To wire money, you need a government-issued photo ID, the recipient’s full legal name and bank account number, and the receiving bank’s routing number for a domestic transfer or its SWIFT/BIC code (and often an IBAN) for an international one. You also need enough in your account to cover the transfer plus a fee that usually runs $25 to $50, and more once currency conversion and intermediary banks enter the picture. Wires move fast and are difficult to reverse, so accuracy on every field matters more than with almost any other payment method.
Identification the Bank Will Ask For
A driver’s license, passport, or military ID all work at the teller window. Section 326 of the USA PATRIOT Act requires financial institutions to verify the identity of anyone conducting significant transactions, and banks built their Customer Identification Programs around that requirement.1FinCEN.gov. USA PATRIOT Act If you initiate the wire online, you’ll typically go through multi-factor authentication instead of presenting physical ID.
Federal anti-money laundering rules also require the bank to have a residential or business street address on file. If your bank only has a P.O. Box for you, update your records before starting the wire or the request may stall.2eCFR. 31 CFR 1020.220 – Customer Identification Programs for Banks
Recipient Information to Gather Before You Start
Missing or incorrect recipient details are the most common reason wires get rejected or misdirected, and the bank will not fill in the blanks. Collect everything before you sit down at the branch or open the app.
Domestic Wires
For a wire inside the United States you need:
- The recipient’s full legal name, exactly as it appears on their bank account
- The name and address of the recipient’s bank
- The recipient’s account number
- The nine-digit ABA routing number for the receiving bank
The routing number identifies the specific financial institution. Its first two digits correspond to the Federal Reserve district where the bank is located, and the full number is what the Federal Reserve’s system uses to direct funds.3eCFR. Appendix A to Part 229, Title 12 – Routing Number Guide Routing numbers and account numbers are not interchangeable, and a single transposed digit can push your money into someone else’s account.
International Wires
International transfers use a SWIFT code, also called a Business Identifier Code or BIC, instead of an ABA routing number. A SWIFT code runs eight characters and identifies the bank, country, and location; some banks append a three-character branch identifier, making it eleven characters total.4Swift. Business Identifier Code (BIC)
Many countries also require an International Bank Account Number, or IBAN, for incoming wires. An IBAN begins with a two-letter country code and two check digits, then the recipient’s bank and account identifiers, and the total length varies by country up to 34 characters.5Swift. IBAN Registry PDF European and Middle Eastern banks almost universally require one. The United States, Canada, and Australia do not use IBANs, so wires into those countries will not need one. If you send to a country that uses IBANs and leave it off, the wire bounces.
Wiring to a Business
For a company recipient, you provide the business’s legal name, its bank account number, and the same routing or SWIFT details described above. Most business wires go directly into the company’s bank account. For transfers of $3,000 or more where the recipient picks up funds in person rather than through an account, the receiving bank must verify the recipient’s identity and may require a Taxpayer Identification Number or Employer Identification Number.6FFIEC BSA/AML InfoBase. Funds Transfers Recordkeeping
How You Submit the Wire
You can start a wire at a branch by filling out a wire transfer form and signing it, or through your bank’s online or mobile platform. The form asks for every recipient field above, the transfer amount, and a short description of the purpose. Your signature or digital authorization creates a payment order that legally directs your bank to debit your account and transmit the funds.7Legal Information Institute. UCC Article 4A – Funds Transfer
Online submissions typically require a one-time code sent to your phone or email on top of your login password. Some banks set lower dollar limits for wires initiated online than for wires initiated in person, so if you’re sending a large amount, call ahead to confirm the limit for your account type.
Once the bank accepts the request, you get a confirmation with a reference number. Keep it. That number is how you track the wire and the only handle your bank can use to trace the funds if something goes wrong.
What It Costs
The sticker price the bank quotes is rarely the whole cost, especially for international wires.
- Outgoing domestic wire: typically $25 to $35 online, sometimes $5 to $10 more with teller assistance. A few banks and credit unions charge nothing for online domestic wires.
- Outgoing international wire: usually $40 to $50, depending on the bank and whether you send in U.S. dollars or foreign currency.
- Incoming wire fee: the recipient’s bank often charges $0 to $15 for domestic wires and $15 to $25 for international ones, deducted from the recipient’s account or the transferred amount.
