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How to receive a wire transfer

The best way to move your money at home or abroad.

Banks and money transfer specialists can help you receive a wire transfer. How quickly and how much your transfer will cost depends on the method used and how it’s delivered.

What do I need to receive a wire transfer?

Depending on the sender’s preferred wire transfer service, you may need to submit personal details to receive your money, including:

  • Your full name and address.
  • Your bank account information, including routing and account numbers, for bank-to-bank transfers.
  • Your bank’s IBAN, or BIC/SWIFT code, if it’s an international wire.
  • The amount and reason for the transfer.
  • Your email address for wire transfers using PayPal and similar services.
  • For in-office cash pickups, a branch or storefront location and a tracking number.

Learn how to send wire transfers

MUST READ: Is a bank account necessary to receive a wire transfer?

No, bank-to-bank transactions require depositing your money directly to your bank account. But if you don’t have a bank account, online and storefront money specialists allow your loved ones to send money for cash pickup.

Companies like Western Union allow for cash pickups, while PayPal and similar sites provide intermediary accounts for deposits. To receive a wire transfer, you’ll need to provide the details of these accounts.

What methods can I use for a wire transfer?

How to get a wire transfer depends on how it is sent — a bank, online or in-office transfers.

Bank-to-bank wire transfers

once the transfer is completed, your account should reflect a transaction with the sender’s bank and the amount you’re expecting. Depending on your bank, you might pay a fee to receive your wire transfer, typically automatically withdrawn from your account balance.

In-office wire transfers

For wire transfers through Western Union, MoneyGram or a similar service, your sender typically receives a tracking or money transfer control number (MTCN).

You can use this number to track the progress of your wire transfer to delivery. If you plan to pick up cash at a storefront, you’ll likely need this number to complete a form and receive your money.

Online transfers

If your sender wires money through an online service, you’ll receive an email when the money is credited to your account. Open your account to confirm you received your money.

How long does it take to receive a wire transfer?

How long you’ll wait depends on the wire transfer delivery option your sender chose.

For bank-to-bank accounts, wire transfers can take from one to three days, with delays over weekends or holidays.

In-office wire transfers allow for money transfer deposits or cash pickup in minutes, as do online payment systems like PayPal.

How can I track a wire transfer?

Most money transfer services and online specialists offer end-to-end tracking of your transfers so that you can monitor the progress of your payments.

For in-office wire transfers, the service typically emails notification that your money is ready for pickup or withdrawal. You can often track the transfer using a transaction number provided by the sender.

For online transfers, email notifications are sent to both parties after the money is available in the recipient’s account.

Bank-to-bank wire transfers can often only be tracked from the sender’s online banking account. You can check your bank account from time to time to check if the money is already available in your account.

What are potential drawbacks to a wire transfer with a bank?

You have choices when you need a wire transfer. You don’t have to settle with just a bank — choose from online specialist and in-office transfers.

  • Speed. Banks have layers of networks and bureaucracy that can take up to five days for a typical wire transfer.
  • Limited delivery. Wire transfers are typically bank to bank. If you don’t have an account, some online specialists offer intermediary accounts for delivery from a bank.
  • Cost. Fees can range from $20 to $60 a transfer, sometimes on both ends. If you’re receiving money internationally, you’ll often see high markups on the exchange rate to boot.
  • Limited transfer amounts. Maximum transfer amounts vary widely among domestic and international accounts.
  • Details. ID, forms, in-store requirements — banks simply don’t offer the intuitive process you’ll find with most online specialists.

Bottom line

Wire transfers are a dependable, secure and fast option for getting money from point A to point B. While bank-to-bank wire transfers typically require fees on both ends, money transfer specialists — both in store and online — tend to offer lower fees, faster transactions and tracking for peace of mind.

Learn more about providers in our guide to international money transfer services.

Compare providers that can help you send money transfers

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
1 - 20 of 20
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Dunbridge Financial
24 hours
$0
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Wise (TransferWise)
24 hours
From $0
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Wise (TransferWise)
24 hours
From $0
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
WorldRemit
Within minutes
From $1.99
Use the code ‘4FREEFINDER’ to get 4 free transfers if you are a first time user. Eligible countries only.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
Dunbridge Financial Business
24 hours
$0
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
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Compare up to 4 providers

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4 Responses

    Default Gravatar
    Ma.March 21, 2019

    Maam/sir it is possible that the money from international using wire transfer are long days to reflect in my local bank account?

      Avatarfinder Customer Care
      BellaMarch 22, 2019Staff

      Hi Ma. Gena,

      Thanks for your inquiry.

      Bank transfers can take anywhere from one to five business days to process, and the same goes for online transfers. If it takes more than five business days, you can check with your bank on what could be causing the delay. You may also want to check on what impacts wire transfer speed.

      I hope this helps.

      Kind regards,
      Bella

    Default Gravatar
    SusanOctober 18, 2018

    I have Chase bank & need help with adding a name to my wire transfer, having trouble adding to the wire transfer, I have one on there & need to add another name.

      Avatarfinder Customer Care
      AnndyOctober 21, 2018Staff

      Hi Susan,

      Thanks for your question.

      You can add another Chase wire transfer recipient by following these steps.

      1. Log-in to your Chase account.
      2. Go to Payments & Transfers then scroll down to “Wire Transfer” and select “Add a Wire Recipient.”
      3. You can then enter your recipient’s details in the fields and follow the prompts.

      I hope that helps Susan.

      If you encounter issues in adding another recipient, you may have to contact Chase directly so they can assist you.

      Cheers,
      Anndy

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