To receive a wire transfer, give the sender your full legal name as it appears on the account, your bank’s name and address, your bank’s routing number, and your account number; for an international wire, add your bank’s SWIFT/BIC code and, where applicable, your IBAN. Domestic wires typically settle the same business day, international wires take one to five business days, and your bank may charge an incoming wire fee even though the sender pays to initiate the transfer.
What to Give the Sender
For a domestic wire inside the United States, the sender’s bank needs four things from you:
- Your full legal name as it appears on your bank account
- Your bank’s name and address
- Your bank’s routing number, the nine-digit ABA number that identifies your financial institution
- Your account number
Check the routing number carefully. Many banks use a separate wire routing number that differs from the one printed on your checks. The safest source is your bank’s website or mobile app, where a wire-specific number is often listed alongside your account details. A single transposed digit can send the money somewhere else, and once a wire settles, getting it back is difficult.
Extra Details for International Wires
International transfers need identifiers beyond the domestic basics. The sender will ask for your bank’s SWIFT/BIC code, an eight- or eleven-character alphanumeric string that identifies your bank on the global SWIFT network. If your bank is in a country that uses the IBAN system, the sender also needs your International Bank Account Number, which runs 22 to 34 characters depending on the country.
Get both codes from your bank directly rather than from a third-party website. A wrong SWIFT code or IBAN can delay the wire or cause the receiving bank to bounce it, with fees deducted for the trouble.
Not every account can receive wires. Most checking accounts can, but some savings and specialty accounts have restrictions, and not all account types are eligible for international wires. Call your bank if you’re unsure before sharing any details.
Fees You May Pay to Receive
The sender pays to initiate the wire, but your bank may charge you a fee to receive one. Many online banks and credit unions waive incoming wire fees. Traditional banks with branch networks tend to charge around $15 for domestic incoming wires and $15 to $25 for international ones, and some charge up to $20 on the domestic side. The exact number lives in your deposit account agreement or on the bank’s fee schedule.
The fee is charged separately from the wire amount. If someone sends you $5,000 and your bank charges $15, you’ll see the full $5,000 deposit and a separate $15 debit.
Intermediary Bank Deductions on International Wires
International wires often pass through one or more intermediary banks on their way to your account, especially when the sender’s bank has no direct relationship with yours. Each intermediary can skim a fee from the transfer as it moves through, typically between $8 and $25 per bank. These deductions happen in transit, so the money that lands in your account may be less than what the sender pushed out. This is common with U.S. dollar wires sent to or from a foreign bank.
If the deposit arrives short by $10 to $50, intermediary fees are almost always the reason. Neither you nor the sender can reliably control which intermediaries the wire routes through, so build a cushion into the amount when a precise figure matters.
How Long the Wire Takes to Arrive
Domestic wires sent through the Fedwire system typically settle the same business day if the sender initiates before their bank’s cutoff. Fedwire itself operates from 9:00 p.m. ET the previous evening until 7:00 p.m. ET, with a 6:45 p.m. ET deadline for third-party transfers. Individual banks set their own earlier cutoffs, some in mid-afternoon and some as late as 5:00 p.m. ET. A wire started after the sender’s cutoff processes the next business day.1Federal Reserve Board. Fedwire Funds Services
International wires take longer because they move through correspondent banks across different time zones. Expect one to five business days, with most arriving within three. Weekends and bank holidays in either country pause processing. A country with strict capital controls or heavy compliance requirements can add another day or two.
Regulatory screening can also cause delays. Banks are required to check wire transfers against sanctions lists maintained by the Office of Foreign Assets Control. If a name on the transfer partially matches a sanctioned entity, the bank holds the funds while it investigates. Most flags clear quickly, but an OFAC-related hold can freeze funds for days or longer depending on the circumstances.2Office of Foreign Assets Control. Office of Foreign Assets Control – Frequently Asked Questions
Tracking a Wire That Hasn’t Arrived
Watch your account through your bank’s app or online portal and turn on deposit alerts if they’re available. When the wire posts, the transaction history will show the sender’s name and originating bank.
If the wire is late, ask the sender for the IMAD number. IMAD stands for Input Message Accountability Data, a unique tracking identifier assigned to every Fedwire transaction. Your bank can use it to trace the wire through the Federal Reserve system and locate where it’s stuck.
