If you're in a bind and you need to quickly transfer money, a number of options are available. But the best option is to send a wire transfer from the bank or other financial institution that holds your account. A wire transfer, sometimes called an electronic funds transfer, sends money electronically from your account and into another.
Talk to the Recipient
Talk to Your Bank Teller
Use a Money Transfer Service
Pay Any Fees
Fill Out Any Required Forms
Get Confirmation of the Transfer
Once you have completed the wire transfer, be sure to call the recipient and confirm that the funds were received. Your bank or money transfer service will give you a transaction receipt with the wiring information on it, so if anything is amiss you can take this back to the institution and ask for assistance in sorting out the problem.
Keep in mind that while wiring money instantly transfers money out of your bank account, it could take a few hours for the transfer to be credited in the recipient's account. There is a wire cutoff time in the late afternoon. Wires made after this cutoff will not be credited until the following business day.
References
- Western Union: Send cash directly from your bank account
- Bank of America: FAQ Wire Transfers
- Moneygram: Send Money to Bank Accounts
- US Bank: Personal Payments Perfected
- Consumer Financial Protection Bureau. "Can I Cancel a Money Transfer?" Accessed April 24, 2020.
- American Bankers Association (ABA). "ABA Routing Number." Accessed April 24, 2020.
- Wells Fargo. "The Ins and Outs of Wire Transfers." Accessed April 24, 2020.
- American Express. "7 Answers About Wire Transfers Every CFO Should Know." Accessed April 24, 2020.
- Federal Bureau of Investigation (FBI). "International Business E-Mail Compromise Takedown." Accessed Feb. 6, 2020.
- Indiana University Office of Treasurer. "Banking." Accessed April 24, 2020.
- Western Union. "Frequently Asked Questions." Accessed April 24, 2020.
- Santander Bank. "What Is a Cashier's Check?" Accessed April 24, 2020.
- Consumer Financial Protection Bureau. "Helpful Tips for Using Mobile Payment Services and Avoiding Risky Mistakes." Accessed April 24, 2020.
Warnings
- While wiring money instantly transfers money out of your bank account, it could take a few hours for the transfer to be credited in the recipient's account.
- There is a wire cutoff time in the late afternoon. Wires made after this cutoff will not be credited until the following business day.
Writer Bio
Kristen Radford Price began writing in 2005 for her campus newspaper. She has served as a feature writer for the life-and-style section of the "Daily Herald," a contributor to "Utah Valley Weekly," an editor for a small publishing house and now as director of communications for an Internet company. Radford has a Bachelor of Arts in journalism from Brigham Young University.