What you need before you wire money

To wire money from your bank account to another bank account, you need the recipient's full name, their bank account number, and their bank's routing number. Some banks also ask for the recipient's address. If the receiving bank is outside the United States, you will also need the SWIFT code (an international bank identifier) or IBAN (International Bank Account Number).

Before you start, confirm these details directly with the recipient or their bank—a single wrong digit in an account number can send your money to the wrong person. Once a wire transfer leaves your bank, it is difficult or impossible to stop or reverse, so accuracy matters more than speed.

Check your own bank's wire transfer limits. Most banks cap how much you can wire in a single day or month, and the limit varies by account type and how long you have been a customer. If you need to wire more than your limit allows, call your bank to ask whether the limit can be raised temporarily.

Key Takeaways

  • You need the recipient's full name, account number, and their bank's routing number; for international wires, you also need a SWIFT code or IBAN.
  • Wire transfers typically leave your account within hours and arrive at the receiving bank within one to two business days domestically, though international wires take longer.
  • Once a wire is sent, you cannot cancel it if the receiving bank has already accepted it, so verify all details before you submit.
  • Your bank will charge a fee for sending a wire, usually between $15 and $50 for domestic transfers and more for international ones.
  • If money goes to the wrong account, contact your bank immediately; recovery is possible but not may provide and can take weeks or months.

How to initiate a wire transfer at your bank

Log into your bank's online portal or mobile app and look for a "Send Money" or "Wire Transfer" option, usually under a Transfers or Payments menu. Some banks call it "Domestic Wire" or "International Wire" depending on where the money is going. If you cannot find it online, you can also call your bank's customer service line or visit a branch in person.

Enter the recipient's information exactly as it appears on their bank account. The name must match their account holder name—if the account is under "Robert James Smith" and you enter "Bob Smith," the receiving bank may reject the transfer or hold it for review. Copy and paste information when possible to avoid typos.

Select the amount you want to wire and confirm the sending date. Most banks process wire transfers submitted before a certain time (often 2 or 3 p.m. Eastern Time on a business day) the same day. Wires submitted after that cutoff or on weekends and holidays are processed the next business day.

Timeline: when the money arrives

Domestic wire transfers (bank to bank within the United States) typically arrive within one to two business days after your bank sends them. The receiving bank processes the wire and deposits the funds into the recipient's account. Business days do not include weekends or federal holidays, so a wire sent on Friday afternoon may not arrive until Tuesday.

International wire transfers take longer—usually three to five business days—because the money passes through one or more intermediary banks. The sending bank, the receiving bank, and any banks in between all process the transfer, and each step adds time. Some international wires take up to ten business days depending on the countries involved and the banks' processing speeds.

Once the money reaches the receiving bank, it is the recipient's responsibility to check their account. Some banks deposit wire transfers immediately; others hold them for review and release them within a few hours. If the recipient does not see the money within the expected timeframe, they should contact their bank.

Wire transfer fees and costs

Your bank charges you a fee to send a wire transfer. Domestic wire fees typically range from $15 to $50, depending on your bank and account type. Some banks charge less for customers with premium accounts or higher balances. International wire fees are usually higher, ranging from $25 to $75 or more, because the transfer involves additional banks and currency conversion.

The fee is deducted from your account when you send the wire, separate from the amount you are wiring. If you want to wire $5,000 and your bank charges a $25 fee, $5,025 will leave your account—$5,000 goes to the recipient and $25 goes to your bank.

Some banks also charge the receiving bank a fee to accept the wire, though this is less common. The recipient's bank may deduct a small amount from what arrives, or they may charge the recipient a separate fee. Ask the recipient's bank in advance if they charge to receive wires, so you know what amount will actually land in their account.

What to do if the wire transfer fails or goes to the wrong account

If your wire does not arrive within the expected timeframe, contact your bank immediately. Provide your bank with the wire confirmation number (a reference code your bank gave you when you sent the wire) and the recipient's bank account and routing number. Your bank can trace the wire and find out where it is in the system.

If the money was sent to the wrong account because you provided incorrect details, recovery is possible but not may provide. Your bank can contact the receiving bank and ask them to return the funds, but the receiving bank is not required to comply. If the recipient's account holder refuses to return the money, your bank may file a claim, but this process can take weeks or months and may not succeed.

If you suspect fraud—someone else sent a wire from your account without your permission—report it to your bank and the Federal Trade Commission immediately. Your bank may be able to reverse the wire if it has not been accepted by the receiving bank yet. The sooner you report it, the better your chances of recovery.

Domestic vs. international wire transfers

A domestic wire transfer stays within the U.S. banking system and uses routing numbers to identify banks. An international wire transfer crosses borders and uses SWIFT codes or IBANs to identify banks in other countries. International wires also involve currency conversion if the receiving bank uses a different currency, and the exchange rate your bank uses may differ from the market rate.

International wires are slower because they pass through intermediary banks—sometimes two or three—before reaching the final destination. Each intermediary bank takes time to process and forward the transfer. Some intermediary banks also deduct a small fee from the amount, so the recipient may receive slightly less than you sent.

Before sending an international wire, confirm with the recipient's bank what information you need to provide. Some countries require additional details like the recipient's address or tax ID. Ask whether the receiving bank will deduct any fees and what exchange rate they will use, so you know exactly how much the recipient will receive.

Alternatives to wire transfers

If you need to send money but want to avoid wire transfer fees or delays, consider other options. ACH transfers (Automated Clearing House) are free or cost $1 to $3 and work between U.S. bank accounts, but they take three to five business days. Many banks offer free ACH transfers to customers.

Peer-to-peer payment apps like Venmo, PayPal, or Square Cash are fast and free for transfers between individuals, though they charge a fee if you want to send money to a business account or withdraw instantly. These apps work best for smaller amounts and transfers between people who know each other.

If you need to send money internationally and want to avoid high wire fees, money transfer services like Wise (formerly TransferWise) or OFX often offer better exchange rates and lower fees than banks. These services are designed for international transfers and can be faster and cheaper than a traditional wire.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

If you contact your bank immediately after sending the wire, before the receiving bank accepts it, your bank may be able to stop it. Once the receiving bank has accepted the transfer, cancellation is not possible. This is why it is critical to verify all details before you submit the wire.

What if I wire money to the wrong person by mistake?

Contact your bank right away with your wire confirmation number. Your bank will contact the receiving bank and ask them to return the funds. The receiving bank is not legally required to comply, but many do if the error is clear. If the recipient refuses to return the money, recovery through legal action is possible but expensive and time-consuming.

Do I need to tell the recipient I am sending a wire?

Yes. Let the recipient know the wire is coming, when you sent it, and how much to expect. This way they can watch for it and alert you if it does not arrive. Also confirm their account details with them before you send anything.

Are wire transfers safe?

Wire transfers are secure once they leave your bank—the money is encrypted and tracked. The main risk is sending money to the wrong account because you entered incorrect details, or to a scammer who tricked you into wiring money. Always verify the recipient's information independently before you send.

How much does it cost to receive a wire transfer?

Most U.S. banks do not charge the recipient to receive a wire transfer. However, some banks charge a small fee ($5 to $15), and international wires may have fees deducted by intermediary banks. Ask the recipient's bank in advance what they charge.