How long does wire transfer take
How long does wire transfer take
How long does a wire transfer take?
Adam Rozsa
But first, how about an alternative option? With Wise, you can send money faster and save up to 7x on fees compared to international wire transfers.
Domestic wire transfer time
If you’re wiring money domestically, the funds will usually process within 24 hours. This is due to the Expedited Funds Availability Act (EFAA) which requires financial institutions to process domestic wire transfers in a single business day.¹
International wire transfer time
On average, a global wire transfer may take between one and five business days to process. A factor which can also influence the speed of your transfer are cut-off times. This means that banks will only process your transfer if your wire request comes before a certain cut-off time. Here you can see the international wire cut-off times for major US banks:
| Bank | International Wire Cut-Off Times |
|---|---|
| Bank of America | 5pm ET |
| Citi | 5:15pm ET |
| Wells Fargo | 5pm ET |
| Goldman Sachs² | 4pm ET |
| Brex³ | Usually 5pm ET |
| Chase | 4pm ET (Personal Banking), 5pm ET (Business Banking) |
Why do wire transfers take so long?
There are a few other factors that can affect the speed of a wire transfer, causing you delays. Here is a look at a few of the main reasons why a wire transfer can take some extra time:
Errors
Sometimes it can happen that the information provided in the wire transfer request is incorrect. A delay or lost transfer can occur if key details such as the recipient’s full name, account number, SWIFT/BIC code are not precise.
If you notice a delay, you can request that your bank traces the wire through its unique IMAD/OMAD identification number. The resulting information will show the progress of the transaction across each important stage. If the wire transfer went to the wrong account, you will be aware of the details.
Timing
Wire transfers can also depend on timing. For example, most banks will not process wire transfers over the weekends. Different countries also operate with different weekends, which can add further delays.
Also, check the official holidays of the region you’re wiring money – banks are usually closed on these days. Time zones can also play a part, especially if you are sending wire transfers to a region located in a distant time zone.
Different policies
Banks sometimes have varying processing times due to their policies. Some banks will be slower than others, so it is something to consider before choosing one: for example, if you have to send the wire transfer through intermediary banks, then these extra steps can lead to slower transfer times.
Destination
Lastly, the destination country can also impact processing times. Certain jurisdictions will have stricter regulations in place than others which can cause delays. This includes extensive anti-money laundering and fraud checks. There will also be some countries that are slow when it comes to wire transfers, such as Afghanistan and India as sending funds to these countries can often take weeks.⁴
An alternative to wire transfers
If you’re looking for something faster and cheaper than wire transfers, it might be time to look at alternative options. Wise is one of the best ways to speed up the entire process, it’s easier to use and can save you up to 8x on fees. Right now, 45% of our transfers are instant money transfers.
Wise changes the world of money transfers in a fast, fair, and transparent manner. This is possible because Wise has bank accounts in all over the world, linked together by a smart technology. Payments do not have to cross borders, saving you hefty international fees.
Getting started with Wise couldn’t be easier, with the sign-up process taking only a matter of minutes. To send money abroad, you just need the local bank account details of the recipient and Wise will use the real exchange rate. There is just a small upfront fee, with no hidden costs. This way you can have a secure, cheap, and fast method to send funds all over the world.
All sources checked on 18 February 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
How long does an international wire transfer take?
Adam Rozsa
Generally, if you request a transfer before your bank’s cut off date, an international wire transfer typically should arrive within 1-5 business days. In some cases, receiving an international wire transfer can take longer, but more on that later.
To send and receive money quicker internationally, Wise can be a great option. Our mission is to build instant transfers for everyone, everywhere – and you can also save up to 6x as you’ll get the mid-market rate and only pay a small and transparent fee.
How long does it take to make an international wire transfer? Is there an average time?
A wire transfer is usually not instant, however, as long as you make your transfer request on a business day before your bank’s cut off time, it should be processed same day.
Otherwise, it will likely be processed the following business day. Funds for the transfer and any transfer fees are usually deducted from your account at the time the wire transfer is processed.
But just because your bank processes an international wire on that business day doesn’t mean it will arrive to your international recipient’s bank account that same day.
Many sites quote that an international wire should normally arrive within 1-5 business days. But there are many factors that can add time to your transfer. More on those factors later.
