How to Do a Wire Transfer

How-to-Do-a-Wire-Transfer

Explore this Wire Transfer Guide:

Check City Wire Transfers

Send money to loved ones or pay your bills on time with a Check City Money Transfer. Check City provides money transferring services through Western Union, one of the most dependable money transferring systems around.

Sending money at Check City is also incredibly easy. Stop by any of our conveniently located Check City Locations and see for yourself!

Wire Transfers

Wire transfers are electronic money transfers. Wire transfers might be done on your phone, online, or with your bank. Wire transfers are an efficient way to send money from one account to another. They are often very quick and the most direct way to send funds to someone else.

Wire transfers are more immediate than sending funds through the mail. Instead of sending money through the mail you can set up a wire transfer and deposit funds directly into another account.

What Is A Wire Transfer?

A wire transfer is when money is sent and deposited through an electronic or online network. With a wire transfer you can make online deposits into someone else’s account. It’s a fast and secure way to send money and pay bills.

The sender of a wire transfer needs to provide the information the bank needs to send money to the other account. This information might include things like the recipient’s bank account number and the name of their bank.

The receiver then waits for the funds to deposit in their account and the wire transfer is complete! This is another perk that makes wire transfers beneficial. They are easy for the recipient because the recipient doesn’t have to do anything. All they have to do is provide the sender with their account information and wait for their funds to drop.

Domestic Wire Transfers are money transfers between two accounts that reside in the same country.

International Wire Transfers are money transfers between two accounts that reside in two different countries.

Nonbank Wire Transfers don’t involve bank account numbers. Western Union is a type of nonbank wire transfer service. Using Western Union to wire transfer money is great for paying bills, when the sender doesn’t have the account information of the recipient, when the sender doesn’t have a bank account, or when the sender doesn’t have a bank account.

Information Needed For Wire Transfer

The information you’ll need for a wire transfer will depend a little bit on what transferring system you are using. Western Union might ask for different information than your bank. Here are some of the most common types of information you’ll need to provide in order to do a wire transfer.

  • sender’s bank account number
  • recipient’s bank account number
  • sender’s name and contact information
  • recipient’s name and contact information
  • photo ID

ACH vs Wire Transfer

The Automated Clearing House (ACH) is an electronic system for processing money transfers. They charge low fees for their transferring services so many institutions use ACH to allow their members and customers to easily send money electronically.

An ACH transfer usually takes a day to finish processing. They process so quickly because all the ACH payments get processed through the system in batches, rather than being handled by individual employees. Because an automated system handles these payments, some can even be processed almost instantaneously or the same day.

Wire transfers are sometimes processed by employees of the bank or credit union instead of by an automatic system. Because of this, wire transfers can sometimes take a few business days to complete.

Wire transfers work like an electronic prepaid cashier’s check. The sender pays the electronic check when they issue the transfer, so their end of the transaction is complete once they’re finished. This is helpful for the recipient too because once the funds drop, they are available because the sender has already taken those funds out of their own account.

Wire transfers aren’t as easy to reverse because they are prepaid, while ACH payments are easier to reverse if need be. Wire transfers also come with fees and ACH transfers are usually free for the sender and receivers.

Wire Transfer Fee

Wire transfers often come with fees. one common fee for using money transfer apps or other payment services like western union are usually around $1 or less per transfer.

Banks and other financial institutions might charge anywhere between $0 and $30 or more for sending and receiving a wire transfer. It all depends on the policies of your bank.

A wire transfer can also cost more if it is an international wire transfer. Some international wire transfers can cost as much as $45 in fees.

Wire transfer fees all depend on the bank, credit union, or money transfer service you’re using, where you are sending the funds, and how much you are sending.

How To Do A Wire Transfer

Wire transfers are easy to do. Though every financial servicer will have a slightly different process with different fees involved, the process for sending a wire transfer is simple. It usually involves filling out a form with the information they’ll need to process the wire transfer. Then, the sender will also pay the money transfer funds and the fees.

Step 1: Go to your bank, credit union, alternative financial institution, or money transfer service in person, online, over the phone, or on the app, depending on where they offer wire transfer services.

Step 2: Follow the wire transfer instructions of the specific institution you chose to issue your wire transfer and provide the necessary information. Usually this will involve filling out a form with the necessary information so they can process the wire transfer.

