How to Send a Wire Transfer

A comprehensive guide to sending wire transfers the easy way.

What you need to send a wire transfer

Before you can send a wire transfer, you will need to know:

I’m ready to apply. Now what do I do?

You have a few options for conducting a wire transfer: bank-to-bank, in a money services office, or online.

Bank-to-bank wire transfers
A bank-to-bank wire transfer sends money directly from your bank account to another bank account. For instance, if you are a Chase customer in the United States, you can send money using a Wire Transfer Request Form. With this form, you fill in your information as well as contact and account details for the recipient of your wire transfer.

If you are sending money internationally, you will need to know the Swift Code or IBAN number of your recipient’s bank. Once the Wire Transfer Request Form is complete, you return it to any Chase branch, pay a fee to send the money and receive a receipt of your wire transfer.

Fees vary from bank to bank, but major US banks charge between $14 and $40 for an outgoing domestic wire transfer and between $35 and $65 for an outgoing international transfer. Banks can also keep your wire transfer information secure, allowing you to make multiple payments if needed.

In-office wire transfer
If the person you’re sending money to needs cash fast, an in-office wire transfer is a good option. Western Union is an in-office money transfer service with locations in 200 territories and countries worldwide. Some offices offer debit card services, but most require you to bring the cash amount you want to wire.

At the office, you complete a form with your and your recipient’s information, including the location of the Western Union office where they will be picking up the money.

Then you hand over your money. If your recipient will be picking up the cash in a currency other than your own, be sure to confirm the exchange rate and final amount that will be received. Also consider the wire transfer fee that you will pay — which with Western Union can be as low at $5.

Finally, you will receive a tracking number, which Western Union calls an MTCN (for “money transfer control number”). The person you are sending money to will need the MTCN to pick up your transfer at the Western Union location you’ve specified. Your tracking number can be used to determine when they’ve received the money.

Online transfers
Another option for sending money internationally is online. Services like PayPal have grown in popularity due to fewer fees and the convenience of sending money worldwide.

To send money through PayPal, you will need the email address of the person you are sending money to. (If you are sending money to a business, you may pay a 4% fee.)

To set up a wire transfer with PayPal, you need to create a PayPal account. Then you can attach your bank account, debit card or credit card information to your account. By saving your financial details, you can more easily and quickly send money.

Through PayPal, you can transfer money to another PayPal account or bank account by inputting the receiver’s email address or bank account information. PayPal will email confirmation when the money is sent and also when the money is accepted by the recipient.

What happens next?

After you receive confirmation that your wire transfer is successfully sent, use your tracking number to confirm that it gets to your recipient and they’ve received the money.

If there is any trouble with the wire transfer, you can contact the money transfer service you used — whether a bank, in-office service, or online. Many banks and services offering international wire transfers have 24-hour customer service lines to assist with questions or concerns.

Whether needed often or occasionally, wire transfers are a dependable option to send money internationally — especially when it needs to get there quickly. And when it comes to your money, that’s just the peace of mind you deserve.
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Frequently asked questions about wire transfers

• How safe is a money transfer?

  When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. And if you’re sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.

• Can I receive money through a wire transfer?

  Yes. Your sender would initiate the transaction for deposit or pickup on your end.

• What happens if my recipient doesn’t pick up the money?

  This is a good question to ask your specific bank or wire transfer company, because the process may differ slightly among them. However, generally your money is held for a period of time before released back to your account.

• I was just notified that I won a prize, but that I need to wire a small fee in order to receive it. Should I wire money to somebody that I do not know?

  No. You should never wire money to somebody that you don’t know, or you could fall prey to a wire transfer scam. Often for these scams, you are notified that you’ve won a prize or the lottery, but that you need to first pay a fee to receive it. They can also involve an email from “friends,” often ones traveling abroad, who find themselves in trouble and need money wired immediately. When in doubt, research online to see if others have received such an offer. If you confirm a scam, contact the Federal Trade Commission (FTC) at 877-382-4357 or ftc.gov/complaint.