So, how long it will take the bank to process and send out your transfer again depends on the bank and its specific policies, as bank wire transfers will only be processed on business days if they are requested before the bank’s cut off time.
Those cut off times will vary but, below, you can find the international wire cutoff times for some of the most popular US banks.
| Bank | International wire cutoff times |
|---|---|
| Bank of America | 5 PM Eastern Time (EST) |
| Chase Bank | 4 PM Eastern Time (EST) |
| Bank of America | 5 PM Eastern Time (EST) |
| Citibank US | 5:15 PM Eastern Time (EST) |
| Goldman Sachs | 4 PM Eastern Time (EST) |
| US Bank | 4 PM Eastern Time (EST) |
| Wells Fargo | 5 PM Eastern Time (EST) |
| 💡 Wondering if you can track your wire transfer? Find out everything about this here: How to track an international wire transfer. |
|---|
How long does an international wire take with Wise?
Wise transfers work a bit different from normal banks. Its smart new technology connects local bank accounts all over the world, which nearly always translates to lower costs and instant money transfers.
Right now, 45% of our transfers are instant, and our mission is to build instant money transfers for everyone, everywhere.
Plus, with Wise, you can save up to 6x compared to traditional banks – there are no markups, hidden fees, intermediary banks involved.
You can find your money’s estimated arrival time when you go to the Wise home page and put in:
It takes just minutes to open a free account. Why not just start today?
What information do you need to send a wire transfer?
Before making your transfer request, make sure to gather some necessary information. While this will vary from bank to bank, in general, you should expect to need to know:
How long does it take to receive money from overseas?
Funny enough, it’s the receiving end of an international wire transfer that can often take the most time. In our increasingly digital world, most banking transactions take place online, so you’d think a wire transfer could be done instantly, right? Not quite.
But why can’t international wire transfers be instant?
So banks can do their part to prevent fraud.
| 🔔 Can international bank transfers take longer than 5 working days? |
|---|
| If there was a fraudulent transfer, there’s little hope that the funds can be recovered once a transfer is completed. That’s why wire transfers – both domestic and international – are done in a series of steps that are often purposefully slowed down. And that’s why, in part, once you send an international wire transfer, it can take up to 5 business days, or in some cases even longer, for the funds to be available in the recipient’s account. |
Once an international wire transfer is initiated, funds are deducted from the sender’s account. Instructions or the transfer are then normally moved through the SWIFT network, passing through even up to 3 intermediary or correspondent banks before finally landing at the final destination.
Once the funds arrive at the recipient’s bank, there can still be processing time on that end of the transfer that holds things up. Which means it can take even longer for the transfer amount to actually appear as usable funds in the recipient’s bank account – even if the money’s already there.
And that’s for an international wire transfer in which everything goes smoothly. There are many other factors that can slow a transfer.
Why is my wire transfer taking so long?
There are a number of factors that could delay an international wire transfer. Some of them are outside of your control, but others can be mitigated with careful planning.
Recipient detail errors
One of the most common issues that slow a transfer down is actually one that could be well within your control. And that’s making sure that your beneficiary’s bank details are correct.
If you’re sending money internationally through your bank, make sure the information you provide is accurate. Including any intermediary banks, SWIFT/BIC codes, account numbers, names of your recipient and their bank, and any additional payment instructions necessary. Any errors in the information provided could result in a delayed or lost transfer – a hassle nobody wants to deal with.
If you’re sending money through Wise, for example, you’d generally need local bank account details rather than international ones. So making sure you’ve got the right set of information will go a long way to ensuring your money gets there fast.
Bank holidays
In order to make sure your international wire transfer arrives at its destination as quickly as possible, you’ll want to be aware of bank holidays both in your country and in the recipient’s country. Banks may be open in your country, but the recipient’s country may have different bank holidays.
Some countries shut down banking systems for major holidays, a week at a time. Which means, depending on when you send the money, there could be no open bank to process the transfer on the receiving end. Careful planning can help avoid this kind of a situation.
Weekends
Similarly, weekends could delay your transfer. Though banks are closed in the US on Saturday and Sunday, the weekend isn’t the same all over the world. For example, in many Middle Eastern countries like the UAE or Egypt, the weekend falls on Friday and Saturday. Which means you’ll want to make sure you plan your transfer so you’re sending it on a business day.