For international wires, the SWIFT network’s Global Payments Innovation tracker gives real-time visibility into where a cross-border payment sits at each stage. Nearly 60% of SWIFT gpi payments reach the recipient within 30 minutes, and almost all arrive within 24 hours. If your bank participates in SWIFT gpi, you may be able to see inbound tracking updates as the wire moves through correspondent banks.3Swift. Swift GPI
Wires Are Effectively Final
Once the receiving bank accepts the payment, cancellation or reversal is only possible if the bank agrees to it. Under Article 4A of the Uniform Commercial Code, which governs funds transfers in the United States, an accepted payment order cannot be unwound unless the receiving bank cooperates or a funds-transfer system rule permits it.4Cornell Law Institute. Uniform Commercial Code 4A-211 – Cancellation and Amendment of Payment Order
Wire transfers are also excluded from Regulation E, the federal rule that protects consumers during most electronic fund transfers. Regulation E covers debit card fraud and unauthorized ACH debits, giving you the right to dispute charges and recover money. Wires don’t get those protections. The Consumer Financial Protection Bureau specifically exempts Fedwire, CHIPS, and SWIFT transfers from Regulation E coverage.5Consumer Financial Protection Bureau. 1005.3 Coverage
The practical effect: if a fraudulent party is involved on either end, the legal framework offers far less recourse than a credit card chargeback or ACH reversal. Treat every wire as final.
Fraud Aimed at People Receiving Wires
Because wires are hard to reverse, criminals prefer them, and several common schemes target recipients rather than senders.
Scams That Turn You Into the Sender
The Federal Trade Commission warns about scams where someone sends you money first, then pressures you to wire part of it back. In fake check scams, a check arrives, you deposit it, and you’re asked to wire back a share. The check eventually bounces and you’re out whatever you wired. Overpayment scams follow the same pattern: a buyer “accidentally” overpays for something you’re selling online and asks you to wire back the difference before the original payment fails. Romance scams, prize scams, and family emergency scams work through the same mechanism.6Federal Trade Commission. What To Know Before You Wire Money
Business Email Compromise
If you’re receiving a wire as part of a business deal or real estate closing, business email compromise is the main threat. Attackers hack or spoof an email account belonging to someone in the transaction — a title company, a vendor, an executive — and send altered wire instructions. The address often differs from the real one by a single character. You share your banking details or send money to what looks like the right account, and the funds disappear.
The defense is straightforward. Verify wire instructions by calling the other party at a phone number you already have on file, not one supplied in the email. Ask them to read the account details back to you rather than just confirming “yes, that’s correct.” Any last-minute change to payment instructions should be treated as a red flag until you’ve confirmed it on an independent line.
Taxes and Reporting
Receiving a domestic wire triggers no special tax filing on its own. The money is taxable or not based on what it represents — wages, a gift, payment for services, a loan repayment — rather than how it was delivered. International wires and large transfers can create reporting obligations worth knowing about.
Foreign Gifts and Bequests
If you receive gifts or bequests from foreign individuals totaling more than $100,000 during a single tax year, you must report them to the IRS on Form 3520. The wire itself isn’t taxed; the IRS just wants to know about it. For gifts from foreign corporations or foreign partnerships, the threshold is lower and adjusted annually for inflation ($19,570 in 2024). Failing to file Form 3520 when required can bring a penalty equal to a percentage of the unreported amount.7Internal Revenue Service. Gifts from Foreign Person
Foreign Account Reporting
If receiving international wires means you hold funds in a financial account outside the United States and the combined value of all your foreign accounts exceeds $10,000 at any point during the year, you must file a Report of Foreign Bank and Financial Accounts with FinCEN. This is commonly called the FBAR. It’s separate from your tax return and is due April 15, with an automatic extension to October 15.8Internal Revenue Service. Report of Foreign Bank and Financial Accounts (FBAR)
What Your Bank Reports
Your bank keeps records of wire transfers and may file suspicious activity reports if a pattern looks unusual — multiple large wires from unfamiliar sources, or transfers structured to avoid round-number thresholds. You won’t be notified if your bank files one. Large or unusual wires can draw compliance-department scrutiny, which sometimes delays release of the funds while the bank verifies the transaction.