A wire transfer is one method of transferring funds. It involves a direct electronic transfer of money between banks or credit unions. If anyone asks for a bank wire, it typically indicates that they want the traditional bank-to-bank transfer.
When to Use
For significant transactions—like buying a home—wire transfers or cashier's checks might be your only options. Why? The short answer is that the funds are available to the recipient more or less immediately.
Businesses that operate using an EIN for tax reporting are eligible to send domestic wires in Business Online Banking. Learn how to send money from the convenience of your home or office.
Wire Transfer Scams
When buying a home, always verify where the money is supposed to be wired—especially if you get wire instructions by email.
Down payments, closing costs, and other wires to a title company or real estate professional can be an attractive target for hackers.
- Your bank account number
- The recipient's name and street address
- The recipient's bank name and address
- The recipient's bank's American Bankers Association number, commonly called an ABA wire routing number (for transfers within the U.S.)
- Outside of the United States, a SWIFT code (Society for Worldwide Interbank Financial Telecommunication) or BIC (Bank Identifier Code)
- Additional bank identifiers may be needed depending on the country of the recipient
- BECU's routing number, 325081403
Wire Transfer Costs
- Domestic Wire Transfer - $25
- International Wire Transfer - $35
BECU charges a domestic wire transfer costs $25, and an international wire transfer costs $35. Both will post as a separate transaction and debited from the same account the wire is drawn on.
Other financial institutions that process the incoming wire may charge a fee. BECU does not charge a fee for incoming wires, or returned wires.
Wire Transfer Frequently Asked Questions
Times vary. Please read carefully.
Wire transfers cannot be done over the phone on Saturdays, but are available in person from Neighborhood Financial Centers.
Domestic wires can take 1-3 business days to be received and processed by the receiving financial institution.
International wires can take up to 14 calendar days to be received and processed by the receiving financial institution.
Any individual or business with a banking account that offers the ability to receive wires. To confirm your recipient can receive wires, have them obtain the incoming wire instruction from their financial institution.
BECU is able to accept both domestic and international wires.
No, the services used to process wires is processed individually by humans from bank to bank and are often faster. Automatic Clearing House transactions are processed in batches often one or two batches a business day through an automatic service than can take up to three business days to complete.
Zelle is a person-to-person transfer with set transition limits and no transaction or processing fees. Wires allow an individual or business to securely send large dollar amounts directly to a recipient's financial institution.
Wire transfers are a secure method of currency transfer. However, like any transaction, the sender of the funds should do their due diligence prior to requesting the transfer.
A few tips to complete prior to requesting a wire transfer:
- Confirm that you have the correct wire instructions for your recipient
- Ensure that you've received the wire instructions from a trusted source
- Ensure that you know the individual or company for whom you're requesting the transfer
- Escrow: Wires for escrow should always come directly from the title company either in-person or verbally. If you receive the escrow instructions via email, always contact the title company directly, using a known phone number, to verify the details. Do not use the information provided in the email until it has been verified.
Once funds are wire transferred to the recipient, they are guaranteed funds. Sending a wire is like sending cash; once the transfer is submitted the funds are guaranteed to the recipient.