And, if possible, request your transfer at the beginning of the work week, so it has time to arrive and be processed in the recipient’s country before the weekend hits and holds the process up.
Currencies involved
If the wire transfer needs to be received in a different currency than the one you’re sending it in, it’s possible this can hold up processing times. Unfortunately, there’s not much you can do about this, unless your bank will allow you to send the transfer in the recipient’s home currency. Or you use an alternative service like Wise where the conversion can often happen instantaneously.
| If you need to pay suppliers or employees abroad, a late transfer can impact your business. Wise Business is here to help. You can send money in multiple currencies with ease, and transfers can arrive in less than 20 seconds. |
|---|
Timezones
Midday in the US is the evening for Europe. Or, on the flip side, the prime of the business day in much of Asia is when the US is sleeping. Which means that you may need to do some fancy calculations to time your transfer right. Even if your business day is open in America, that doesn’t mean India’s banking system is awake and working.
How you pay for your transfer
Generally, if you’re sending money through your bank, then payment for a wire transfer is simply deducted automatically from the account from which the transfer funds are withdrawn.
However, many banks and services like Wise, give you other options to pay. For example, a transfer paid for via debit card will be faster than a bank debit (ACH) or even domestic wire transfer on Wise.
The bank or company facilitating the transfer
Some banks and transfer services are just faster than others. There’s not much you can do to change this, but before committing to a service, look for an estimate for how long your transfer will take.
If you’re in a rush to get your money to its destination, you might be able to shop around for a faster service. If you aren’t satisfied with your bank’s transfer times, consider an online money transfer service like Wise. Wise may be able to transfer your money faster, and without many of the fees that typically come with a traditional bank transfer. Right now, 45% of our transfers are instant money transfers.
The number of intermediary / correspondent banks
Your bank may have a direct line of communication with your recipient’s bank. If that’s the case, you’re in luck. If that’s not the case, though, depending on your bank and your recipient’s bank, it could take up to 3 intermediary banks to help your money along its way. And that takes time.
The destination country
Some countries have slower banking infrastructures than others, which means it can take time for banks to communicate with one another and send money to its final destination. Other countries may have steeper regulations that cause payments to go through rigorous fraud prevention methods that may slow them down further.
Anti-money laundering and fraud regulations
In an effort to fight global terrorism and fraud, banks and financial institutions have to follow strict regulations and laws set out by local and international governing bodies. Which means that, despite both you and your bank’s best efforts, there may be times when some payments may need to go through a few extra checks. Unfortunately, if that happens, there’s often little to no information that institutions can legally provide you during that process. Which not only causes confusion and frustration on the customer part, but can significantly slow down speed.
No matter your reason for making an international wire transfer, waiting and wondering when the money will arrive can be one of the most nerve-wracking parts. Hopefully, this guide gave you a better idea of what to expect and, more importantly, showed you what you can do to ensure your wire makes it to its destination in a timely fashion.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
How Long Does a Wire Transfer Take?
By John Csiszar
Most wire transfers between domestic U.S. bank accounts are completed within 24 hours, while international wire transfers can take one to five business days. But not all wire transfers are created alike. A number of different variables can affect the speed of a wire transfer. Although some of these variables are beyond your control, others can be manipulated to make your wire transfer faster.
Here’s an overview of how wire transfers work — from how to send and track them to how to speed up the process.
What Factors Affect the Speed of a Wire Transfer?
Wire transfers don’t all move at the same speed. Here are the three primary factors affecting the speed of a wire transfer:
Time the Transfer Was Made
The time of day when you submit your wire transfer paperwork is the variable you have the most control over in terms of speeding up the process. Each financial institution sets its own cutoff time for wire transfers. For example:
Capital One Bank has a wire transfer cutoff of 2 p.m. ET Monday through Friday (except national holidays) for same-day transfers.
Citibank has a cutoff time of 5:15 p.m. ET for international transfers and 6 p.m ET for domestic transfers.
If you file your paperwork before the deadline, your wire transfer will go out the same day. If you fail to meet the deadline, your wire transfer typically won’t go out until the following business day.
