A wire transfer is a quick way to safely move funds from one bank account to another, according to the Consumer Financial Protection Bureau. Unlike money transfer apps like Venmo or Zelle, which can be useful for smaller transactions like splitting a check, this electronic funds transfer (EFT) method is commonly used when you move large sums of money, such as for a down payment on a home, according to Citizens Bank.
Ahead, CNBC Select covers everything you need to know about wire transfers, including how the process works, how long transfers take and any potential fees.
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How to wire money
Choose a provider
Before you start the wire transfer process, you need to choose a provider to handle your transfer. You can go directly through your bank, according to the Federal Communications Commission (FTC), or use another money transfer service, like Western Union or Moneygram.
Regardless of which you choose, transfers can take anywhere between a few minutes to a few business days, depending on the size and destination of the transfer. Generally, domestic wire transfers are processed on the same business day, while international transfers are the ones that take a little longer, according to Wells Fargo.
Gather the information
After deciding on a provider for the wire transfer, gather all the information it'll require to make the transfer. In addition to the funds themselves, the FTC explains that you'll likely need the following information:
- Your government-issued ID or online bank account access
- Your bank account number
- Recipient's full name and address
- Recipient's bank account number
- Recipient's ABA number (wire transfer routing number) for domestic transfers; SWIFT code for international transfers
- Name and address of recipient's bank
These requirements may vary from bank to bank and may depend on the delivery method.
Since wire transfers typically can't be reversed, to be extra safe, it's recommended to confirm your recipient's account details over the phone. Also, double-check that you're using the correct routing number — banks have separate routing numbers for wire transfers and ACH transfers (i.e. direct deposits from your employer), according to Stripe.
A routing number is a nine-digit code that identifies the financial institution where your account is held. You can find this number on the lower left corner of your checks, bank statements or your online account dashboard, according to the Treasury Financial Experience.
Send the funds
The final step is to initiate the wire transfer. You can do this in person if you use a brick-and-mortar bank, over the phone or online using the bank's website or mobile app, according to Chase Bank. The recipient will receive the money directly into their account or through another delivery method specified when you authorize the transfer. Once a wire transfer is initiated, it generally cannot be canceled or reversed, so confirm that all details are correct, according to Wells Fargo.
After the wire has been sent, you'll receive a receipt confirming the transaction details. It's important to keep this in case any issues arise so that you have proof that the transfer went through, according to the money transfer service Wise.
Wire transfer fees
Regardless of whether you're receiving or sending money, there are often fees associated with wiring money.
Wire transfer fees vary depending on whether the transfer is incoming or outgoing, and whether the transfer is domestic or international. At most major banks, these fees range between $0 and $50, but they vary based on the account you have. Generally, reduced or waived wire fees are offered to customers with premium checking accounts or those with larger account balances, according to Experian.
For example, Bank of America usually charges $15 for incoming domestic wires with checking accounts like Bank of America Advantage Plus Banking®. However, that fee is waived for Preferred Rewards clients (requires a minimum three-month combined average daily balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill® investment accounts).
Bank of America Advantage Plus Banking®
Monthly maintenance fee
$12, with options to waive
Minimum deposit to open
$100
Minimum balance
$1,500 daily balance to avoid monthly maintenance fee
Annual Percentage Yield (APY)
None
Free ATM network
16,000 Bank of America ATMs
ATM fee reimbursement
None
Overdraft fee
$10 per item (max 2 per day)
Mobile check deposit
Yes
Terms apply. Bank of America is a Member FDIC.
Similarly, standard Chase checking customers, such as those with the Chase Total Checking® account, can be charged up to $50 for wire transfers, but there are no wire fees with Chase Sapphire℠ Checking and Chase Private Client Checking℠.
Chase Total Checking®
Annual Percentage Yield (APY)
N/A
Minimum balance to open
$0
Monthly service fee
$12 or $0 with one of the following, each monthly statement period: Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network, OR a balance at the beginning of each day of $1,500 or more in this account, OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
Free ATM network
With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
ATM fee reimbursement
None
Overdraft fee
$34
Mobile check deposit
Yes
Terms apply.
JPMorgan Chase Bank, N.A. Member FDIC
Here's a quick overview of the wire transfer fees at some of the major banks. Check your bank or transfer service provider's website for more detailed information on transfer fees.
