Wire transfers let you move money between accounts without having to cut a check or transport cash from one bank to another. Although no laws limit the amount of money you can wire transfer, individual banks often cap the total amount.
The Wire Transfer Process
A wire transfer refers to an electronic transfer of funds between accounts. The bank makes a withdrawal from your account and sends the money to the bank of the recipient. The bank receiving the money places the wire transfer into the recipient accounts. Major banks typically offer wire transfer to both domestic and foreign banks. In cases where bank the two banks do not maintain a relationship, one or more additional banks can participate in the funds transfer. These are typically banks that maintain relationships with both of the other two banks.
Bank Wire Transfer Limits
Many major banks impose a per-day or per-transaction wire transfer limit. For example, Chase Bank sets the limit at $100,000 as of February 2015, but offers higher limits to businesses on request. Citibank limits wire transfers to between $50,000 and $250,000 for most wire transfers, although it does offer no limit transfers to a few types of accounts. Both the sending the receiving banks typically impose a small fee for wire transfers.