction details and ask for assistance in tracking the wire transfer. They will have access to the necessary systems and information to help you.
Wire transfers also have limits, but in general they are higher than ACH transfers. As with an ACH transfer, many major banks impose a per-day or per-transaction wire transfer limit. For example, Chase Bank sets the limit at $100,000 for individuals, but offers higher limits to businesses on request.
What time are wire transfers processed? ›
Most banks will advise 24 to 72 hours before funds land and are available. This means that if you send funds 9am EST on Monday to Germany, those funds may not be available until 9am EST Wednesday (local time). Some countries may take longer to process wire transfers than others.
Do wire transfers go through after 5pm? ›
Banks may also only process wire transfers on business days, which can cause delays as a result of bank holidays and weekends. You should find out when your bank's cut-off time is for wire transfers to ensure your transfer arrives on time. The cut-off time is usually 5 pm, but it can vary between banks.
Can a bank speed up a wire transfer? ›
Some banks can make wired funds available to recipients immediately, especially when the transfer is between accounts at the same institution. The Expedited Funds Availability Act (EFAA) requires US banks to make wired funds available within one business day.
Can you rush a wire transfer? ›
Speaking in terms of domestic wire transfers, most banks offer same-day funds transfer when initiated before the bank's designated cutoff time. This cutoff time varies bank-to-bank, and is usually listed in local time (EST, CST, PST).
Do all wire transfers have a fee? ›
Some may not charge anything, depending on the account you have with a bank while others may charge based on incoming and outgoing wires. It's common to see domestic wires costing about $15 and international wires costing between $25 and $50.
Is there always a wire transfer fee? ›
Not all banks or financial institutions charge fees for types of wire transfers. Some reduce wire transfer fees or offer fee waivers to eligible accounts. Special conditions may include using online banking, sending international wire transfers in-branch, or sending money already converted to foreign currency.
Can I transfer money from my Wells Fargo account to another bank? ›
Can I transfer funds to or from my accounts at another institution 1? You can transfer money between your Wells Fargo checking and savings accounts and accounts you may have at other U.S. financial institutions. Wells Fargo gives you flexibility, convenience, and control to transfer funds where and when you need it.
Is Zelle considered a wire transfer? ›
As we've clarified, Zelle relies on ACH payment methods, as opposed to wire transfers. However, the platform also leverages its close connection with network banks to expedite processing making it seem closer to wire transfers in certain applications.
A wire transfer is a method of transmitting money electronically between people or businesses in which no physical money is exchanged. The sender is the one who provides all the instructions for the transfer, which may include the recipient’s name, bank, account number, amount, and sometimes a pickup location. The wire transfer can be facilitated by a bank (sometimes referred to as a “bank wire”) or by a nonbank money transfer provider.