How to Wire Money Into a Bank Account

Whether you are sending birthday money to a relative or repaying someone for money you owe, you can wire money into a bank account in a matter of minutes or hours. Transferring funds from your bank or credit union account, or through a money transferring service like Western Union, will allow the party on the receiving end to access the funds from his or her bank account the same day. Learn how to wire money into a bank account.

Difficulty:

Moderately Easy

Instructions

1. Fill out a wire transfer form at your bank or at a location that services money transfers. Even if you are completing the transaction through a method other than in person, all methods require you to provide the receiver's name, financial institution's name and ABA routing number, along with the receiver's personal checking or savings account number. At your request, your financial institution may contact the recipient directly. The bank or credit union representative can verify ABA routing and account information over the telephone.

2. Authorize the deposit of funds from your checking or savings account into the person's bank account you are sending money. If you have performed a wire transfer in the past, you can send funds by going to a branch or online, or by speaking with a representative over the telephone. If you are using a money transfer service rather than your financial institution, you can send funds by going to an authorized agent location, completing a transaction on their website or over the phone, much like a bank or credit union.

3. Agree to the deduction of a fee charged to your account by your bank or credit union or pay the upfront fee imposed by the servicing center, with your credit card or debit card. Some institutions charge $10 or $12 per transaction within the United States, while others charge $25. Wire servicing centers charge from $9.99 to $43.99 depending on how much and to what destination the funds will reach within the United States. Sending money internationally by any method can cost more.

4. Seek the assistance of a financial institution representative or money transfer servicing agent. The representatives of two financial institutions involved in the wire transfer process may interact periodically. However, your involvement is limited to interacting with your own financial institution and the person to whom you are sending the funds. You will not personally contact their bank or credit union to inquire about the status of the transferring money. They, in turn, will not have additional contact with your institution concerning the debiting of funds from your personal account.

5. Contact the person receiving the funds to confirm the transaction was successful. The funds will deposit into the back account similar to a direct deposit. You can verify the deduction of funds from your account. If you are using a money transferring service, you will receive a confirmation number and can check the status through an automated service over the telephone or online.

Tips & Warnings

• Credit unions and banks may set limits on the times of day they send wire transfers. Even if they process wire transfers during the entire business day, it is considerably less than 24 hours a day, seven days a week convenience of a wire transfer service.

References

• CitiBank: Wire Transfers

Resources

• Western Union Money Transfers