How to Send a Wire Transfer Through Live Oak Bank

Wire transfers at Live Oak Bank work the same way as at most banks, but the steps and fees depend on whether you're sending money domestically or internationally

Live Oak Bank is an online-only bank, which means you cannot walk into a branch to request a wire transfer. Instead, you initiate wires through your online account or by calling their customer service line. The bank charges a fee for outgoing wires — the amount varies depending on whether the transfer stays within the United States or goes abroad — and the transfer typically reaches the recipient within one to two business days for domestic wires.

Before you start, you'll need the recipient's banking details: their full name, account number, routing number (for U.S. transfers), and the name and address of their bank. If you're sending money internationally, you may also need the recipient's SWIFT code or IBAN. Have this information ready before you log in or call.

Key Takeaways

• Live Oak Bank processes wire transfers only through its online banking platform or by phone; there are no physical branches.
• You must provide the recipient's full name, account number, routing number, and bank details before initiating a transfer.
• Domestic wires typically arrive within one to two business days, while international wires may take three to five business days.
• Live Oak Bank charges a fee for outgoing wires, and the amount depends on whether the transfer is domestic or international.

Sending a domestic wire through your online account

Log into your Live Oak Bank online banking account and look for the "Transfers" or "Wire Transfer" option in the main menu. Click on it and select "Send Money" or "New Wire Transfer." The system will ask you to enter the recipient's information: their full name, the receiving bank's name and routing number, and the recipient's account number.

Double-check all details before submitting, especially the account number and routing number — a mistake here means the money goes to the wrong place and recovery can be difficult. Enter the amount you want to send and review the wire fee that Live Oak Bank will charge. Once you confirm, the transfer is submitted for processing. You should receive a confirmation number via email or in your account dashboard.

Sending a wire by phone

If you prefer to speak with someone or have questions about your transfer, call Live Oak Bank's customer service number listed on your account statements or the bank's website. A representative will walk you through the wire transfer process and collect the recipient's information over the phone. They will also confirm the fee and the expected delivery date before processing the transfer.

Calling can be slower than using the online platform, especially during business hours when wait times are longer. However, it may be the better option if you're unsure about any details or if you want verbal confirmation that the transfer was submitted correctly.

Understanding wire transfer fees and timing

Live Oak Bank charges a fee for each outgoing wire transfer you send. The fee amount depends on whether you're sending the money domestically (within the United States) or internationally (outside the United States). Domestic wires typically cost less than international wires. The fee is deducted from your account at the time you submit the transfer, so make sure you have enough funds to cover both the transfer amount and the fee.

Domestic wires usually arrive at the recipient's bank within one to two business days. International wires take longer — typically three to five business days — because they must pass through additional banking networks and may require currency conversion. The exact timing also depends on the receiving bank's processing speed and whether the transfer is sent on a business day or a weekend.

What to do if you need to cancel or recall a wire

Once a wire transfer has been sent, it is very difficult to stop or reverse. If you realize you made a mistake when ready after submitting the transfer, contact Live Oak Bank's customer service right away. If the wire has not yet been processed, the bank may be able to cancel it. However, if the transfer has already left Live Oak Bank's system, cancellation is unlikely.

If the money reached the wrong recipient, you will need to contact that recipient's bank and request a recall. This process is slow and not always successful. The best protection is to verify all recipient details carefully before you submit the transfer.

International wire transfers and currency conversion

When you send money internationally through Live Oak Bank, the bank will convert your U.S. dollars to the recipient's local currency. The exchange rate used is set by Live Oak Bank and may not be the same as the mid-market rate you see online. The difference between the rate the bank uses and the mid-market rate is how the bank makes money on the conversion.

You will see the exchange rate and the amount in the recipient's currency before you confirm the transfer. International wires also require additional information: the recipient's SWIFT code (an eight or eleven-character code that identifies their bank worldwide) or their IBAN (International Bank Account Number), depending on the country. Ask the recipient for this information if you don't have it.

Common mistakes to avoid when sending a wire

The most common error is entering the wrong account number or routing number. Even a single digit off will send the money to the wrong account. Take time to verify these numbers directly with the recipient — do not rely on a text message or email, as those can be intercepted or contain typos.

Another mistake is not having enough funds in your account to cover both the transfer amount and the fee. If your balance is too low, the transfer will be rejected. Also, be aware that wires sent on weekends or after business hours will not be processed until the next business day, so plan ahead if you need the money to arrive by a specific date.

Frequently Asked Questions

How long does a wire transfer from Live Oak Bank take?

Domestic wires typically arrive within one to two business days. International wires take three to five business days because they pass through additional banking networks. Wires sent on weekends or after business hours are processed the next business day.

Can I send a wire transfer on the weekend?

You can submit a wire transfer request on the weekend through Live Oak Bank's online platform, but it will not be processed until the next business day. If timing is critical, submit your request as early as possible on a Friday or the day before you need the money to arrive.

What information do I need to send an international wire?

You need the recipient's full name, account number, bank name and address, and either their SWIFT code or IBAN. Ask the recipient for their SWIFT code or IBAN directly — these codes vary by country and bank, and entering the wrong one will delay or misdirect the transfer.

What happens if I send money to the wrong account?

Once a wire leaves Live Oak Bank, it is very difficult to recover. You would need to contact the receiving bank and request a recall, which is not always successful. The best approach is to verify all account details with the recipient before submitting the transfer.

Does Live Oak Bank charge a fee to receive a wire transfer?

Live Oak Bank does not charge you a fee to receive incoming wire transfers. However, other banks may charge their customers a fee to receive wires, so the recipient should check with their own bank about any fees they might owe.