What a wire transfer is and when to use it

A wire transfer is a way to send money directly from your bank account to someone else's bank account, usually within one business day. The money moves electronically through the banking system — your bank pulls the funds from your account and deposits them into the recipient's account at their bank. You do not mail a check or hand over cash.

Wire transfers are useful when you need to send money fast and the recipient needs it in their actual bank account, not as a payment app transfer. Common reasons include paying a down payment on a house, sending money to a family member in another country, paying a contractor, or settling a large bill. Wire transfers cost money — typically $15 to $30 per transfer depending on your bank — so they are not the right choice for small everyday payments.

The main trade-off is speed versus reversibility. A wire transfer usually lands in the recipient's account within 24 hours, but once it leaves your bank, you cannot cancel it the way you can stop a check. If you send money to the wrong account number, getting it back is difficult and may not be possible. That is why you need to triple-check the recipient's banking details before you hit send.

Key Takeaways

  • Wire transfers move money directly from your bank account to someone else's bank account and usually arrive within one business day.
  • You will need the recipient's full name, bank name, account number, and routing number — and you must verify these details are correct before sending.
  • Most banks let you start a wire transfer through their website or mobile app, but some require you to call or visit a branch.
  • Wire transfers cost $15 to $30 and cannot be reversed once sent, so confirm all details match before you authorize the transfer.
  • International wire transfers take longer (three to five business days) and cost more ($30 to $50) than domestic transfers.

Gather the recipient's banking information

Before you log into your bank, you need to collect the correct information from the person or business receiving the money. Ask them for their full legal name (exactly as it appears on their bank account), their bank name, their account number, and their bank's routing number. The routing number is a nine-digit code that identifies the specific bank branch.

The recipient can usually find their routing number on their bank's website, by calling their bank, or by looking at a check — the routing number is the first set of numbers at the bottom left of a check. Their account number is printed on the check as well, or they can log into their online banking and find it there. Do not rely on the recipient reading these numbers to you over the phone; ask them to send you a photo of a check or a screenshot from their banking app so you can verify the numbers yourself.

For international wire transfers, you will also need the recipient's SWIFT code (an eight or eleven-character code that identifies their bank internationally) or IBAN (International Bank Account Number, used mainly in Europe and some other regions). Ask the recipient which one their bank uses, or have them provide both.

Log into your bank's website or app and locate wire transfer

Open your bank's website or mobile app and sign in with your username and password. Look for a section called "Send Money," "Transfers," "Wire Transfer," or "Pay Someone." The exact name varies by bank — Chase calls it "Send Money," while Bank of America calls it "Transfer & Pay." If you cannot find it, use the search function within the app or website and search for "wire transfer."

Some banks require you to register a recipient before you can send them money. If this is your first time sending a wire to this person, you may see a button that says "Add Recipient" or "Register Payee." Click it and enter the recipient's name, bank name, account number, and routing number exactly as you collected it. Take your time here — a single digit wrong will send the money to the wrong account.

If your bank does not offer wire transfers online, you will need to call the bank's wire transfer line or visit a branch in person. Some banks, particularly smaller regional banks, still require a phone call or in-person visit to authorize a wire transfer for security reasons. Your bank's website will tell you if this applies to you.

Enter the transfer amount and review all details

Once you have selected or registered the recipient, enter the amount you want to send. Your bank will show you the fee (usually $15 to $30 for a domestic wire) and the total that will leave your account. Read this carefully — the total includes the fee, so if you want to send $5,000, you may be charged $5,020 or $5,025 depending on your bank's fee.

Before you authorize the transfer, review every piece of information on the screen: the recipient's name, account number, routing number, bank name, and the amount. Compare each field to the information you collected. If anything looks wrong or does not match what the recipient gave you, stop and contact the recipient to confirm. This is your final note to catch a mistake.

Some banks will show you a preview screen that summarizes the transfer. Read it word for word. If the recipient's name is spelled differently than you entered it, or if any number is off by even one digit, cancel and correct it before proceeding.

