What Information Do You Need for a Wire Transfer?

A wire transfer offers a reliable method for moving funds electronically between bank accounts, often across different financial institutions. This system ensures money is sent directly from one bank to another, making it a preferred choice for transactions requiring swift and certain delivery. Wire transfers are utilized for substantial payments, such as real estate closings or large business transactions, because the funds are irreversible once sent.

Required Information for Domestic Wire Transfers

Sending a domestic wire transfer requires precise details about the recipient to ensure the funds reach the intended account. The recipient’s full legal name, exactly as it appears on their bank account, is necessary for proper identification. Additionally, the recipient’s complete physical address, including street, city, state, and zip code, helps confirm their identity and location.

Information about the recipient’s bank is also needed for directing the funds correctly. This includes the full legal name of the recipient’s bank and its physical address. The routing number, also known as the ABA number, is a nine-digit code that identifies the specific financial institution within the United States.

Finally, the recipient’s bank account number is required for depositing the funds into the specific account. This unique number pinpoints the exact destination for the money. Providing all these details accurately helps facilitate a smooth and successful domestic wire transfer.

Required Information for International Wire Transfers

International wire transfers build upon the domestic requirements by adding specific identifiers for global banking networks. One such identifier is the SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as a BIC. This code uniquely identifies the recipient’s bank in the global financial system, directing the transfer to the correct institution across international borders.

Many countries, particularly in Europe, require an International Bank Account Number (IBAN) for international transfers. The IBAN is a standardized numbering system that identifies a specific bank account in a particular country, ensuring accuracy when funds cross national boundaries. It consolidates bank and account information into a single string of alphanumeric characters, simplifying cross-border transactions.

An intermediary bank may be required to facilitate the transfer between the sending and receiving banks, especially if they do not have a direct relationship. If an intermediary bank is involved, its SWIFT/BIC code and sometimes its name and address are also needed.

Information to Receive a Wire Transfer

To receive a wire transfer, you must provide the sender with specific details about your bank account. You will need to give your full legal name as it appears on your bank account and your complete physical address. This information helps the sender and their bank verify your identity and ensures the funds are directed to the correct individual.

You also need to provide your bank’s full legal name and its physical address. For domestic transfers, you must give your bank’s nine-digit routing number. For international transfers, you will need to provide your bank’s SWIFT/BIC code.

Your bank account number identifies the specific account where the funds will be deposited. If you are receiving an international transfer from a region that uses IBANs, you might also need to provide your IBAN.

Initiating Your Wire Transfer

Once all necessary recipient and bank information is gathered, you can initiate the wire transfer through several methods. Many financial institutions offer an online banking portal where you input recipient details, review the transaction for accuracy, and confirm the transfer, often with a two-factor authentication step.

Alternatively, you can visit a bank branch in person to complete the wire transfer. At the branch, you will fill out a wire transfer request form with recipient information and present a valid form of identification. Bank representatives assist in processing the request and can provide a confirmation of the transaction. Some banks also permit initiating wire transfers over the phone, though this involves security verification questions to protect your account.

Banks charge a fee for sending wire transfers, which can range from $20 to $50 for domestic transfers and $35 to $80 for international transfers. These fees are deducted directly from the amount sent or from your account balance. Domestic wire transfers are processed on the same business day, while international transfers can take between one and five business days to complete. After initiation, banks provide a confirmation number, allowing you to track the status of your transfer.