Location of Recipient
Domestic wire transfers can usually be completed rapidly — particularly if you’re sending funds within a single institution. International transfers typically take longer, partly because the receiving banks often slow down the process to help guard against fraudulent transactions.
Additionally, some countries are labeled “slow-to-pay” since they take longer to process financial transactions. Some of the “slow-to-pay” countries include Argentina, Brazil, Cambodia, China, Indonesia and Russia.
How the Bank Transfers Funds
There are different ways to send a wire transfer, and each can affect the speed of the process. Here are the three most commonly used wire transfer methods:
FedWire
FedWire is often the fastest method, but it is reserved for large amounts and time-sensitive transactions. This option is only available for domestic wire transfers, but they can often be processed immediately. You’ll still have to wait for all the paperwork to be in order and approved before the FedWire can be sent, however. Once a wire is sent by your bank through FedWire, it can be available immediately on the receiving end, particularly if it is received by the same bank.
CHIPS
CHIPS is the acronym for Clearing House Interbank Payments System. Under this system, multiple wire transfers are grouped into batches and sent in a large transaction. Since the wires are sent as a group rather than as individual transactions, there might be a slight delay compared with FedWire transfers.
SWIFT
SWIFT is the primary system used for international wire transfers. SWIFT transfers are sent via intermediate banks before reaching their final destinations. As a result, bank cutoff times and other administrative factors might delay transfers.
What Do You Need To Send a Wire Transfer?
Wire transfers are a preferred method for sending large or important money transfers because they are secure. To send a wire transfer, you’ll need to provide extensive information about the recipient to ensure proper delivery. Typically, this will include the following:
Some banks may request additional information, such as the reason for the transfer.
How To Track a Wire Transfer
One of the many benefits of a wire transfer is that you’re given a Federal Reference Number that uniquely identifies your transaction. You can use this reference number to track the status of your wire transfer and see if it went through. At any time, you also can see the current location of your funds or where they were deposited.
How To Cancel a Wire Transfer
Overall, a wire transfer is a speedy, secure way to send money to another bank account — particularly if it’s a large amount. Wire transfers are often used for real estate purchases and similar transactions that are time-sensitive and typically run into the tens of thousands of dollars or more.
Keep In Mind
In rare instances, a wire transfer will end up in the wrong account. This is usually due to incorrect information entered on the wire transfer paperwork. If need be, you can send a recall wire to get the money back if it was deposited into the wrong account. If you change your mind about the wire after it is sent, you can also contact your bank to cancel the process.
Banks can vary in terms of the speed and cost of wire transfers, so shop around to find the best institution for your needs.
Information is accurate as of Nov. 5, 2020.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
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About the Author
John Csiszar
By John Csiszar
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How Long Does a Wire Transfer Take?
There are multiple ways to send money. In the past, you may have written a check. But these days, you can transfer money electronically through various payment systems, including apps like PayPal and Venmo. You could also wire money to a checking account. Wire transfers are fast, typically done within three days in the U.S., and secure. These institution-to-institution transfers are often used for large amounts of money or to send funds abroad.
If you want some help managing your money, a financial advisor can work with you to create a financial plan for your short- and long-term goals.
How Wire Transfers Work
Back in the day, wire transfers happened through telegraph wires. That’s where the phrase wire transfer comes from. These days, wire transfers involve the electronic movement of funds between different banks and credit unions. Since the term wire transfer is essentially a catch-all phrase, it may also refer to the wiring of money through a non-bank transfer service such as MoneyGram or Western Union (instead of just bank-to-bank transfers).
You can wire money domestically through the Federal Reserve Wire Network (Fedwire) or the Clearing House Interbank Payments System (CHIPS). If you need to send money internationally, you can do so through CHIPS or the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
When you wire funds, you’re not transferring actual cash from one financial institution to another. Since wire transfers are electronic, a bank can complete the transaction if it has specific information regarding who the recipient is and how much money he or she can expect to receive. After the transfer takes place, the funds are available fairly quickly.
How to Wire Money
To wire money to another person through a bank-to-bank transfer, you’ll need certain details, including your bank account number and the recipient’s name, bank account number and routing number. You’ll also need information about the recipient’s bank, such as its name and address. If you’re sending money internationally, you may need to ask the recipient for a SWIFT code. If you need assistance, you and your recipient may need to contact representatives from your respective banks.
