How to receive a wire transfer

How to receive a wire transfer

There are multiple ways to send money. In the past, you may have written a check. But these days, you can transfer money electronically through various payment systems, including apps like PayPal and Venmo. You could also wire money to a checking account. Wire transfers are fast, typically done within three days if in the U.S., and secure. These institution-to-institution transfers are often used for large amounts of money or to send funds abroad. Here’s how long wire transfers take, how to wire money, if you can cancel a wire transfer and more.

How Wire Transfers Work

Back in the day, wire transfers happened through telegraph wires. That’s where the phrase wire transfer come from. These days, wire transfers involve the electronic movement of funds between different banks and credit unions. Since the term wire transfer is essentially a catch-all phrase, it may also refer to the wiring of money through a non-bank transfer service such as MoneyGram or Western Union (instead of just bank-to-bank transfers).

You can wire money domestically through the Federal Reserve Wire Network (Fedwire) or the Clearing House Interbank Payments System (CHIPS). If you need to send money internationally, you can do so through CHIPS or the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

When you wire funds, you’re not transferring actual cash from one financial institution to another. Since wire transfers are electronic, a bank can complete the transaction if it has specific information regarding who the recipient is and how much money he or she can expect to receive. After the transfer takes place, the funds are available fairly quickly.

How to Wire Money

How to receive a wire transfer

To wire money to another person through a bank-to-bank transfer, you’ll need certain details, including your bank account number and the recipient’s name, bank account number and routing number. You’ll also need information about the recipient’s bank, such as its name and address. If you’re sending money internationally, you may need to ask the recipient for a SWIFT code. If you need assistance, you and your recipient may need to contact representatives from your respective banks.

Generally, you can wire money to a bank online, over the phone or in person. Be prepared to provide your bank with specific instructions, including how much money you want the recipient to receive. Since you or the bank teller will likely need to complete a form in order for the transfer to occur, you’ll need to ensure that the information you’re providing is correct. After all, you want to make sure your money is successfully transferred to the right person!

If you’re transferring money through a non-bank money transfer service like MoneyGram, you’ll need to find out how the wiring process works. In some cases you may not need a bank account in order to complete the transfer. Generally, using these types of services involves paying cash in person. Once the transaction is complete, the recipient typically gets to walk away with money he or she received.

How to Have Funds Wired to Your Bank

If you’re the recipient in a wire transfer, you’ll need to make sure the person sending you money has your bank account number and routing number. It’s also a good idea to contact someone who works at your bank or credit union or check online. You may need to follow a specific set of instructions or provide the payee with additional details.

How Long Do Wire Transfers Take?

Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.

If you’re sending money to another country, however, it may take as many as five days for the recipient to receive their funds. To find out exactly how long it’ll take to receive funds from a wire transfer, you’ll need to check with your bank or credit union. If you’re in a rush, you can find out if there’s a way to expedite the process.

Occasionally, there are delays. If the bank sending the funds makes a mistake, a wire transfer may take longer than expected. Wire transfers can also be disrupted by holidays as well. Be prepared for delays if you’re receiving money from a slow-to-pay country such as Afghanistan or Cuba.

Can You Cancel a Wire Transfer?

How to receive a wire transfer

Wire transfers are normally final. Once the recipient’s bank accepts the transfer and receives the funds, that’s it. At that point, you likely won’t be able to get your money back. There are a few exceptions, however.

Your wire transfer may be reversible if the bank that initiated the transfer made a mistake. For example, if the recipient received more money than he or she was supposed to, that issue may be resolved.

If you begin a wire transfer but change your mind about sending someone money, you may be able to cancel the transaction. But you’ll need to act quickly. A relatively new rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act says that consumers sending money internationally usually have the right to cancel their wire transfers for free within a 30-minute period.

Final Word

Wire transfers provide a fast and secure method of sending money electronically. But the downside is that senders and recipients likely both have to pay a fee.

