What a wire transfer is and when to use it

A wire transfer is a way to send money directly from one bank account to another, usually within hours. The money moves electronically through a network of banks, and the receiving bank deposits it into the account you specify. Wire transfers are faster than checks or standard bank transfers, which can take several business days.

Wire transfers work best when you need money to arrive quickly — paying a down payment on a house, sending money to someone in another country, or paying a bill that requires when ready payment. They cost money (usually $15 to $50 per transfer, depending on your bank), so they are not the right choice for everyday payments or when speed does not matter.

Once you send a wire transfer, you cannot cancel it if the receiving bank has already processed it. This makes wire transfers a target for scams. Never wire money to someone you do not know or trust, and never wire money because someone told you to keep it secret.

Key Takeaways

  • Wire transfers move money between bank accounts within hours and cost $15 to $50, depending on your bank.
  • You need the recipient's full name, account number, routing number, and bank name to send a domestic wire transfer.
  • International wire transfers require additional information, including the recipient's SWIFT code or IBAN, and take one to three business days.
  • Once a wire transfer is processed by the receiving bank, you cannot cancel it, so verify all details before you send.
  • Wire transfer scams are common — never wire money because someone pressured you or told you to keep it secret.

Information you need to send a domestic wire transfer

Before you go to your bank or log into your online banking account, gather the recipient's banking details. For a domestic wire transfer (money staying within the United States), you need:

  • The recipient's full name, exactly as it appears on their bank account
  • The recipient's bank account number
  • The recipient's bank routing number (a nine-digit code that identifies the bank)
  • The name of the recipient's bank and the city where their account is held
  • The amount of money you are sending

The recipient can give you this information, or you can ask their bank directly. If any detail is wrong — especially the account number or routing number — the money may go to the wrong account or be rejected. Ask the recipient to double-check the information before you send.

Your bank may also ask for a reference or memo line, where you can note what the wire is for (for example, "rent payment" or "invoice 12345"). This helps the recipient know why they received the money.

How to send a wire transfer through your bank

Most banks let you send wire transfers online, by phone, or in person at a branch. Online is usually fastest and cheapest.

To send a wire transfer online: Log into your bank's website or mobile app, find the wire transfer or send money section, and enter the recipient's information. Review all details carefully — account number, routing number, amount, and recipient name. Your bank will show you the fee before you confirm. Once you click confirm, the wire is sent and cannot be stopped.

To send a wire transfer by phone: Call your bank's customer service number (on the back of your debit card or on your bank statement). Tell them you want to send a wire transfer and provide the recipient's information. The bank will read back the details to you. Ask them to repeat the account number and routing number to make sure you heard correctly.

To send a wire transfer in person: Go to a branch with your ID and the recipient's banking details. A teller will fill out a wire transfer form with you, show you the fee, and process the transfer. This is the slowest option but may be best if you are not comfortable with online banking or if your bank requires it for large amounts.

What you need for an international wire transfer

International wire transfers take longer and require more information than domestic transfers. The money usually arrives in one to three business days, depending on the receiving country and bank.

For an international wire transfer, you need all the domestic information plus:

  • The recipient's SWIFT code (an eight or eleven-character code that identifies banks internationally) or IBAN (International Bank Account Number, used mainly in Europe and some other regions)
  • The recipient's country
  • The currency you are sending (your bank will convert US dollars if needed)
  • Sometimes the name and address of an intermediary bank that will help route the money

International wire transfer fees are higher than domestic fees — often $25 to $75 or more. Your bank may also charge an exchange rate markup if you are converting dollars to another currency. Ask your bank for the total cost before you send.

The recipient should ask their bank for their SWIFT code and IBAN. These codes are specific to their bank and account type, so they cannot be guessed or looked up online reliably.

How long a wire transfer takes

Domestic wire transfers usually arrive the same business day if you send before your bank's cutoff time (often 2 or 3 p.m.). If you send after the cutoff, the transfer goes out the next business day. Weekends and bank holidays add extra time.

International wire transfers take one to three business days after your bank sends them. The receiving bank may take an additional day to process and deposit the money into the recipient's account. Some countries have slower banking systems, so transfers to certain countries may take longer.

Your bank can tell you the expected arrival time when you send the transfer. You will receive a confirmation number — save this in case you need to track the transfer or contact your bank later.

Protecting yourself from wire transfer scams

Wire transfer scams are common because once the money is sent and received, it is nearly impossible to get back. Scammers often pose as someone you trust — a family member, a business, a landlord, or a government agency — and pressure you to wire money quickly.

Red flags that a wire transfer request may be a scam:

  • Someone asks you to wire money and keep it secret from family or friends
  • Someone pressures you to send money when ready or says there is a important date
  • Someone asks you to wire money to a different account than usual, with an explanation that sounds rushed or unclear
  • You receive an unexpected email or text asking you to wire money, even if it looks like it came from someone you know
  • Someone asks you to wire money to pay for something you did not order or did not expect to pay for

If you are unsure whether a wire transfer request is real, hang up and call the person or business directly using a phone number you know is correct — not a number they gave you. If a family member asks for money, call them back on their regular phone number. If a business asks for payment, call the main number on their website or invoice.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

It depends on whether the receiving bank has already processed it. If you contact your bank when ready after sending, they may be able to stop it before it reaches the other bank. Once the receiving bank has received and processed the transfer, you cannot cancel it. Call your bank right away if you need to cancel — do not wait.

What is the difference between a wire transfer and an ACH transfer?

A wire transfer moves money within hours and costs $15 to $50. An ACH transfer (Automated Clearing House) takes three to five business days and is usually free or costs $1 to $3. Use a wire transfer when you need money fast; use an ACH transfer for routine payments when speed does not matter.

Why did my wire transfer get rejected?

The most common reasons are a wrong account number, a wrong routing number, or a mismatch between the recipient's name on file and the name you provided. Contact your bank — they can tell you why it was rejected and may be able to resend it with corrected information. Some banks refund the fee if the transfer was rejected due to their error.

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

Yes. Let them know the amount, when you are sending it, and what it is for. This way they know to expect it and can watch for it in their account. If the money does not arrive when expected, they can contact their bank to track it.

What happens if I wire money to the wrong account?

Contact your bank when ready. They can try to recover the money, but success depends on whether the receiving bank will cooperate and whether the account holder will return it. This is why verifying all details before you send is so important — recovery is not may provide.