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.
When you need to send or receive money quickly, a bank transfer or a wire transfer might be the right tool for the job. Wire transfers are immediate, reliable, and safe (as long as you're not sending money to a thief).
Wire Transfers
| Service | Description | Fee |
|---|
| Wire Transfer — Incoming Domestic | A wire transfer sent to a Wells Fargo account from a financial institution in the United States. | $15 per transfer* |
| Wire Transfer — Outgoing Domestic | A wire transfer sent from a Wells Fargo account to a recipient account in the United States. | $30 each |
ACH transactions often free, but they are not immediate. A wire transfer, on the other hand, is a direct bank-to-bank transaction that allows you to move money from your account directly into the account of someone else.
How to Wire Money
- Decide which provider to use. Banks and money transfer companies offer wire transfers.
- Gather the information. You'll need your recipient's name, location and bank account information to start.
- Check costs and choose the transfer method.
- Know the fine print.
- Fill out the form carefully.
- Save the receipt.
A wire transfer is used to transfer funds from one bank or financial institution to another. The sending bank sends a message to the recipient's bank with payment instructions through a secure system such as Fedwire or SWIFT. The sender of a wire transfer first pays for the transaction upfront at his bank.
A wire transfer is a way to quickly and safely transfer funds electronically from one bank account to another. With a wire transfer, the recipient has access to the money almost right away, often within the same day for transfers within the United States (international transfers usually take a day or two).
There are ways you can save money while wiring money domestically, with options from Walmart, MoneyGram, Western Union and TransferWise. TransferWise is the cheapest option, offering domestic wire transfers for only $3.
Many major banks impose a per-day or per-transaction wire transfer limit. For example, Chase Bank sets the limit at $100,000 for individuals, but offers higher limits to businesses on request. Citi imposes various amounts depending on the type of account, but it ranges between $1,000 and $10,000 online.
When you need to send or receive money quickly, a bank transfer or a wire transfer might be the right tool for the job. Wire transfers are immediate, reliable, and safe (as long as you're not sending money to a thief).
To send a wire transfer, you'll need the following information:
- Your bank account number.
- The recipient's name.
- The recipient's bank name and address.
- The recipient's bank's American Bankers Association number, commonly called a routing number (for transfers within the U.S.) or Bank Identifier Code (outside the U.S.).
Wire Transfer Instructions
Recipient bank name (the bank that the money is going to) Recipient bank American Bankers Association (ABA) routing number or other code3? Payee's account number at the bank. Any additional information you need to provide (further delivery instructions, etc.)Google Pay lets you transfer money for free using a phone number or email address. You can also cash out for free within minutes from the in-app wallet to a debit card. The maximum is $10,000 per transfer.
Wire transfer fees for Chase Bank
| Incoming wire transfer | Outgoing wire transfer (online) |
|---|
| International wire transfer fees | $15 | $40 |
| Domestic wire transfer fees | $15 | $25 |
Beginning April 24, Walmart will allow someone to send money from one Walmart in the U.S. to another, where it then can be picked up. The transfer takes less than 10 minutes. The fee is $4.50 to transfer up to $50 and $9.50 to send up to $900.
When you transfer money between banks — called an external transfer — there can be fees and it might take days. Some banks and credit unions don't charge for external transfers, but others assess a small fee, typically $10 or less. And this applies only to online transfers.
To send a wire transfer, you'll need the following information:
- Your bank account number.
- The recipient's name.
- The recipient's bank name and address.
- The recipient's bank's American Bankers Association number, commonly called a routing number (for transfers within the U.S.) or Bank Identifier Code (outside the U.S.).
You can Sign in to Online Banking and select the tab to send money to your own account, someone else or a business. You can also make an appointment to send a wire transfer at a local Bank of America financial center. You will be able to review any fees and limits before completing your wire transfer in Online Banking.
