Why wire transfer

What is a wire transfer? What is a Remittance transfer? How do I send a domestic or international wire transfer? What should I do if I receive an error message that discusses exact fees from other banks? Do business wires require exact fees to be known?

How do I assert an error with my Remittance Transfer? You can also write to us at: Bank of America, N. PO Box Tampa, FL For international wires initiated by a consumer primarily for personal, family or household purposes, you must contact us within days of the date we indicated to you that funds would be made available to the recipient.

Please have the following information handy: Your name and address or telephone number The problem with the transfer, and why you believe it's an error The name of the person receiving the funds, and if you know it, his or her telephone number or address The dollar amount of the transfer The confirmation code provided from the Transfer Receipt We'll determine whether an error occurred within 90 days after you contact us and we'll correct any error promptly.

How do I cancel a Remittance Transfer? Can someone wire funds to my account at Bank of America? Are there fees and limits for domestic and international wire transfers? What else do I need to send a wire transfer? What is an IBAN number? How soon can an international recipient receive the funds from a wire transfer? Global transfers made easy Make secure international wire transfers right from your Bank of America account Sign in to get started Sign in to get started.

Information for:. 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. Occasionally, there are delays. If the bank sending the funds makes a mistake, a wire transfer may take longer than expected.

Holidays can also disrupt wire transfers. Wire transfers are normally final. There are a few exceptions, however. Your wire transfer may be reversible if the bank that initiated the transfer made a mistake. What Are the Types of Wire Transfers? Nonbank providers have several additional fees that can impact the cost of a wire, including: How you fund your wire. There are different fees for using credit cards, debit cards and funding directly through your bank account.

Loyalty programs. Patrons can earn points when they send money and then redeem points for reduced fees. When sending money via wire transfer, transmission times vary. How Safe Are Wire Transfers? Was this article helpful? Share your feedback. Send feedback to the editorial team.

Rate this Article. Thank You for your feedback! Something went wrong. Please try again later. Best Of Banking. Banking Reviews. Banking Part of. Table of Contents Expand. Table of Contents. Definition and Examples of a Wire Transfer. How Wire Transfers Work. Pros and Cons of Wire Transfers. Pros Explained. Cons Explained. Alternatives to Wire Transfers. By Justin Pritchard. Justin Pritchard, CFP, is a fee-only advisor and an expert on personal finance. He covers banking, loans, investing, mortgages, and more for The Balance.

He has an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to writing about personal finance for more than two decades. Learn about our editorial policies. Reviewed by David Kindness.

David Kindness is a Certified Public Accountant CPA and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning. David has helped thousands of clients improve their accounting and financial systems, create budgets, and minimize their taxes.

Learn about our Financial Review Board. Pros Happens quickly No waiting for cleared funds Safer than sending a check.

Cons Hard to verify recipient Mortgage wire scams Hard to cancel. Key Takeaways A wire transfer is a way of moving money electronically between two banks. Because the sender must have the funds in their account, wire transfers don't need time to clear before the money is available to the recipient.

Wire transfers can be used domestically or internationally, and they are often required for major purchases like a down payment on a house.

You should always verify where you are sending a wire transfer because they are hard to reverse. Article Sources.