Making a down payment on a house, funding a brokerage account, settling tax bills, paying school tuition or sending money quickly to family or friends are all common situations for using a wire transfer to get funds into the hands of another person or entity. International wires typically take one to two business days if the wire is sent before the bank’s deadline, according to Bank of America, but they could take longer. Also, providing incorrect information for the wire transfer can cause delays. Sending a wire on a weekend or a weekday after the daily cut-off deadline can affect the speed of a wire. But wire transfer fees are also a source of revenue for banks, similar to the monthly maintenance fees charged on checking and savings accounts.Ī domestic wire could arrive in a few hours or a few days.
Wire transfer fees exist in part because there’s a cost to send money between banks. What you need to know about wire transfers The fee can vary among financial institutions, and a bank may charge a different amount for sending wire transfers than it does for receiving them. The service is usually quick and convenient, although many banks will charge you a fee for sending money this way. You’re essentially transferring the money electronically from your bank account to the bank account of your intended recipient. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.Ī wire transfer is a convenient way of sending money to another party without the need to hand over cash or write a check. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions.
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