Step 3: Make sure you have enough funds in your account to finance the wire transfer and the wire transfer fees before you send the wire transfer.

It’s always a good idea to keep any receipts or confirmation codes linked to your wire transfer transaction. That way you can keep track of the transfer and be prepared in case anything goes wrong.

Some wire transfers will also involve a reference number that you can use to track your money transfer, and that the receiver uses to pick up the funds.

How To Do A Bank Wire Transfer

Many banks offer wire transfer services. If you want to know how to do a wire transfer online, you can call your bank to have them take you through the process, or find the money transfer option in the online menu.

Step 1: Go to your bank’s location, go to your bank’s website, or give them a call.

Step 2: Find the option for wire transfers or money transfers in the online menu, or ask the teller to help you process a wire transfer. To easily transfer money from one account to another, link both the bank accounts online.

Step 3: The teller will take you through the process as you provide the information necessary to send money to another account. If you are doing an online transfer, then you’ll fill out this same information online.

How Long Does A Wire Transfer Take?

Wire transfers take less time than sending money through the mail. The recipient can expect funds to deposit in their account the very same day, or in just a few business days. Wire transfers can take longer if they are being sent abroad.

How Long Does An International Wire Transfer Take?

International wire transfers take longer than domestic wire transfers. This is due to a number of factors, one of which being that some banks don’t exist in every country. International money transfers also have to go through more checks and balances to prevent fraud and money laundering.

A typical international wire transfer can take as many as 15 days to complete.

How To Do A Wire Transfer Bank Of America

To send a wire transfer with Bank of America, you can sign into your online account on the Bank of America website. Then you’ll select the tab labeled, “send money” and choose whether you want to send money to one of your own accounts, someone else’s account, or to a business.

If you don’t want to send the wire transfer online you can also make an appointment at a nearby Bank of America location. There, an employee will help guide you through the process.

How To Do A Wire Transfer Chase

Chase has many options for sending wire transfers. You can easily send them online by signing into your account and selecting “send international wires” or “send domestic wires” or you can use the Chase app!

How To Do A Wire Transfer Wells Fargo

At Wells Fargo, like with most banks today, you can do wire transfers through the Wells Fargo app and online. When you sign in online, you’ll want to go to “Transfer & Pay” and enroll in their online wire transfer services. Once you’re enrolled, you can pick your recipient, how much you want to send, and the account you want to pay from.

How To Do A Wire Transfer Huntington Bank

Huntington makes transferring money between users who both have Huntington accounts easy. You can transfer funds both with online banking or the Huntington mobile app. Just log in, select “Transfers,” indicate whether the transfer is between two Huntington accounts or not, and send your funds. If you need to send money to a different bank, then you’ll have to add that bank account to your transfer options.

How To Do A Wire Transfer With Navy Federal

At Navy Federal you’ll start your wire transfer by filling out a “Domestic or International Wire Transfer Form.” You can get one of these forms through a secure emessage, a nearby Navy Federal Branch, over the phone, through a fax, or in the mail.

How To Do A Wire Transfer USAA

USAA lets you send money both internationally and domestically as well. Send wire transfers with USAA by giving them a call, especially if your wire transfer is going to be greater than $10,000.

How To Do A Wire Transfer Through Western Union

Western Union also offers wire transfers in person, online, or through the app. You can also do Western Union money transfers at any Western Union agent location, like Check City! All you have to do is bring the necessary information with you to your nearby Check City Location and a friendly Check City teller will help you send your wire transfer.


Sources


Investopedia. “Wire Transfer,” by Julia Kagan.

Nerd Wallet. “Wire Transfers: What Banks Charge,” by Spencer Tierney.

The Balance. “Key Differences Between ACH and Wire Transfers,” by Justin Pritchard.

Bank of America. “Wire Transfers FAQs.”

Chase. “Wire transfers from Chase.”

Wells Fargo. “Wells Fargo Online Wires: The way to send money when faster is better.”

Huntington. “How to Transfer Money
to Your Huntington Account.”

Navy Federal Credit Union. “Sending a Wire Transfer.”

USAA. “WIRE TRANSFERS: Send money domestically and internationally when you need to.”

Sapling. “How to Wire Money With Western Union,” by Craig Berman.

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