The basic steps to wire money from your bank
To wire money from your bank account, you log into your online banking portal or call your bank's wire transfer line, provide the recipient's bank details, enter the amount, and confirm the transaction. Your bank then sends the money directly to the other bank, usually within one business day. The whole process takes minutes to set up, but the actual transfer happens on your bank's schedule, not instantly.
You will need the recipient's full name, their bank account number, and their bank's routing number (a nine-digit code that identifies the bank). If the money is going to another country, you will also need the SWIFT code or IBAN (International Bank Account Number), depending on where the recipient banks. Ask the recipient for these details before you start—guessing or using incomplete information will delay or reject the transfer.
Wire transfers are one-way and final. Once your bank sends the money, you cannot cancel it unless the receiving bank has not yet processed it, which is rare. This is why wire transfers are popular for large payments and why scammers often demand payment by wire: the money is gone and cannot be recovered through your bank.
Key Takeaways
- You need the recipient's full name, account number, and their bank's routing number before you start a wire transfer.
- Wire transfers are final once sent—you cannot cancel them after your bank processes the request, so verify all details before confirming.
- Domestic wire transfers (within the U.S.) usually arrive within one business day; international wires take three to five business days.
- Your bank will charge a wire transfer fee, typically between $15 and $50 for domestic transfers and $25 to $75 for international ones.
- If you are wiring money to someone you do not know or have never met, contact your bank's fraud team first—they can flag high-risk transfers.
How to initiate a wire transfer online or by phone
Most banks let you start a wire transfer through their website or mobile app. Log in, find the "Send Money" or "Wire Transfer" section, and select "New Transfer" or "Add Recipient." Enter the recipient's name exactly as it appears on their bank account, their account number, and their bank's routing number. Double-check each piece of information—a single digit wrong will send the money to the wrong account or cause the transfer to fail.
Enter the amount you want to send and review the fee your bank will charge. Then confirm the transfer. Your bank will show you a confirmation number; save this. The money leaves your account immediately, but the receiving bank may not credit it for one business day.
If you prefer not to use online banking, call your bank's wire transfer line. A representative will ask for the same information and may require you to verify your identity with a security question or code. Phone wires take the same amount of time as online wires—the method does not speed up or slow down the actual transfer.
Domestic versus international wire transfers
A domestic wire transfer stays within the U.S. banking system. You need the recipient's name, account number, and their bank's routing number. Most domestic wires arrive the next business day, though some arrive the same day if both banks process it early enough. Fees range from $15 to $50.
An international wire transfer goes to a bank outside the U.S. You will need the recipient's name, account number, and either their bank's SWIFT code (a code that identifies banks worldwide) or their IBAN (used mainly in Europe and some other regions). International wires take three to five business days because they pass through multiple banks and clearing systems. Fees are higher, usually $25 to $75, and the receiving bank may charge an additional fee to receive the money.
Some banks offer a faster international option called SWIFT gpi, which can deliver money in hours instead of days, but this is not available at all banks and may cost more. Ask your bank whether this option exists for your transfer.
Information you need before you wire money
Collect all the recipient's banking details before you log into your bank. Ask them for their full legal name (as it appears on their account), their account number, and their bank's routing number. If the transfer is international, also ask for the SWIFT code or IBAN. Write these down or copy them into a document—do not rely on memory or a text message you might misread.
Verify the information with the recipient a second time. A common scam is a fraudster posing as a business partner or vendor and sending you a fake bank account number. If you are wiring money to a company, call the company's main phone number (not one provided in an email) and confirm the wire details with someone in accounting or finance.
Know your own bank's daily and monthly wire transfer limits. Most banks allow $10,000 to $25,000 per day for online wires, though you can usually request a higher limit by calling. If you need to wire more than your limit, contact your bank in advance to raise it.
Fees and how long wire transfers take
Your bank charges a wire transfer fee whether the transfer succeeds or fails. Domestic wire fees typically range from $15 to $50; international wire fees range from $25 to $75. Some banks waive fees for customers with premium accounts or high balances. Ask your bank about fee waivers before you wire.
Domestic wires usually arrive within one business day. If you wire money on a Friday afternoon, it may not arrive until Monday. International wires take longer because they move through multiple banks and clearing systems; expect three to five business days. Some international transfers take longer if the receiving bank is in a country with slower banking infrastructure.
The receiving bank may also hold the money for a day or two before crediting it to the recipient's account, especially if it is a large transfer or the recipient's account is new. This is not your bank's delay—it is the receiving bank's security check. The recipient should contact their bank if the money does not appear within the expected timeframe.
What to do if a wire transfer fails or goes to the wrong account
If the transfer fails, your bank will return the money to your account within one to three business days. Your bank will send you a notification explaining why it failed—usually because the account number or routing number was wrong, or the receiving bank rejected it for a security reason. You will still be charged the wire fee even if the transfer fails.
If the money went to the wrong account because you provided incorrect details, contact your bank immediately. Ask them to contact the receiving bank and request a reversal. The receiving bank is not required to return the money, but many will if the receiving account holder agrees. This process can take weeks, and there is no may provide of recovery. This is why verifying all details before you confirm is critical.
If you believe you were scammed—for example, you wired money to someone who promised goods or services and never delivered—report it to your bank's fraud department and to the FBI's Internet Crime Complaint Center (IC3) at ic3.gov. Your bank may be able to contact the receiving bank and flag the account, but recovery is unlikely once the money has been withdrawn.
When to use a wire transfer instead of other payment methods
Wire transfers are best for large payments, time-sensitive transfers, and situations where the recipient needs the money in their bank account (not a payment card or digital wallet). They are also the standard method for real estate closings, large purchases, and business-to-business payments.
Do not use wire transfers for small everyday payments—ACH transfers, checks, or debit cards are cheaper and faster for amounts under $1,000. Do not wire money to someone you do not know or have never met in person, especially if they are pressuring you to wire quickly. Scammers use wire transfers because the money cannot be recovered.
If you are paying a bill to a company you trust (your mortgage lender, insurance company, utility), check whether they accept ACH transfers or automatic bill pay first. These methods are free or cheaper than wire transfers and just as reliable for routine payments.
Frequently Asked Questions
Can I cancel a wire transfer after I send it?
Only if you contact your bank immediately, before the receiving bank processes it. Once the receiving bank has accepted the transfer, it cannot be reversed. Call your bank's wire transfer line right away if you need to cancel. Have your confirmation number ready. Even if your bank stops the transfer, you will likely still be charged the wire fee.
What happens if I give the wrong account number?
The money will go to the account number you provided, which may belong to someone else. Contact your bank immediately and ask them to request a reversal from the receiving bank. The receiving bank is not required to return the money, but many will if the account holder agrees. Recovery can take weeks and is not may provide.
Do I need to tell the recipient I am wiring money?
Yes. Let them know the amount, the date you are sending it, and your name so they can identify the incoming transfer. Provide them with your confirmation number in case they need to trace the transfer with their bank. Ask them to confirm when the money arrives.
Why is my wire transfer taking longer than one business day?
Domestic wires usually arrive within one business day, but delays happen if your bank processes it late in the day, if it is a weekend or holiday, or if the receiving bank is slow to credit the account. International wires routinely take three to five business days. Contact your bank with your confirmation number if the money has not arrived after the expected timeframe.
Can I wire money from a savings account or only a checking account?
Most banks allow wire transfers from both checking and savings accounts. Some banks limit wire transfers from savings accounts or require you to call instead of using online banking. Check with your bank about which accounts can send wires and whether there are any restrictions.