Send a Wire Transfer | Helpful Tips (2024)

FAQs

What are the best practices for wire transfers? ›

You should verify wiring instructions directly with the payee, preferably by phone, using contact information that is known and reliable. Staff should also verify the bank routing number is correct, and that the bank's location is consistent with where you intend to send the wire.

You can usually initiate a bank-to-bank wire transfer in person at your bank or financial institution's local branch or through your online bank account. You'll usually need to provide the recipient's full name, contact information, and bank account details such as routing and transfer numbers.

Ask the Bank to Waive the Fee

Some banks actually have public-facing fee waiving policies depending on the situation. For example, banks like Chase, TD Bank and Bank of America can all opt to waive wire transfer fees for domestic incoming wires if you have an account with them (in good standing).

In general, wire transfers originating from branch locations are the least risky as fraudsters are generally reluctant to put in a personal appearance. Despite this, it is important that branches have a documented authentication process, including requirements for multiple forms of ID or signature verification.

Do not email wiring instructions. Use regular mail, phone or fax instead. Scrutinize all email correspondence regarding wiring funds: Who is requesting $ and Why are they requesting $. Do not use public domain email accounts (i.e. @gmail.com) for business purposes.

Security Concerns

When realtors send wire instructions via email, they expose their clients to the risk of falling victim to phishing scams or email hacking. Fraudsters can impersonate the realtor and provide fraudulent bank account details, leading clients to transfer funds to the wrong recipient.

Wire transfers are generally safe and secure, provided you know the person who's receiving them.

What Can Someone Do With Your Bank Account and Routing Number? If someone has access to both your bank account and routing number, they could make fraudulent ACH transfers and payments out of your account. In other words, you could wind up being scammed.

What is cheaper than wire transfer? ›

ACH payments are less expensive than wire transfers. ACH payments are generally more secure compared to wire transfers. Wire transfers can be sent internationally, whereas ACH is a U.S.-only network. ACH transactions are ideal for businesses that process payments in bulk.

Generally, it isn't safe to share your bank account information, including your routing number, with anyone you don't know.

If you need to send a wire transfer, use a reputable financial institution with strong security protocols. Encryption technology and two-factor authentication are musts. Before sending any funds, make sure you know who's on the receiving end and double-check all the information provided.

As we've clarified, Zelle relies on ACH payment methods, as opposed to wire transfers. However, the platform also leverages its close connection with network banks to expedite processing making it seem closer to wire transfers in certain applications.

Venmo, Cash App, Google Pay, Zelle, PayPal, and wire transfer are some of the safest way to send money digitally. Money transfer apps are inexpensive and convenient options for paying family and friends. Wire transfers at a bank are ideal for securely sending large amounts domestically or internationally.

The sending bank sends a message to the recipient's bank with payment instructions through a secure system, such as Fedwire or SWIFT. The recipient's bank receives all the necessary information from the initiating bank and deposits its own reserve funds into the correct account.

ACH payments are considered the more secure option for senders as they use the NACHA network. Wire transfer is a less secure system for money senders. Payments are instant and impossible to reverse. Domestic ACH is limited to the United States.