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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.
Aug. 2, 2018
Banking, Banking Basics, Money Transfer
How to Wire Money
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Wiring money can be a fast way to move large amounts of money within the U.S. and abroad. If you’re not familiar with how to wire money, here’s a quick tutorial.

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. Know 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.

With bank wire transfers, both the sender’s and receiver’s financial institutions are involved. Transfers within the U.S. can be processed the same day, but expect international ones to take at least a few days.
Companies such as MoneyGram and 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 an hour to several days, depending on the service.

 

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.

» For the cheapest wire transfers, see our guide to how much they cost by bank

2. Gather the information

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.

  • 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 receipient for this code.

 

  • Recipient’s bank account number.
  • Additional information based on your bank’s instructions.
  • If applicable, information about the intermediary bank your recipient’s bank uses for international transfers.

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 average cost at banks is $25 for sending wires domestically and $40 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. Know 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). You can expect your bank to give you a receipt after the transfer.

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.

» Do the mathCompare providers for international money transfers

6. Save the receipt

Financial institutions provide confirmation, such as a transaction number, in a receipt so you can save it and refer to the specific transfer if any issues arise.

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