According to SmartAsset’s of 30 banks and credit unions, the average domestic outbound fee is $23 per wire transfer, while the inbound fee is $6 per transfer. For international transactions, the average outbound fee is $43 per transfer, while inbound is $8.

For a cheap (or free) electronic transfer method, you may be better off using a payment app or mobile banking system.

This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. wikiHow’s Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards.

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When you want to receive money via wire transfer, there are a few different ways to do it. The most traditional method is to receive a transfer from the sender’s bank to your bank account. Another easy way is to use a service with brick-and-mortar offices to get money transferred for cash pick-up or directly into your bank account. Finally, there are also many online services and apps that you can use to send and receive money quickly. Whatever you choose, make sure it’s something both you and the sender can do from where you are located.

How to receive a wire transfer

Tip: Keep in mind that your bank might have fees and limits for wire transfers, so make sure you know what these are as well before you go ahead with the process. If you are receiving an international transfer, you can also ask what exchange rate your bank will use for the currency you plan to receive.

Additional Information You may need to provide the sending bank the following information:

  • Capital One’s swift code (IBAN): HIBKUS44
  • Capital One’s address: 30 7th Ave South, Saint Cloud, MN 56301
  • Your Capital One account and routing numbers.
    • These can be found under “View Details” in the app or on the web. If you’re not enrolled in digital banking, your account number can be found at the top of your paper statement. Please call for help with your routing number.

Fees Fees for receiving a wire transfer vary by account type. Here’s a guide to help you, but signing in to your account and visiting the “Wire Money” section under “More Services” will give you the most up-to-date information.

Account type Receiving fees
Essential Checking
High-Yield Checking
Essential Savings
$15.00
360 Checking
360 Savings
360 Money Market
Performance Savings
Total Control Checking
Confidence Savings
Savings Now
Simply Checking
No fee

Delivery Times Domestic transfers will be deposited and made available the same business day if received by 5 p.m. ET. International wires may take 3–5 business days to arrive and be deposited to your account.

Please reach out to us if you need further assistance.

Receiving a wire transfer

When you’re receiving a wire transfer, the sending bank will be fully responsible for initiating the transfer. They’ll also be your point of contact for any questions or issues you may have. Keep in mind that these steps apply to personal bank accounts. The wire transfers process for small business and commercial accounts may differ.

Additional Information You may need to provide the sending bank the following information:

  • Capital One’s swift code (IBAN): HIBKUS44
  • Capital One’s address: 30 7th Ave South, Saint Cloud, MN 56301
  • Your Capital One account and routing numbers.
    • These can be found under “View Details” in the app or on the web. If you’re not enrolled in digital banking, your account number can be found at the top of your paper statement. Please call for help with your routing number.

Fees Fees for receiving a wire transfer vary by account type. Here’s a guide to help you, but signing in to your account and visiting the “Wire Money” section under “More Services” will give you the most up-to-date information.

Account type Receiving fees
Essential Checking
High-Yield Checking
Essential Savings
$15.00
360 Checking
360 Savings
360 Money Market
Performance Savings
Total Control Checking
Confidence Savings
Savings Now
Simply Checking
No fee

Delivery Times Domestic transfers will be deposited and made available the same business day if received by 5 p.m. ET. International wires may take 3–5 business days to arrive and be deposited to your account.

Please reach out to us if you need further assistance.

Not all products and services described are offered at all locations and may differ among different geographic locations. Restrictions and limitations apply.

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A wire transfer is an electronic payment used to transfer funds between bank accounts. There are several methods for wiring money, and you may want to consider each method carefully to find out which type of wire transfer is best for your financial needs or situation. Wire transfers can make sending money to other people or businesses convenient. Transfers can be done both domestically (within the United States) as well as internationally.

Wire transfers are commonly done through two methods: bank transfers and wire transfer services. Keep in mind that some wire transfers may charge fees and that the funds requested for the wire transfer will leave your account immediately. Before completing a wire transfer, it’s important to consider the ways you can wire money safely, conveniently, and quickly.

