• If you have a checking account with sufficient funds, plus the proper information for your intended recipient, sending a wire transfer across town or across the world is a relatively simple matter. There are usually fees involved, and requests made after a certain time or on weekends may not go out the same day. However, wire transfers are a safe, reliable way of sending money.

    Sending Money With a Wire Transfer

    Each bank will have specific instructions on how to file a wire transfer, as well as its own forms and daily deadlines for same day processing. However, your bank will more than likely only allow wire transfers for funds that have been "collected." This is money that is available for you to withdraw immediately. Checks that have been recently deposited, especially out-of-town checks, will probably not qualify toward the amount of "collected" funds in your account. Pending transactions, such as automatic payments that you have authorized, will also reduce the amount of "collected" funds in your account. The other requirement for a wire transfer is relevant information about the recipient. For domestic transfers, the routing number and account number, along with the name and address of the recipient bank account. The name of the owner of the recipient bank account is also required. If the recipient will be collecting the funds personally instead of withdrawing them from an account, you should specify that the funds be released only with proper identification. Most financial institutions will require proper I.D. before releasing wire transfer funds anyway. The funds from a domestic transfer should be transmitted the same day or the next business day at the latest. For international transfers, more information is needed. Many transfers will be routed through an intermediary bank. You will need the name, routing number and account number of the intermediary bank. In addition, you may need a Society for Worldwide Interbank Financial Telecommunication (SWIFT) code of your bank or the intermediary bank, or both. to complete the transaction. If your bank doesn't have a SWIFT code, that's not a problem; the intermediary bank will have one. If the transfer is being made to a European bank, International Bank Account Number (IBAN) will most likely be required. The recipient should provide this information and you should include it with your wire transfer request. International transfers may take several days or longer to be completed.


    Bank of America: Wire Transfer FAQs

    Pacific Trust Bank: Wire Transfers

    University of Illinois Credit Union: Wire Transfers

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