What Info Is Needed for a Wire Transfer?

A wire transfer offers a swift and secure method for electronically moving funds between individuals or businesses, typically through banks. Domestic transfers often process on the same day, allowing rapid access to funds. Wire transfers are generally irreversible once initiated, making accuracy in providing information crucial.

Information About the Sender

The sender must provide personal and account details to their financial institution. This includes their full legal name and current physical address, which helps confirm identity and comply with financial regulations. The bank also requires the sender’s bank account number from which funds will be drawn, along with the official name of the sending bank. For security and compliance, the sending bank may request additional identification, such as a government-issued document, to verify the sender’s identity.

Information About the Recipient and Their Bank

For a domestic wire transfer, precise information about the recipient and their bank is essential. The sender must have the recipient’s full legal name and current physical address. The sender also needs the full name of the recipient’s bank and the recipient’s bank account number. An ABA routing number, a nine-digit code, is required for domestic transfers, identifying the specific financial institution where funds will be received. This routing number is typically found on checks or can be obtained directly from the recipient’s bank. Accuracy in these details is crucial, as incorrect information can lead to delays or misdirection of funds.

Additional Information for International Transfers

International transfers require additional information beyond domestic transfers. A primary requirement is the SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code) for the recipient’s bank. This 8 or 11-character code identifies banks and financial institutions globally, ensuring the transfer reaches the correct bank. For many countries, an International Bank Account Number (IBAN) is also necessary. The IBAN, which can be up to 34 alphanumeric characters, uniquely identifies a specific bank account within a financial institution, directing funds to the precise account.

While the SWIFT code routes money to the correct bank, the IBAN ensures it reaches the right account within that bank. In some cases, details for an intermediary bank might be needed if the sending and receiving banks do not have a direct relationship. International transfers also involve currency exchange, where rates may apply and influence the final amount received.

Verifying Information and Security

Given the irreversible nature of wire transfers, diligently verifying all information before initiating the transaction is crucial. Senders should independently confirm the recipient’s name, address, bank details, and any international codes through a separate, trusted communication channel, such as a phone call to a known number. This verification protects against common fraud schemes like imposter fraud or invoice manipulation, where criminals attempt to trick individuals into sending funds to fraudulent accounts. Senders should be wary of sudden changes to payment instructions or urgent requests. Never act under pressure to send a wire transfer, and always take time to verify the legitimacy of the request, as funds are nearly impossible to recover once sent.