How to do a wire transfer

You can wire money through the following methods:

Bank-to-bank wire transfers

You can usually initiate a bank-to-bank wire transfer in person at your bank or financial instruction’s local branch or through your online bank account. You’ll usually need to provide the recipient’s full name, contact information, and bank account details such as routing and transfer numbers. Transfer fees will vary depending on your bank or credit union, but can usually range between $5-$50.

International bank transfers may require additional information and may take a few days longer to complete than domestic transfers.

Wire transfer services

If you are using a wire transfer service, you’ll need to contact the service to find out how their specific wire transfer process works. You’ll usually need to provide information such as the recipient’s full contact details and bank account information to initiate the transfer. Wire transfer services usually require you to pay the funds in person when filling out the request form. Transfer fees for wire transfers may be based on the outgoing dollar amount, location, and more.

The recipient is usually contacted by the wire transfer service once the wire transfer is complete. International wire transfers done through wire transfer services may require additional information as requested by the wire transfer service or may require an international payment network.

If you notice an error (such as an incorrect dollar amount or bank account number) after a transfer is initiated, contact your bank, credit union, or wire transfer immediately. In most cases, a wire transfer can only be stopped or paused for corrections if a cancellation notice is received before the transfer is complete.

To avoid falling victim to wire transfer scams, never provide your bank account details to unfamiliar or suspicious individuals. You should also avoid wiring money to people or businesses that you are unfamiliar with, especially if you have been asked to do so by suspicious phone calls or emails.

How to use Chase ® Global Transfer

How to send domestic and international wires through Chase ® Global Transfer:

  1. Log into your Chase online account: Sign into your Chase.com account and click on “Pay & Transfer” on the navigation menu. Then choose “Transfer Money” from the drop-down options.
  2. Gather the recipient’s information: Confirm that the recipient’s information (such as full name, contact information, routing number, etc.) is correct. For international wire transfers, you may also need to gather the recipient’s SWIFT/BIC.
  3. Fill out the wire transfer form: Carefully fill out the wire transfer form with the recipient’s information. Enter the amount you are sending in the correct currency and read over the wire transfer’s fine print.
  4. Finalize the transfer: Confirm that the information you are providing is correct and pay any applicable transfer processing fee. There may be additional fees or transfer time for international wire transfers.
  5. Save your confirmation: Be sure to save any receipt or confirmation you receive after submitting your wire transfer request for your records. These receipts may contain important information about your transfer, such as the transaction number, total amounts wired, and more.

What information is needed for a wire transfer?

Bank and wire transfer services may require:

  • The sender’s government-issued identification
  • The sender’s full name and contact information
  • The sender’s bank account and transit number
  • The recipient’s full name and contact information
  • The recipient’s bank account information and transit number
  • The recipient’s ABA routing number

Keep in mind that funds are irrevocable in most cases, so it’s important to confirm details such as the recipient’s bank account number and contact information carefully when completing a wire transfer. If you do notice an error, contact your bank or wire transfer service immediately to see if they can still help you make an adjustment or process a cancellation. After a transfer is complete, the funds are usually available to the recipient for immediate use or withdrawal. Because scammers often use wire transfer scams to target victims, it’s important to avoid giving personal information and bank account details to unfamiliar businesses.

How long does a wire transfer take?

Domestic wire transfers are often processed within 24 hours while international wire transfers can take between 1-5 business days. Wire transfer times may also vary depending on designated cut-off times, federal regulations, as well as weekends and bank holidays.

Since wire transfers do not require bank account holds, they may be completed quickly, but this can vary depending on processing and cut-off times. Cut-off times are designated by banks, credit unions, and wire transfer services so be sure to confirm this information when processing a transfer that is timely or urgent. If you are concerned with any delays (as a sender or recipient) you may be able to reach out to the bank or transfer service to see if they are able to trace the wire to find any updates on processing time.

Use Personal Internet Banking to send or receive a payment (wire transfer) using your HSBC checking or savings account.