Major bank wire transfer fees
| Bank | Incoming domestic transfer fee | Incoming international wire transfer fee | Outgoing domestic transfer fee | Outgoing international wire transfer fee |
| Bank of America | $15 (fee waived for Preferred Rewards Platinum and Platinum Honors members) | $15 | $30 (Preferred Rewards Diamond members qualify for up to two international transfer fee waivers; Diamond Honors tier members qualify for unlimited waivers) | $45 |
| Capital One | $15 (fee waived for all account types except Essential Checking, High-Yield Checking and Essential Savings) | $15 | $30 | $40 |
| Chase | $0 to $15, depending on the account and how the transfer was sent | $0 to $15, depending on the account and how the transfer was sent | $0 to $35, depending on the account and how the transfer was sent | $0 to $50, depending on the account, how the transfer was sent, the currency and transfer amount |
| Citi | $0 to $15, depending on account | $0 to $15, depending on account | $0 to $25, depending on account | $0 to $35, depending on account |
| PNC Bank | $15 | $15 | $25 to $30 | $5 if in foreign currency; $40 if in U.S. dollars; $50 if in person or by phone |
| TD Bank | $15 (fee reimbursed for Beyond Checking customers) | $15 (fee reimbursed for Beyond Checking customers) | $30 (Beyond Checking customers receive one outgoing wire transfer fee waiver per month) | $50 (Beyond Checking customers receive one outgoing wire transfer fee waiver per month) |
| US Bank | $20 | $25 | $30 | $50 |
| Wells Fargo | $15 (fee waived for certain account types) | $15 (fee waived for certain account types) | $25 to $40 | $25 to $40 ($0 if wire is in foreign currency) |
Wire transfer fees can be costly if used for small transactions like paying a friend back for dinner or splitting a taxi ride, according to Credit Karma. If you need to send a relatively small amount of money domestically to someone you trust, consider using a peer-to-peer payment app like Venmo or Zelle. Transfers using these apps typically occur in minutes and are usually free when sending funds from a bank account.
Venmo
Cost
No charge for sending money from a linked bank account, debit card or your Venmo account; a 3% fee for sending money using a linked credit card
Transfer speed
Instant transfer to Venmo balance; 1 to 3 business days for direct deposit (free) or instant transfer to your bank account for 1% fee ($10 max)
Standout features
Links to popular apps; social features to interact with your friends' payments (including stickers and emojis); Venmo debit and credit cards
Links to accounts
Yes, bank and credit cards
Availability
Only available in the U.S. and only compatible with U.S.-based bank accounts and phone numbers; compatible with iOS & Android
Security features
Multi-factor authentication when signing in; QR code readers to make sure you link to the correct user account before you send money
Terms apply.
Zelle
Cost
Free (but check with your bank to ensure it doesn't charge an additional fee)
Transfer speed
Instant: transactions typically occur in minutes when the recipient's email address or U.S. mobile number is already enrolled with Zelle
Standout features
No need to download an extra app; Zelle is already included with most mobile banking apps
Links to accounts
Yes, to U.S. bank accounts
Availability
iOS and Android; must have U.S. bank account linked to an email address or compatible U.S. phone number
Security features
The Zelle app uses authentication and monitoring features to make your payments more secure
Terms apply.
Avoiding wire transfer scams
A wire transfer is much safer than packing cash into an envelope and plopping it in the mail, according to the Island Federal Credit Union. However, like sending cash through the mail, once it's out of your hands, it's very hard to track the money or to get it back, according to Wise.
Wire transfers are commonly used by con artists, according to the Washington State Attorney General. Similar to gift card scams, criminals may pose as authority figures, like a bank or a trusted person, and convince their victims to wire them funds, an almost irreversible payment, according to the FTC.
If a third party joins an email chain between you and an entity you are doing business with and requests a wire transfer, you may be getting phished, according to the U.S. Secret Service. Or, you may be getting phished if a loan service asks you to wire an advance fee in exchange for a guaranteed loan, according to the FTC.
Scams come in all shapes and sizes. The following signs could mean trouble, according to the Office of the Attorney General of Texas:
- You're asked to send someone money unexpectedly
- You're contacted by someone with a weird email address
- You're asked to make payments by wire transfer, cryptocurrency or gift cards
Scammers may try to create a sense of urgency, but the FTC emphasizes that it's important to do your due diligence before sending a wire. One way to protect yourself is by calling the appropriate institution to ensure that any payment request is legitimate. If you accidentally wire money to a scammer, immediately call your bank or wire transfer service and inform them so they can try to stop it, according to the FTC.
Bottom line
Whether you're putting a down payment on a new home or sending a significant amount of money to support a child away at college, wire transfers are a secure way to move money swiftly. Wire transfer fees can sometimes be costly, so if you frequently make wire transfers, try to find an account that waives these fees. Also, double-check all wire transfers to ensure the information is correct and authentic as transfers are usually final.
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