The basic steps to wire money

To wire money, you need your bank's wire transfer form, the recipient's bank account details, and the routing number of their bank. You fill out the form with the amount you want to send, provide it to your bank (in person, by phone, or online), and your bank sends the money directly to the recipient's account. The whole process usually takes one business day, though some banks offer same-day wiring for a higher fee.

The recipient does not need to do anything — the money arrives in their account automatically once your bank processes the transfer. You will receive a confirmation number that proves you sent the money. Keep this number in case you need to track the transfer or dispute it later.

Key Takeaways

  • You need the recipient's full name, account number, and their bank's routing number before you start a wire transfer.
  • Most banks charge a fee to send a wire transfer, usually between $15 and $50 depending on whether the transfer stays within the United States or goes abroad.
  • Domestic wire transfers typically arrive within one business day; international transfers can take three to five business days.
  • Once your bank sends the money, you cannot cancel or reverse the transfer, so double-check all account details before confirming.

What information you need to provide

Before you contact your bank, gather the recipient's banking details. You will need their full legal name (exactly as it appears on their bank account), their account number, and their bank's routing number. If the recipient's bank is outside the United States, you will also need the bank's SWIFT code or IBAN (International Bank Account Number), depending on the country.

Ask the recipient to give you this information directly rather than guessing or using an old statement. A single digit wrong in the account number or routing number can send your money to the wrong account, and recovering it is difficult. If you are wiring money to a business, confirm the exact legal name of the company and whether the account is in the company's name or an individual's name.

You will also need to know the amount you want to send. Some banks allow you to specify the exact dollar amount; others ask you to choose between sending a set amount or covering the recipient's costs (which means your bank will deduct their wire fee from what the recipient receives).

How to initiate a wire transfer with your bank

Contact your bank through whichever method is easiest for you: visit a branch in person, call their wire transfer phone line, or log into your online banking account. Most banks now offer online wiring, which is the fastest route if you have already set up the recipient's details in your account.

If you are wiring in person or by phone, the bank representative will ask you to fill out a wire transfer form or will ask you the same questions that appear on the form. You will state the recipient's name, account number, routing number, the amount, and the reason for the transfer (banks ask this for record-keeping). Some banks ask whether this is a domestic or international transfer, which affects the fee and processing time.

Online wiring works the same way but through your bank's website or app. You enter the recipient's details, review them for accuracy, and authorize the transfer. Most banks require you to confirm the transfer using a second method — a code sent to your phone, a security question, or a one-time password — before the money actually leaves your account.

Wire transfer fees and what they cover

Domestic wire transfers (money staying within the United States) typically cost between $15 and $50, depending on your bank. Some banks charge less if you are a premium customer or if you maintain a high account balance. International wire transfers cost more — usually $35 to $75 — because the money passes through multiple banks and currency conversion may be involved.

The fee is separate from the amount you send. If you send $1,000 and your bank charges $25, your account is debited $1,025. Some banks let you choose whether to pay the fee yourself or have it deducted from the amount the recipient receives; if you choose the latter, the recipient gets less than $1,000.

A few banks offer wire transfers at no charge to customers who meet certain conditions — for example, maintaining a minimum balance or having direct deposit set up. Ask your bank whether you may have access to for a waived fee before you pay.

How long a wire transfer takes

Domestic wire transfers usually arrive within one business day. If you send the wire before your bank's cutoff time (often 2 p.m. or 3 p.m.), it may arrive the same day. If you send it after the cutoff or on a weekend or holiday, it will arrive the next business day.

International wire transfers take longer because the money must pass through correspondent banks in other countries. Most international transfers arrive within three to five business days. Some banks offer expedited international wiring for an additional fee, which can reduce this to one or two days.

The recipient's bank may also take time to post the money to their account after receiving it. Most banks post wire transfers when ready, but some hold them for a day or two, especially if the amount is large or the account is new.

Why you cannot reverse a wire transfer

Once your bank sends a wire transfer, the money is gone from your account and on its way to the recipient's bank. Unlike a check or a credit card charge, you cannot stop payment or reverse the transaction. If you wire money to the wrong account, you have to contact the recipient's bank and ask them to return it — and they are not required to do so.

This is why it is critical to verify all account details before you confirm the transfer. Read the account number and routing number out loud to the bank representative, or have someone else read it back to you while you check it against what the recipient gave you. If you are doing this online, take a screenshot of the details before you authorize the transfer, so you have proof of what you sent.

If you discover an error after the transfer has been sent, contact your bank when ready with the confirmation number. Your bank can reach out to the recipient's bank and ask them to return the funds, but this process can take weeks and is not always successful.

Alternatives to wire transfers

Wire transfers are fast and reliable, but they are not the only way to send money. ACH transfers (Automated Clearing House) are slower but cheaper — they usually cost nothing or a small fee, and take two to three business days. Money transfer services like Western Union or MoneyGram let you send cash that the recipient picks up at a physical location, which is useful if they do not have a bank account. Peer-to-peer payment apps like Venmo, PayPal, or Cash App are free for small amounts and when ready, but they have daily limits and work best between individuals rather than for large business payments.

If you are sending money internationally, consider whether a wire transfer is truly the cheapest option. International wire fees are high, and the exchange rate your bank offers may not be competitive. Services like Wise (formerly TransferWise) or OFX often charge less for international transfers, especially for larger amounts.

Frequently Asked Questions

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

The money goes to whatever account matches that number at the recipient's bank. You cannot reverse the wire, so you must contact the recipient's bank and ask them to return the funds. They may comply, but they are not required to. Contact your bank when ready with your confirmation number so they can help you reach the other bank.

Can I cancel a wire transfer after I send it?

Not reliably. If you catch the error within minutes and your bank has not yet processed the transfer, they may be able to stop it. But once the money leaves your bank, cancellation is not possible. Always verify the details before you authorize the transfer.

Do I need to tell the recipient I am wiring them money?

Yes. The recipient's bank will deposit the money into their account, but they may not notice it right away. Let them know you are sending a wire so they can watch for it and confirm they received the correct amount. Also provide your confirmation number in case they need to track it.

Why do international wire transfers cost more than domestic ones?

International transfers pass through multiple banks in different countries, and each bank may take a fee. Currency conversion also adds cost. Your bank charges a higher fee because they are doing more work and taking on more risk.

Can I wire money from a savings account, or only from checking?

Most banks allow wire transfers from either savings or checking accounts. Ask your bank which accounts are set up for wiring. Some banks require you to transfer money to your checking account first, then wire from there, but this is less common.