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How to Wire Money
Choose a provider and transfer method, research the costs and collect the necessary information. Don't forget to save the receipt.
Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
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Wiring money can be a fast way to move large amounts of money within the U.S. and abroad. Here’s a quick tutorial on how to wire money.
+ See a summary of the steps
1. Decide which provider to use. Banks and money transfer companies offer wire transfers.
2. Gather the information. You’ll need your recipient’s name, location and bank account information to start.
3. Check costs and choose the transfer method. You might be charged different amounts for sending online and in person.
4. Read the fine print. You have the legal right to ask for details.
5. Fill out the form carefully. Mistakes could derail your transfer.
6. Save the receipt. It has helpful information in case there’s trouble with the transfer.
1. Decide which provider to use
Banks and nonbank money transfer providers can help you send wire transfers.
Banks
With bank wire transfers, both the sender’s and receiver’s financial institutions are involved. Transfers within the U.S. may be processed the same day, but expect international ones to take at least a few days.
Nonbank money transfer providers
Companies such as Western Union allow you to move funds in the U.S. or internationally. You can transfer money between bank accounts, send cash for pickup and, in some cases, pay bills via wire transfers. The transfers can take minutes to several days, depending on the service and delivery method.
A wire transfer is irrevocable and a cash-based one can be anonymous, so never send funds to anyone you don’t know well. The Federal Trade Commission has tips on how to avoid wire transfer scams.
3.75%SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
3.50%3.50% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 02/07/2023.
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.00%Annual percentage yield (variable) is as of 02/06/2023.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
2.50%SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
1.25%Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30% APY. Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account to earn 0.20% APY. Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account to earn 0.20% APY. Use your Rewards Checking account to make your full monthly Axos consumer loan payment to earn 0.15% APY.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
If you’re using your bank to transfer money, be sure to have your:
Government-issued ID and/or online account access.
Account funded with at least the amount you want to send.
Bank account number (found on a bank statement, a check or your online account).
Recipient’s full name and contact information.
Recipient bank’s name, address and phone number.
Recipient bank's transit number or equivalent.
Where to find it
Within the U.S., this is a nine-digit code called the American Banking Association routing transit number, which can be found here or by asking the recipient.
Abroad, this is a bank identification code, such as a SWIFT code. SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, uses an eight- or 11-character code that identifies specific banks internationally and is in the standard bank identification code format. Ask the recipient for this code, or look it up online.
Recipient's bank account number.
Additional information based on your bank’s instructions.
Nonbank providers might not require bank account information, depending on which delivery option you choose, but they will require the recipient’s name and location.
3. Check costs and choose the transfer method
Your bank or nonbank provider may let you send a wire transfer in several ways, such as online, through telephone banking or at a bank branch. The methods can vary in cost, so compare prices before making a decision.
The median cost at banks is $25 for sending wires domestically and $45 internationally. Many nonbank providers have online tools that let you estimate the cost of a wire transfer before sending.
» Not sure if you need a wire transfer? Check out other ways to send money
4. Read the fine print
Before sending international wires, you have the right under federal law to ask for details about the exchange rate, total fees and taxes collected by all parties, the delivery date and the amount expected to be delivered abroad (separate from fees).
5. Fill out the form carefully
Whether you speak with a bank teller or fill out a form online, be precise while providing the information needed. A misspelled name or a missing digit can prevent the recipient from getting the money.
Get confirmation of the transfer in a receipt, which should include a transaction number, so you can save it and refer to the specific transfer if any issues arise.