What you’ll need

To make a Wire Transfer:

  • Recipient’s full name and address
  • Full name and address of recipient’s bank
  • Recipient’s Bank Identifier Code (BIC) (International Wires Only) or bank routing number
  • Recipient’s bank account number or IBAN (International Bank Account number)

Incorrect or missing information may lead to delays to your International Wire Transfer so it’s important to double-check that your wire transfer details are correct. If the payment order for your transfer (domestic or international remittance) includes an incorrect account number or recipient institution identifier, you could lose the transfer amount.

Send a wire transfer online

1. Log on to Personal Internet Banking with a Security Code generated from your HSBC Digital Security Device or HSBC Physical Security Device.

2. Hover over My HSBC at the top of the page and then scroll down and click Pay or Transfer.

3. Select the account you want to make a payment from.

4. If you have made a payment to the recipient before, select the appropriate account from ‘My payees.’ If this is the first time you’ve made a payment to this recipient click the New Payee tab.

When you set up a new wire payee, you’ll have to enter a Transaction Digital Signing (TDS) code for additional security, which is generated on either a Digital or Physical Security Device.

5. Follow the on-screen instructions to enter your payee details, payment amount, when you’d like the payment to occur (future-dated or recurring).

6. Review and confirm your transfer details.

Receipt

Wire receipts are available for up to two years in Personal Internet Banking. To access them, just hover over My HSBC at the top of the page and then scroll down to the Documents section and click on My Documents.

Processing time

Wire Transfer requests submitted before 4:15 PM Eastern Time (ET) on a business day will be processed the same day. Those completed after 4:15 PM ET on business days will be automatically re-dated to the next business day.

Exchange Rate

The exchange rate used will be the HSBC Exchange Rate applicable at the time your wire transfer is processed.

Fees from the financial institution you transfer funds to and from may apply, in addition to fees HSBC may charge. HSBC is not responsible for these charges.

For applicable transfer fees, please refer to the Pre-Payment and Receipt Disclosures received at the time of your wire transaction.

How to cancel a wire transfer

International Wire Transfers can be cancelled for a full refund within 30 minutes of payment, unless the funds have been picked up or deposited.

To cancel a Wire Transfer:

1. Hover over My HSBC and click Amend or Cancel Pending Payments and Transfers on the left-hand side under the Move Money section.

2. From the list, select Show Details on the bottom of the future-dated transfer of which you would like to cancel.

3. Click Delete on the bottom of the Show Details section.

Receiving a wire transfer

HSBC routing numbers for receiving a wire payment

U.S. Routing Numbers

ABA/ACH when receiving an electronic transfer

ABA when receiving a funds transfer through Fedwire

ABA for receiving a funds transfer through Fedwire accounts in California

International Routing Numbers

HSBC CHIPS code (when receiving a funds transfer or international wire)

HSBC SWIFT code (or when receiving an international wire)

HSBC Address

HSBC Bank USA, N.A.

452 Fifth Avenue

New York, NY 10018-3801

United States persons are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts. U.S. persons should consult a tax adviser for more information.

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Sending a wire transfer

  • You can send a wire transfer to a title company or a linked external account that has been on file for at least 30 days (additional recipient options are supported for certain account types) within the United States (including U.S. territories).
  • Online wire transfers can only be sent within the United States (including U.S. territories).
  • The money will be delivered the same day, if requested by 2 p.m ET Monday-Friday (except Federal holidays). If it’s requested after this time, it will be delivered the next business day.
  • An online wire transfer may not be able to be deleted or cancelled. An associate may be able to do an investigation to resolve the issue.

There are three ways to send wire transfers: online, in branch and by phone.

Online To send a domestic wire transfer online you must have a mobile phone number that can be used to receive a one-time passcode. Most accounts that have online access are eligible to send online wire transfers. Examples of these account types include: 360 Checking, 360 Savings, 360 Money Market, Total Control Checking, Confidence Savings, Savings Now, Performance Savings and Simply Checking.