- Intermediary bank fees: international wires frequently pass through one or more correspondent banks, each of which can deduct $10 to $30 before passing the payment along.
Wire $5,000 internationally and the recipient may receive $4,900 or less after all the fees in the chain. Some banks offer a “full principal” option: you pay a higher upfront fee so the recipient gets the exact amount you intended. Ask about it before you send.
Currency Exchange Markups
When your wire involves a currency conversion, the bank does not give you the mid-market rate you’d see on Google. Retail customers typically pay a markup of 1% to 3% above the interbank rate, sometimes higher. On a $10,000 transfer, a 2% markup is roughly $200 that never appears as a line item on your receipt. For international remittance transfers, federal rules require your bank to disclose the exchange rate and all fees before you authorize the payment, so read that disclosure carefully.8eCFR. 12 CFR Part 1005 Subpart B – Requirements for Remittance Transfers
How Long the Money Takes to Arrive
Domestic wires sent through the Fedwire system usually arrive the same business day if you submit them before your bank’s cutoff. Fedwire itself operates until 7:00 p.m. Eastern Time, but most retail banks set earlier internal deadlines, often around 4:00 p.m. or 5:00 p.m. ET.9Federal Reserve Financial Services. Wholesale Services Operating Hours Miss the cutoff and your wire goes out the next business day.
International wires take longer, usually one to five business days depending on the destination, the number of intermediary banks, and local banking holidays.10Citi. How Long Does a Wire Transfer Take? Wires to major financial centers tend to clear faster than transfers to countries with less developed banking infrastructure. If your transfer has not arrived within the expected window, give your reference number to your bank and ask them to run a trace.
What You Can and Can’t Undo
Wire transfers do not carry the same protections as credit card or debit card payments. The Electronic Fund Transfer Act, which gives you strong dispute rights for debit card transactions and direct deposits, excludes most wire transfers from its scope. That gap is worth understanding before you send.
For international remittance transfers sent by consumers, federal rules give you a 30-minute cancellation window after you authorize the wire. Contact the bank inside that window and it must cancel the wire and refund the full amount, including fees, within three business days.11Consumer Financial Protection Bureau. Procedures for Cancellation and Refund of Remittance Transfers Your bank may voluntarily offer longer, but 30 minutes is the legal minimum.
Domestic wires fall under UCC Article 4A. You can cancel or amend a payment order only if the bank receives your request before it accepts and processes the order.7Legal Information Institute. UCC Article 4A – Funds Transfer Once the bank has executed the wire, cancellation requires cooperation from the receiving bank, which has no legal obligation to return the funds. Your bank can send a recall request, but if the recipient has already withdrawn the money, the recall usually fails.
Protecting Yourself Before You Send
Wire fraud is one of the fastest-growing financial crimes in the country, and real estate transactions are the prime target. A typical scheme: a scammer compromises a title company’s or agent’s email, then sends the buyer fake wiring instructions that look identical to the real ones. The buyer wires the down payment to the scammer, and the money vanishes within hours.12FBI. Business Email Compromise The scheme, known as business email compromise, hits any wire sent based on emailed instructions, not just home purchases.
The single most effective defense is voice verification. Before you send, call the recipient at a phone number you already have on file or looked up independently. Do not use the number printed inside the wiring instructions themselves, because if the email is fake, the phone number in it probably is too. Confirm the routing number, account number, and recipient name over the phone. If wiring instructions change at the last minute, treat that as a serious warning sign and re-verify everything.
If you realize a wire went to a fraudster, act immediately. Contact your bank and request a recall, then contact the receiving bank and ask them to freeze the funds. Speed is everything. The FBI’s Recovery Asset Team works with banks to freeze fraudulent transfers, and in 2022 it recovered 73% of reported losses from business email compromise wire fraud. File a complaint with the FBI’s Internet Crime Complaint Center at ic3.gov and consider filing with the Federal Trade Commission as well. Include the reference number, the recipient’s bank information, and copies of any communications that led to the wire.13HelpWithMyBank.gov. What Should I Do if a Wire Transfer Is Fraudulent? If the wire was an international remittance and you catch it within 30 minutes, use the cancellation window.