How to Wire Money: Step by Step

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 Oakland, California.

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Wiring money can be a fast way to move large amounts of money — thousands to tens of thousands of dollars, or more — within the U.S. and abroad. You can usually send much larger amounts with wire transfers than when using a peer-to-peer payment app, which might have significantly lower sending limits, require a bank account or debit card, and not allow international transfers. Here’s a quick tutorial on how to wire money.

1. Decide which provider to use

Both 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. may be processed the same day, but expect international ones to take at least a few days.

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 typically can’t be reversed, so always make sure you have the correct information and that you’re sending to the correct account number, and never send funds to anyone you don’t know well. The Federal Trade Commission has tips on how to avoid wire transfer scams .

» How much will it cost? See our guide to how much banks charge for wire transfer fees

SoFi Checking and Savings

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

EverBank Performance℠ Savings

Barclays Tiered Savings Account

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.

on Wealthfront's website

Wealthfront Cash Account

on Betterment's website

Betterment Cash Reserve – Paid non-client promotion

*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.

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.

Marcus by Goldman Sachs High-Yield CD

4.70% APY (annual percentage yield) as of 08/30/2024

Federally insured by NCUA

Alliant Credit Union Certificate

Annual Percentage Yield (APY) is accurate as of 08/20/2024

Discover® Cashback Debit

Chase Total Checking®

Deposits are FDIC Insured

Chime Checking Account

Discover® Money Market Account

2. Gather the information

If you’re using a bank to transfer money, you’ll likely need the following information handy:

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.

You should always check with the bank or other provider you’re using to see if they have more specific requirements.

Within the U.S., this is a nine-digit code, which can be found at the Federal Reserve Banks site or by asking the recipient (they can find their routing number on their bank’s website or their check).

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.

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 or through a mobile app, by phone or at a bank branch or the provider’s retail locations. 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, according to a December 2022 NerdWallet survey. 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, understand 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). Generally, transfer providers must give that information to you both before and after you pay for the wire.

5. Fill out the form carefully

Whether you speak with a bank teller or fill out a form online, be precise with the information you provide. A misspelled name or a missing digit can prevent the recipient from getting the money, and it’s unlikely you’ll be able to get the money back. Wiring money is similar to sending cash — once you’ve authorized the transfer, it's very difficult to get back.

6. Save the receipt

Get confirmation of the transfer in a receipt, which should include contact information for the wire transfer provider, the transfer date, the date the funds will be available and the name of the recipient. save the receipt and refer to the specific transfer if any issues arise.

A wire transfer fee typically costs $25 within the U.S. and $45 for an international destination.

Yes, you can wire money online or with a mobile app, through a bank or through a nonbank money transfer provider.

No. Zelle uses different systems to transfer money. Depending on the banks involved, Zelle uses Automated Clearing House transfers, which are processed in batches a few times a day, and real-time payment to send money from one bank account to another. ACH and RTP transfers are different from wire transfers.

wire transfer fee

typically costs $25 within the U.S. and $45 for an international destination.

online or with a mobile app, through a bank or through a nonbank money transfer provider.

No. Zelle uses different systems to transfer money. Depending on the banks involved, Zelle uses Automated Clearing House transfers, which are processed in batches a few times a day, and real-time payment to send money from one bank account to another. ACH and RTP transfers are different from wire transfers.

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Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times. See full bio.

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