Generally, you can wire money to a bank online, over the phone or in person. Be prepared to provide your bank with specific instructions, including how much money you want the recipient to receive. Since you or the bank teller will likely need to complete a form in order for the transfer to occur, you’ll need to ensure that the information you’re providing is correct. After all, you want to make sure your money is successfully transferred to the right person!
If you’re transferring money through a non-bank money transfer service like MoneyGram, you’ll need to find out how the wiring process works. In some cases you may not need a bank account in order to complete the transfer. Generally, using these types of services involves paying cash in person. Once the transaction is complete, the recipient typically gets to walk away with money he or she received.
How to Have Funds Wired to Your Bank
If you’re the recipient in a wire transfer, you’ll need to make sure the person sending you money has your bank account number and routing number. It’s also a good idea to contact someone who works at your bank or credit union or check online. You may need to follow a specific set of instructions or provide the payee with additional details.
How Long Do Wire Transfers Take?
Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.
If you’re sending money to another country, however, it may take as many as five days for the recipient to receive their funds. To find out exactly how long it’ll take to receive funds from a wire transfer, you’ll need to check with your bank or credit union. If you’re in a rush, you can find out if there’s a way to expedite the process.
Occasionally, there are delays. If the bank sending the funds makes a mistake, a wire transfer may take longer than expected. Holidays can also disrupt wire transfers. Prepare for delays if you’re receiving money from a slow-to-pay country such as Afghanistan or Cuba.
Can You Cancel a Wire Transfer?
Wire transfers are normally final. Once the recipient’s bank accepts the transfer and receives the funds, that’s it. At that point, you likely won’t be able to get your money back. There are a few exceptions, however.
Your wire transfer may be reversible if the bank that initiated the transfer made a mistake. For example, if the recipient received more money than he or she was supposed to, that issue may be resolved.
If you begin a wire transfer but change your mind about sending someone money, you may be able to cancel the transaction. But you’ll need to act quickly. A relatively new rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act says that consumers sending money internationally usually have the right to cancel their wire transfers for free within a 30-minute period.
You can also reverse a wire transfer if the money is taking a long time to reach its destination or goes to the wrong account. For international wire transfers, note that you may also loose money if the currency exchange is lower on the date of the reversal. In either case, make sure to consult your bank for additional fees or terms before sending money.
Bottom Line
How long does a wire transfer take?
Businesses often use wire transfers, also known as remittance transfers, for transactions that are large, critical, or international.
Wire transfers are trusted for their speed and security. You can quickly send money and expect it to arrive in the correct bank account for the correct amount within a day. Wire transfers are frequently used to close business deals or real estate transactions.
What is a wire transfer?
Wire transfers use bank-to-bank connections to exchange funds in a rapid and secure way, no matter your location. They are a fast way to send or receive money electronically. Within the US these transfers take less than 24 hours to clear. International wire transfers usually take two business days, but depending on the destination and when you send the transfer, it can take up to five days.
How do wire transfers work?
Wire transfers are essentially data communicated from one bank or financial institution to another. A communication network is used for this exchange, most likely the Society for Worldwide Interbank Financial Telecommunication (aka SWIFT), but others like Fedwire are common.
The issuing institution will send name, total, and bank account and routing numbers to the receiving institution. When a wire transfer comes into the receiving institution, usually an employee needs to go through a few simple steps to confirm and complete the transfer.
Wire transfers vs. ACH transfers
Sending a wire transfer is faster than an ACH transfer (short for Automated Clearing House). Both involve the bank-to-bank transfer of funds between accounts, but an ACH transfer typically takes 2–3 days and is typically less expensive.
Are wire transfers safe?
Wire transfers are considered safe—as long as you verify the receiving party.
Wire transfers can only be completed by the initiating party, so a wire transfer will never take money from your account or compromise your information without your action.
The only real danger of a wire transfer is that it is essentially irreversible once sent. Wire transfers deliver almost instantaneously and they will reliably arrive in the account you specified. This can be a problem if you provided the wrong information or if you were deceived by the receiving party.
