What is a bank wire transfer?
Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
No physical money moves between locations. The term “wire transfer” comes from an era when banks relied on telegraph wires for this type of money transfer. A bank wire consists of instructions about who will get the money, including the bank account number and how much the recipient should get.
- Many domestic wire transfers can be completed within 24 hours (especially if transfers occur between accounts at the same financial institution). But international wire transfers may take longer. If you're sending money to another country, it may take as many as five days for the recipient to receive their funds.
- Average Cost of Wire Transfers
Bank Incoming Domestic Outgoing Domestic TD $0-15 $25 US Bank $20 $30 Wells Fargo $15 $30 BB&T $15 $25
- Wire Transfers: What Banks Charge. Banks typically charge for outgoing and incoming wire transfers. Fees range from $0 to more than $30. Wire transfers can be an expensive way to send money from one bank account to another, with average outgoing fees of $25 per transfer within the U.S.
Updated: 28th September 2018