What happens when you wire money from one bank to another
When you initiate a wire transfer, your bank pulls the funds from your account and sends them through a secure network to the receiving bank. The receiving bank then deposits the money into the recipient's account. The entire process typically takes one business day for domestic transfers within the United States, though some banks complete them the same day if you send before their cutoff time—usually 2 p.m. or 3 p.m. local time.
Wire transfers are irreversible once sent. The money leaves your account immediately, and you cannot cancel or reverse the transaction after it has been processed. This is why wire transfers are preferred for large, time-sensitive payments but also why they carry higher fraud risk than other payment methods.
The receiving bank uses routing numbers and account numbers to direct the money to the correct destination. International wire transfers follow the same basic principle but route through additional intermediary banks and take three to five business days.
Key Takeaways
- Domestic wire transfers typically arrive within one business day, and you must provide the recipient's full name, account number, and routing number before sending.
- Wire transfers are permanent once processed—you cannot cancel or reverse them after your bank submits the transfer to the receiving bank.
- Most banks charge a wire transfer fee ranging from $15 to $50 for outgoing domestic transfers, and some charge fees for incoming transfers as well.
- You can initiate a wire transfer online through your bank's website, by phone, or in person at a branch, but online is usually fastest and cheapest.
- Verify the recipient's information carefully before confirming the transfer, because sending money to the wrong account number means the funds go to someone else's bank, not back to you.
Gathering the information you need before you start
Before you contact your bank, collect the recipient's banking details. You need their full legal name exactly as it appears on their bank account, their account number, and their bank's routing number. The routing number is a nine-digit code that identifies the specific bank branch where the account is held.
Ask the recipient directly for this information rather than guessing or using outdated details. If the name on the account does not match the name you have for the person, the receiving bank may reject the transfer or hold it pending verification. For example, if the account is registered under "Robert James Smith" but you send it to "Bob Smith," the transfer may fail.
If you are sending money to a business, ask for the business name as it appears on the bank account, not just the company's common name. Some businesses operate under legal names that differ from their trading names.
You will also need to know the amount you are sending and have sufficient funds in your account to cover both the transfer amount and any wire transfer fees your bank charges.
Sending a wire transfer through your bank's online platform
Log into your bank's website or mobile app and look for the wire transfer or send money option. Most banks place this under a "Transfers" or "Pay" menu. Select "wire transfer" or "send money to another bank" from the options available.
Enter the recipient's information: full name, account number, routing number, and the amount. Double-check each field before proceeding, because errors in the account number or routing number will send the money to the wrong account. Some banks allow you to save recipient information for future transfers, which speeds up repeat payments.
Review the transfer details and the fee amount your bank will charge. Confirm the transfer. Your bank will display a confirmation number—save this for your records. The money typically leaves your account immediately, and the receiving bank receives it within one business day.
If your bank's online system does not offer wire transfers or you are uncomfortable using it, you can call your bank's wire transfer line or visit a branch in person. Phone and in-person transfers often take longer to process and may carry higher fees.
Wire transfer fees and timing
Domestic wire transfer fees vary by bank. Most banks charge between $15 and $50 for an outgoing wire transfer. Some banks charge less for online transfers than for phone or in-person transfers. A few banks offer wire transfers free to certain account holders—typically those with premium checking accounts or high balances.
The receiving bank may also charge an incoming wire transfer fee, usually $10 to $15. This fee is deducted from the amount the recipient receives, so if you send $1,000 and the receiving bank charges a $15 fee, the recipient gets $985.
Domestic wire transfers sent before your bank's cutoff time (usually 2 p.m. to 3 p.m.) arrive the same business day. Transfers sent after the cutoff or on weekends or holidays arrive the next business day. International wire transfers take three to five business days and typically cost $30 to $75, depending on the destination country and whether the transfer passes through intermediary banks.
What to do if the wire transfer goes to the wrong account
If you discover the money went to the wrong account before the receiving bank processes it, contact your bank immediately. Explain the error and ask them to recall the transfer. Some banks can stop a transfer if it has not yet been delivered to the receiving bank, but this window is very narrow—often just a few hours.
If the receiving bank has already processed the transfer, your bank cannot reverse it. At that point, you must contact the receiving bank directly and ask them to return the funds. Provide the confirmation number from your transfer, the amount, and the date sent. The receiving bank will investigate, but they are not required to return the money if the account holder refuses to cooperate.
If the receiving bank refuses to return the funds and you sent the money due to fraud or a scam, contact your bank's fraud department and file a report. Your bank may be able to recover the funds through a chargeback or dispute process, though this is not may provide. Document everything: the confirmation number, the date and time of the transfer, the recipient's name and account number, and any communication with the receiving bank.
Protecting yourself from wire transfer fraud
Verify the recipient's information directly with them before sending. Do not rely on email addresses or text messages to confirm banking details, because scammers can intercept these communications. Call the person using a phone number you know is correct, or meet them in person.
Be cautious of requests to wire money to unfamiliar accounts or to wire money urgently. Scammers often create fake invoices or impersonate business contacts to pressure you into sending wire transfers quickly, before you have time to verify the request.
If you are sending money to pay an invoice or bill, contact the business using the phone number or website you have on file, not a number provided in an email. Confirm that the wire transfer request is legitimate and that the banking details in the email match the details the business provides directly.
Never wire money to someone you have not met or verified through an independent source. Wire transfers are a common method for advance-fee scams, romance scams, and business email compromise schemes.
Frequently Asked Questions
Can I cancel a wire transfer after I send it?
You can cancel only if you contact your bank immediately after sending, before the receiving bank processes the transfer. This window is typically just a few hours. Once the receiving bank has received and processed the transfer, it cannot be reversed. Contact your bank's wire transfer department right away if you need to cancel.
What is the difference between a wire transfer and an ACH transfer?
Wire transfers are faster and irreversible but cost more and carry higher fraud risk. ACH transfers take three to five business days, are reversible for up to 60 days, and cost little or nothing. Use wire transfers for urgent, large payments to trusted recipients. Use ACH for routine bills and transfers where speed is not critical.
How do I know if my wire transfer arrived?
Check your bank account to confirm the money left your account and the confirmation number was issued. Ask the recipient to confirm they received the funds in their account. If the recipient does not see the money within one business day, contact your bank with the confirmation number to trace the transfer.
What information do I need if I am receiving a wire transfer?
Provide your full legal name as it appears on your bank account, your account number, and your bank's routing number. Do not share your PIN, password, or Social Security number. The sender needs only the three pieces of information listed above.
Are wire transfers safe?
Wire transfers are secure between banks but irreversible once sent, which makes them risky if you send money to the wrong person or account. Verify all recipient information before confirming. Wire transfers are not safe against fraud if you are tricked into sending money to a scammer's account.