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 the same day or the next business day. The money moves electronically through a network that connects banks, so it is faster than a check or an ACH transfer (which takes three to five business days).

Wire transfers are useful when you need to send money quickly — to pay a contractor before work starts, to send money to a family member in another country, or to cover a time-sensitive bill. Because the money moves fast and cannot easily be reversed once sent, wire transfers also cost more than other payment methods. Most banks charge between $15 and $50 per wire, depending on whether you are sending money within the US or internationally.

Before you wire money, make sure you trust the person or business receiving it. Once the money leaves your account, you cannot get it back unless the receiving bank agrees to return it — and that process is slow and uncertain.

Key Takeaways

  • A wire transfer sends money directly from your bank account to another account, usually arriving the same day or next business day.
  • You will need the recipient's full name, account number, routing number, and bank name — or their SWIFT code if the money is going overseas.
  • Wire transfers cost $15 to $50 per transaction and cannot be reversed once sent, so confirm all details before you authorize the payment.
  • You can send a wire in person at your bank branch, by phone, or through online banking if your bank offers it.
  • International wires take longer and cost more than domestic wires, and the recipient may receive less money due to currency conversion fees.

Information you need before you start

Gather the recipient's banking details before you contact your bank. For a domestic wire (money staying within the US), you need the recipient's full name exactly as it appears on their account, their account number, their bank's routing number, and their bank's name and city.

For an international wire, you need the same information plus the recipient's bank's SWIFT code (a standardized code that identifies banks worldwide) and sometimes an IBAN (International Bank Account Number), which is used in Europe and some other regions. Ask the recipient or their bank for these codes — do not guess or use a code you find online, because a wrong code means your money goes to the wrong place.

Double-check the account number and routing number by asking the recipient to read them back to you, or by looking at a check or bank statement if they can share one. A single digit wrong sends your money to someone else's account.

How to send a domestic wire through your bank

Call your bank's customer service line or visit a branch in person. Tell them you want to send a wire transfer and provide the recipient's information. The bank will ask you to confirm the amount, the recipient's name and account details, and the reason for the transfer (banks ask this for record-keeping).

Some banks let you send a wire through online banking. Log in to your account, look for a "Send Money" or "Wire Transfer" option, and enter the recipient's details. You may need to set up the recipient as a "payee" first, which takes a few minutes. Online wires are often faster than calling, and you have a record of what you authorized.

Once you authorize the wire, the bank will give you a confirmation number. Write it down. The money usually leaves your account when ready, though it may take until the next business day to arrive in the recipient's account — it depends on when you send it and whether both banks process it the same day.

Sending an international wire

International wires follow the same basic steps as domestic wires, but they take longer and cost more. The money may take three to five business days to arrive, and it passes through one or more intermediary banks before reaching the recipient's bank. Each intermediary bank may take a small fee, which comes out of the amount the recipient receives.

Before you send an international wire, ask the recipient's bank how much money will arrive after fees. If you send $500, the recipient might receive $450 or less, depending on the fees along the way. Some banks let you choose whether you or the recipient pays the fees — if you choose to pay all fees, the recipient gets the full amount you sent.

Currency conversion also affects international wires. If you are sending US dollars to a country that uses a different currency, your bank will convert the dollars at their exchange rate. That rate is usually higher than the rate you see online, so the recipient receives less in their local currency than you might expect.

What to do if you made a mistake

If you realize you made an error before the bank sends the wire, call when ready and ask them to cancel it. If the wire has already been sent, contact your bank right away and ask them to attempt a recall. The receiving bank is not required to return the money, but your bank can ask them to.

If the money went to the wrong account, your bank can file a claim, but recovery is slow and not may provide. This is why confirming all details before you authorize the wire is so important — it is much easier to prevent a mistake than to fix one afterward.

Wire transfer fees and timing

Domestic wire transfer fees range from $15 to $50, depending on your bank and whether you send the wire in person, by phone, or online. Some banks charge less for online wires. International wires usually cost $25 to $75, plus any fees charged by intermediary banks and currency conversion markups.

A domestic wire sent before 2 or 3 p.m. on a business day usually arrives the same day. A wire sent after that time or on a weekend or holiday may not arrive until the next business day. International wires typically take three to five business days, though some banks offer expedited international wires for an extra fee.

Ask your bank about timing before you send the wire, especially if the recipient is expecting the money on a specific day. If you are sending money on a Friday afternoon, it may not arrive until Monday.

Alternatives to wire transfers

If speed is not critical, an ACH transfer is cheaper and takes three to five business days. Most banks offer free or low-cost ACH transfers. A check is free but takes even longer and requires the recipient to deposit it.

For sending money to another person (not a business), peer-to-peer payment apps like Venmo, PayPal, or Cash App are often faster and cheaper than wires, though they have daily limits on how much you can send. These apps work best for smaller amounts between people who know each other.

If you are sending money internationally, some specialized money transfer services charge less than banks and offer better exchange rates, though they may take longer. Compare fees and timing across your options before you decide.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

If you catch the mistake before the bank processes the wire, they can cancel it. Once the wire is sent, you can ask your bank to attempt a recall, but the receiving bank is not required to return the money. Recovery is slow and uncertain, so it is better to prevent mistakes by confirming all details before you authorize the transfer.

How long does a wire transfer take?

Domestic wires usually arrive the same day if sent before 2 or 3 p.m. on a business day, or the next business day if sent later or on a weekend. International wires typically take three to five business days and may take longer if the receiving bank is in a different time zone.

What happens if I send money to the wrong account number?

The money goes to that account, and you cannot reverse it. Your bank can file a claim and ask the receiving bank to return the funds, but there is no may provide. This is why confirming the account number with the recipient before you send the wire is critical.

Do I need to go to my bank in person to send a wire?

No. Most banks let you send a wire by phone or through online banking. In-person wires are an option if you prefer to speak with someone face-to-face or if your bank does not offer phone or online wires.

Why does an international wire cost more than a domestic wire?

International wires pass through multiple banks and involve currency conversion, so each step adds a fee. Intermediary banks take a cut, your bank charges a higher fee for international transfers, and the exchange rate markup reduces the amount the recipient receives.