By phone If you need assistance, domestic wire transfers can be sent through our Wire Team from 9a.m. ET to 5 p.m. ET Monday-Friday.

In-branch In-branch domestic and international wire transfers are typically reserved for Capital One Essential Checking, High-Yield Checking, and Essential Savings retail account customers. Please refer to your local bank branch for more information on sending international wire transfers.

Receiving a wire transfer

If you’re receiving a wire transfer, the sending bank will be fully responsible for initiating the wire transfer and handling any serviceable issues.

What do I need to know about wire transfers?

Wire transfers allow you to send and receive large amounts of money quickly and securely. The type of Capital One account you have will determine your limits, fees and eligibility for wire transfers. Use this guide to choose the right option for your needs. Keep in mind that these steps apply to personal bank accounts. The wire transfers process for small business and commercial accounts may differ.

Sending a wire transfer

  • You can send a wire transfer to a title company or a linked external account that has been on file for at least 30 days (additional recipient options are supported for certain account types) within the United States (including U.S. territories).
  • Online wire transfers can only be sent within the United States (including U.S. territories).
  • The money will be delivered the same day, if requested by 2 p.m ET Monday-Friday (except Federal holidays). If it’s requested after this time, it will be delivered the next business day.
  • An online wire transfer may not be able to be deleted or cancelled. An associate may be able to do an investigation to resolve the issue.

There are three ways to send wire transfers: online, in branch and by phone.

Online To send a domestic wire transfer online you must have a mobile phone number that can be used to receive a one-time passcode. Most accounts that have online access are eligible to send online wire transfers. Examples of these account types include: 360 Checking, 360 Savings, 360 Money Market, Total Control Checking, Confidence Savings, Savings Now, Performance Savings and Simply Checking.

By phone If you need assistance, domestic wire transfers can be sent through our Wire Team from 9a.m. ET to 5 p.m. ET Monday-Friday.

In-branch In-branch domestic and international wire transfers are typically reserved for Capital One Essential Checking, High-Yield Checking, and Essential Savings retail account customers. Please refer to your local bank branch for more information on sending international wire transfers.

Receiving a wire transfer

If you’re receiving a wire transfer, the sending bank will be fully responsible for initiating the wire transfer and handling any serviceable issues.

We matched that to:

How do I receive a wire transfer to my account?

The person sending the wire transfer to your TD Canada Trust account must provide the following information about you and your account to their financial institution:

  • Your name (as account holder) and your full address
  • Your Account number
  • Your branch transit number and full branch address
  • TD’s Institution number: 004
  • TD’s Swift Code (international): TDOMCATTTOR (applies to all accounts and branch locations)

If the transfer is in U.S. dollars, you may need to provide the following information from our U.S Correspondent/Intermediary Bank:

  • Bank of America, New York
  • SWIFT: BOFAUS3NXXX
  • Fedwire ABA# 026009593

If you hold a US dollar or other foreign currency account with TD, ensure you provide the correct account for the currency you wish to receive. If TD receives the wire payment in a currency that is different from the currency of your deposit account listed on the wire payment, the funds will be converted to the currency of your account.

If the account, name or address listed on the wire payment does not match exactly to your TD Canada Trust profile, funds may be returned to the sending financial institution.

Once a wire payment has been sent from another financial institution, it takes approximately 1-5 business days until TD receives the funds. Timing depends on the currency sent, where the sending financial institution is geographically located, and how many intermediary banks the sending financial institution needed to use for the transfer.

There is a fee for receiving a wire payment. Please refer to the About our accounts and related services (PDF) document under “Wire payment by visiting a branch“. Other fees may be applied by the issuing financial institution and intermediary banks.

Information regarding your account can be found on your cheques. For more details see How do I find my transit number, institution number, and account number?

Please note that TD Canada Trust does not have an IBAN (International Standard for Bank Account Numbers) as it’s not used by financial institutions in North America. In Canada, Bank Identifier Code (BIC) can also refer to the SWIFT code.