Authorize and confirm the transfer

Once you have verified all the details, your bank will ask you to authorize the transfer. This usually means clicking a button labeled "Confirm," "Send," or "Authorize." Some banks will send you a code via text message or email that you need to enter to complete the transfer — this is an extra security step. Enter the code if prompted.

After you authorize, your bank will show you a confirmation screen with a confirmation number or reference number. Write this number down or take a screenshot. This is your proof that the transfer was sent, and you will need it if you ever need to contact your bank about the transfer later.

The money will leave your account when ready, but it may take up to one business day to arrive in the recipient's account. If you sent the wire on a Friday after 5 p.m., it may not process until Monday. International wires take longer — usually three to five business days depending on the recipient's country and bank.

What to do if something goes wrong

If the recipient tells you they never received the money after two business days, contact your bank right away. Have your confirmation number ready. Your bank can check the status of the wire and see whether it was rejected, delayed, or sent to the wrong account. If the money was sent to the wrong account number, your bank can try to recover it, but success is not may provide — the receiving bank is not required to return funds sent to an incorrect account.

If you realize you made a mistake before the transfer is processed, call your bank when ready. Some banks can cancel a wire transfer if it has not yet left their system, but this window is usually only a few hours. Once the money has left your bank, cancellation becomes much harder.

If you sent money to a scammer or fraudster, report it to your bank and to the Federal Trade Commission at reportfraud.ftc.gov. Your bank may be able to freeze the receiving account and recover some or all of the funds, but this depends on how quickly you report it and whether the recipient has already withdrawn the money.

Domestic versus international wire transfers

A domestic wire transfer stays within the United States and uses the recipient's routing number and account number. These transfers usually arrive within one business day and cost $15 to $30. Most banks process domestic wires through the Federal Reserve's wire system.

An international wire transfer goes to a bank in another country and uses the SWIFT code or IBAN instead of a routing number. These transfers take three to five business days because they pass through multiple banks and currency conversion systems. International wires cost $30 to $50 or more, and your bank may charge an additional currency conversion fee if the recipient's account is in a different currency. Some banks also charge a fee on the receiving end, which the recipient's bank deducts from the amount received.

Before you send an international wire, confirm with the recipient's bank whether they use SWIFT codes or IBANs, and ask whether their bank charges a receiving fee. If the receiving bank charges a fee, the recipient will get less money than you sent. Some banks let you choose whether you or the recipient pays the receiving fee — this is called "OUR" (you pay all fees) or "BEN" (recipient pays their bank's fee) on the wire form.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

Cancellation is possible only if you contact your bank within a few hours of sending the wire, before it leaves their system. Once the money has been transmitted to the receiving bank, cancellation becomes extremely difficult and may not be possible. If the money reached the wrong account, your bank can request the receiving bank return it, but they are not required to comply.

What if I enter the wrong account number?

The money will be sent to whatever account number you entered, even if it belongs to someone else. Contact your bank when ready with your confirmation number. Your bank can ask the receiving bank to return the funds, but the receiving bank is not legally required to do so. The sooner you report the error, the better your chances of recovery.

How long does a domestic wire transfer take?

Most domestic wire transfers arrive within one business day. If you send the wire before your bank's cutoff time (usually 2 p.m. or 3 p.m. on a business day), it may arrive the same day. Wires sent after the cutoff or on weekends and holidays will process the next business day.

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

It is a good idea to notify the recipient that you are sending a wire transfer so they know to expect it and can watch for it in their account. Provide them with the amount and the approximate date it will arrive. Do not send them your confirmation number or banking details — they do not need this information.

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

A wire transfer moves money directly and arrives within one business day, but costs $15 to $30. An ACH transfer is slower (three to five business days) but is usually free or costs just a few dollars. Use a wire transfer when you need money to arrive fast; use ACH for routine bills and transfers where speed does not matter.