How to Wire Transfer Money: Step-by-Step Instructions

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 one business day. The money moves electronically through a network called FEDWIRE (for transfers within the United States) or SWIFT (for international transfers). Unlike a check or ACH transfer, which can take several days, a wire transfer is faster and harder to reverse once sent.

Wire transfers work best when you need money to arrive quickly and the recipient's bank account details are correct. Common reasons to wire money include paying a down payment on a house, sending money to a family member in another country, paying a contractor, or settling a business invoice. The tradeoff is that wire transfers usually cost $15 to $50 per transaction, depending on your bank and whether the transfer is domestic or international.

Before you wire money, understand that you cannot cancel a wire transfer after it leaves your bank. If you send it to the wrong account, the money is gone and recovery is difficult. This is why wire transfers are a common target for scams — criminals pose as landlords, employers, or tech support and trick people into wiring money to accounts the criminals control.

Key Takeaways

• Wire transfers move money electronically between bank accounts within one business day, but cost $15 to $50 and cannot be reversed once sent.
• You will need the recipient's full name, bank account number, routing number, and bank address to complete a domestic wire transfer.
• International wire transfers require additional information including the recipient's SWIFT code and may take two to five business days.
• Always verify the recipient's banking details directly with them before initiating a wire transfer, never by replying to an email or text message.
• Your bank can place a hold on large wire transfers or require you to visit in person, so plan ahead if you have a important date.

Information you need before you start

Gather the recipient's banking details before you contact your bank or log into your online banking portal. For a domestic wire transfer within the United States, you need: the recipient's full legal name (exactly as it appears on their bank account), their bank account number, their bank's routing number, and the bank's name and address.

The routing number is a nine-digit code that identifies the bank. You can find it on a check, by calling the bank directly, or by searching the Federal Reserve's routing number database online. Do not rely on a routing number someone sends you by email or text — call the bank's main phone number (from their official website) and ask for the routing number yourself.

For international wire transfers, you will also need the recipient's SWIFT code (also called a BIC code), which identifies their bank internationally. Some banks also ask for an IBAN (International Bank Account Number), which is the account number format used outside the United States. Ask the recipient to provide all of this information in writing, or ask their bank directly.

How to send a domestic wire transfer

Most banks let you initiate a wire transfer online, by phone, or in person. Online is fastest if your bank's system supports it. Log into your bank's website or mobile app, look for a "Send Money" or "Wire Transfer" option, and select "Domestic Wire." Enter the recipient's name, account number, routing number, and bank name. Enter the amount you want to send and a brief description (optional, but helpful for the recipient to know where the money came from).

Review all the details carefully before you confirm. Check that the account number and routing number match what you received from the recipient. A single digit wrong sends the money to the wrong account. Once you click confirm, the transfer is submitted to your bank for processing.

If your bank requires you to call or visit in person, have all the recipient's details ready. The bank representative will ask you the same questions the online form would. Some banks place a hold on wire transfers over a certain amount (often $5,000 or $10,000) and may require you to visit a branch in person or provide additional verification. This can add a day or two, so plan ahead if you have a important date.

How to send an international wire transfer

International wire transfers follow the same basic steps as domestic transfers, but take longer and cost more. The process usually takes two to five business days because the money passes through one or more intermediary banks before reaching the recipient's bank. Fees range from $25 to $75 depending on your bank and the destination country.

When you initiate an international wire, you will need to specify the country and currency. Your bank will show you the exchange rate it is using and the final amount the recipient will receive in their local currency. Some banks charge a separate exchange fee on top of the wire fee. Ask your bank upfront what the total cost will be.

Enter the recipient's SWIFT code, IBAN (if required), full name, and bank address. Some banks also ask for the recipient's phone number or email. Double-check every detail — international wires are even harder to reverse than domestic ones, and if the money goes to the wrong bank, it may take weeks to trace and recover.

What happens after you send the wire

Your bank will send you a confirmation number when ready after the transfer is processed. Save this number — you will need it if you ever have to dispute the transfer or if the recipient says they did not receive the money. The confirmation shows the amount sent, the date, the recipient's bank, and the routing number used.

For a domestic wire, the money usually arrives the same business day or the next business day. The recipient's bank will deposit it into their account, and they can use it when ready. For international wires, the recipient may see the money in two to five business days, depending on their bank's processing speed.

If the recipient says they did not receive the money after the expected timeframe, contact your bank with your confirmation number. The bank can trace the wire and confirm whether it arrived at the recipient's bank. If it arrived but the recipient's bank has not deposited it yet, the recipient needs to contact their own bank. If the wire went to the wrong account, your bank can file a recovery request, but success is not may provide.

Common mistakes and how to avoid them

The most common mistake is sending money to the wrong account because the routing number or account number was incorrect. Always verify these numbers directly with the recipient or their bank, not from an email or text message. If someone emails you asking you to wire money, call them back at a phone number you know is correct before you send anything.

Another common mistake is not understanding the fees. Some banks charge a fee to send the wire, and some charge a fee to receive it. If you are sending $1,000 and your bank charges $30 to send it, the recipient gets $970 (unless you told your bank to deduct the fee from your account, not the recipient's). Clarify with the recipient beforehand who pays the fee.

A third mistake is sending a wire when a cheaper method would work. If the money does not need to arrive the same day, an ACH transfer (which takes three to five business days) is usually free or costs $1 to $3. A check is free but takes longer. Only use a wire transfer when speed matters and the cost is worth it.

Protecting yourself from wire transfer scams

Scammers often impersonate landlords, employers, tech support, or government agencies and pressure people to wire money when ready. They create fake emails that look like they come from a real company, or they call and claim there is an urgent problem. Once the money is wired, it is gone.

Never wire money based on an email, text message, or phone call alone. If someone claims to be your landlord, employer, or a company you do business with, hang up or close the email and call them back at the phone number on their official website or your lease or contract. Do not use a phone number the person gave you.

Be especially suspicious if someone asks you to wire money to a different account than usual, or if they pressure you to wire money quickly without time to think. Legitimate businesses rarely demand wire transfers. If you are unsure, ask a trusted friend or family member to review the request before you send anything.

Frequently Asked Questions

Can I cancel a wire transfer after I send it?

Once a wire transfer leaves your bank, you cannot cancel it. If you realize you made a mistake when ready after sending it, contact your bank right away — they may be able to stop it if it has not been processed yet. If it has already been processed, your bank can file a recovery request with the recipient's bank, but there is no may provide the money will be returned.

How long does a wire transfer take?

Domestic wire transfers usually arrive the same business day or the next business day. International wire transfers typically take two to five business days. Weekends and holidays can add extra time. Your bank's confirmation will tell you the expected delivery date.

What if I wire money to the wrong account?

Contact your bank when ready with your confirmation number. Your bank can file a recovery request asking the recipient's bank to return the money, but the recipient's bank is not required to comply. If the recipient's bank does not cooperate, recovery is difficult. This is why verifying the account number and routing number before you send is critical.

Do I need to report a wire transfer to the IRS?

Wire transfers themselves are not reported to the IRS. However, if you are sending money as a gift over $17,000 in a single year (the 2023 limit; this amount changes yearly), you may need to file a gift tax return. If you are sending money for a business transaction, keep records for your tax return. Consult a tax professional if you are unsure.

Is it cheaper to wire money internationally or use a money transfer service?

It depends on the amount and destination. Banks typically charge $25 to $75 for international wires, but may offer better exchange rates. Money transfer services like Western Union or specialized remittance companies may charge lower fees for smaller amounts or specific countries, but often have worse exchange rates. Compare the total cost (fee plus exchange rate) before you choose.