How to submit a wire transfer
Once you have made the decision to utilize a wire transfer take the time to carefully complete the following steps:
The steps may vary depending on the institution, and international wire transfers will include steps regarding currency and clearances in the destination country.
Information required to send a wire transfer
Before you contact your bank to initiate a bank wire transfer, gather the information listed below about your recipient and their bank in order to avoid delays:
Additionally, be prepared with details about the dollar amount to be transferred, the currencies involved (e.g., sending U.S. dollars to be received in Euros), and the reason for your transfer.
An ABA routing number is a nine-digit number established by the American Bankers Association based on the location of a U.S. bank. Some banks have specific routing numbers for wire transfers as well.
An IBAN or international bank account number includes a combination of 34 letters and numbers that help identify countries and branch locations for cross-border transfers.
A BIC/SWIFT code is 8–11 characters used to identify an international transaction at a specific bank.
Pros and cons of wire transfers
Drawbacks of wire transfers include the fees, information and effort required to send the funds, and that the exchange of funds is usually irreversible.
Scammers often target consumers through wire transfers for this reason, so it is important to only conduct wire transfers when you’re certain of the receiving party’s intention.
How long does a wire transfer take?
Wire transfers within the US take less than 24 hours, while international transfers can take up to five days.
There are three main factors that affect the speed of a wire transfer:
1. When you initiate the transfer (time of day matters)
2. Where you’re sending or receiving funds
3. The method of bank transfer
How to track a wire transfer
What do you do when a transfer is delayed or lost?
The tracer will show how and when the transfer was processed between sending, receiving, and intermediary banks, and, most importantly, where it is now. In the unlikely event your wire goes to the wrong account, this is how you can find it.
Domestic & international wire transfers
How long does an international wire transfer take?
Within the US these transfers take less than 24 hours to clear. International wire transfers usually take two business days, but depending on the destination and when you send the transfer, it can take up to five days.
How to cancel a wire transfer
Once initiated, the funds transfer is guaranteed. A transaction can only be stopped if the receiving bank gets a cancellation notice from the sending bank before instructions are processed to complete the transfer.
If a mistake is made by the sending or receiving bank, including duplication of a previous order or the transfer of the wrong dollar amount, they will reverse or adjust a completed transfer.
How much does a wire transfer cost?
Average wire transfer costs
| Domestic outgoing wire transfer | $27 average |
| Domestic incoming wire transfer | $15 average |
| International outgoing wire transfer | $45 average |
| International incoming wire transfer | $15 average |
If you fund a wire transfer through a credit card it is defined as a cash advance. Cash advances will incur fees as well as interest rates, on top of the cost from whatever institution is sending the wire transfer.
A wire transfer fee varies based on the type of account you hold, whether you use online or in-branch services, and whether you transfer funds in U.S. dollars or a foreign currency. The sender pays to initiate the transaction, and the recipient pays to receive it.
Are wire transfers reported to the IRS?
The IRS may be interested in wire transfers made in regular intervals, to individuals without personal or business bank accounts, or in very large amounts. The IRS is able to see any wire transfers through US banks or US citizens, and banks are required to report any suspicious activity they see through wire transfers.
Investopedia reports that international wire transfers are closely watched by multiple international organizations, including the Office of Foreign Assets (part of the US Treasury) control to prevent money being transferred illegally for money laundering or to a terrorist organization, for example.
Alternatives to wire transfers
Wire transfers are not your only option for electronically moving money from one account to another. There are a wide range of tools for managing and transferring funds to meet your exact needs.
The best alternative to a wire transfer is an ACH transfer through a bank’s bill pay or using an online application payment service such as Paypal, Zelle, Venmo, or other similar service.
Banks can also offer wire transfer alternatives, such as depositing cash into the individual’s account at a branch of the bank they use, creating a bank draft, or drawing up a money order. Various methods can be conducted through the mail (money orders, checks, cash mail) but are obviously less secure and very unpredictable.
How to send a wire transfer with Divvy
At Divvy, wire transfers are simple. We automatically detect incoming wires and apply the transfer as immediately as possible (actual timing varies by bank and federal regulations). We don’t charge any fees for wire transfers, though banking fees still apply.
If you need to send a wire transfer through Divvy or have questions about the wire transfer process, reach out to customer service for help.