A wire transfer is an electronic payment that transfers funds between bank accounts. Wire transfers can make sending money to other people or businesses convenient. A wire will either be domestic (within the United States) or international (outside the United States). For a wire to be sent, the money must be available in the account from which the funds are coming.
Types of Wire Transfers
Domestic wires will require the customer to know who the wire is being sent to, their name, and their address. Your bank will also need the name and address of the receiving bank, along with the account and routing number for the receiving party.
International wires require additional information depending on where the wire will be sent. For example in most foreign countries there will be a SWIFT (Society for Worldwide Interbank Financial Telecommunications) or BIC (Bank Identifier Code) that will be provided by the receiving bank to ensure funds go to the right place. Contact your local branch for specific information needed for an international wire. It's crucial for the sender to gather as much information as possible about the recipient to minimize the risk of fraud. By being thorough in this process, you can ensure a secure and successful wire transfer.
Remember that once wired funds leave your account they are not retrievable in most cases, so it's important to carefully confirm details such as the recipient's bank account number and contact information when completing a wire transfer. Because scammers often use wire transfer scams to target victims, avoid giving personal information and bank account details to unfamiliar persons or businesses. If you notice an error, contact your bank or wire transfer service immediately to see if they can still help you make an adjustment or cancel.
How long does a wire transfer take?
Domestic wire transfers are typically processed within 24 hours, and international wires typically arrive within 1-5 business days. Keep in mind that wire transfer times can vary due to cut-off times, federal regulations, and impacts to the Bank’s operating hours such as weekends and bank holidays. Each bank will likely have a similar cut-off time, usually between 3pm-5pm, because banks need a specific deadline to process electronic transactions throughout the day. Understanding these factors can help you plan your transfers effectively.
If you are concerned with any delays (as a sender or recipient), you can reach out to the bank to see if they are able to trace the wire. Tracing a wire involves the bank investigating the transfer to find any updates on processing time or to confirm the recipient's account details.
Have questions or need assistance?
If you have questions about this topic or need assistance with your banking needs, please speak to one of our knowledgeable staff at your local Bar Harbor Bank & Trust branch. We’re here to help you build a solid financial future.
