What Info Does Someone Need to Wire Money?

Wire transfers move money electronically between bank accounts. Funds transfer directly from one financial institution to another, often completing domestic transactions within a single business day and international ones in a few days. Accurate information is crucial, as errors can cause significant delays or misdirection of funds.

Information for Sending a Domestic Wire

Sending a domestic wire transfer requires precise details about the recipient and their financial institution. You need the recipient’s full legal name exactly as it appears on their bank account, along with their complete physical address.

You also need specific banking information for the recipient’s account. This includes the full name of their bank, its complete physical address, and its American Bankers Association (ABA) routing number. The routing number identifies the recipient’s specific bank branch for domestic transfers. The recipient’s full bank account number must be provided.

Information for Sending an International Wire

International wire transfers require additional information beyond domestic wires. All details required for a domestic transfer—such as the recipient’s full name, address, bank name, bank address, and account number—are still necessary.

For international transfers, a crucial identifier is the Society for Worldwide Interbank Financial Telecommunication (SWIFT) code, also known as a Bank Identifier Code (BIC). This code identifies the recipient’s bank globally. If the recipient is in a country that uses the International Bank Account Number (IBAN) system, such as many European nations, their IBAN will be required. The IBAN is an alphanumeric code that precisely identifies a bank account for international transactions. You may also need to specify the currency of the transfer.

Information for Receiving a Wire

To receive a wire transfer, provide the sender with specific information about your bank account. Obtain this information directly from your financial institution. You need to give the sender your full legal name, exactly as it appears on your bank account, and your complete physical address.

You must also provide your bank’s official name and its full physical address. For domestic transfers, give the sender your bank’s ABA routing number. For international wires, provide your bank’s SWIFT/BIC code. If the sender uses IBANs, you may need to provide your IBAN. Your full bank account number is always required.

Initiating a Wire Transfer

Once all the necessary recipient and bank details have been accurately gathered, you can proceed with initiating the wire transfer. Most financial institutions offer several convenient methods for this process. One common approach is through online banking portals, where you navigate to the wire transfer section, select the appropriate option (domestic or international), and carefully input all the previously collected information into the designated fields. After entering the details, you will typically review a summary page to verify accuracy before confirming the transaction.

Alternatively, you can initiate a wire transfer by visiting your bank branch in person. A bank teller will assist you, providing the necessary forms to complete with the recipient’s information and your own. This method allows for direct assistance and clarification of any questions you may have.

Some banks also permit wire transfer initiation over the phone; for this, you should have all the recipient’s and bank’s information readily available to provide to the representative. Regardless of the method chosen, it is crucial to meticulously verify all details before final submission to prevent errors.

After initiation, you will usually receive a confirmation number, and the funds typically process within one to five business days, with associated fees ranging from approximately $15 to $50 for domestic transfers and $30 to $80 for international ones.