Wire transfers let you move money between bank accounts — domestically and internationally — without having to be physically present. These electronic transfers are generally considered secure, fast, and convenient. Plus, you can use them to pay invoices, send money to someone you know, or even handle larger transactions, such as a down payment on a house.
Even though wire transfers are generally reliable, things can occasionally go wrong. This can lead to delays or, in some cases, the bank rejecting the wire transfer altogether — regardless of where it’s coming from.
Before you set up your next wire transfer, here’s what you need to know about how they work, the types of transfers, and how to avoid any mishaps along the way.
How Wire Transfers Work
A wire transfer, or wire payment, is a way to send or receive money electronically from nearly anywhere in the world. You can do it through a financial institution — like a bank or credit union — or through a money transfer service agency like Ria.
Since wire transfers are digital, there’s no cash involved. And while you can set one up in person at a local branch or agency, you can also conduct the process online from the comfort of home.
To complete a wire transfer, you’ll need some key information about your recipient, such as their:
- Full legal name, phone number, and physical or mailing address
- Bank account number
- Bank’s routing number (for domestic transfers) or SWIFT code (for international transfers)
- Other banking details (e.g., branch number, institution’s name, address)
You’ll also need to know how much you want to transfer and the reason for performing the transfer in the first place. Some banks may require additional information.
When you set up a wire transfer, you’ll need to pay for it — plus any fees — up front. Once you’ve done this, your bank will contact your recipient’s bank and share any relevant information about the transfer with the receiving institution.
Because of how the process works, there’s no need for cash to change hands. Instead, your recipient’s bank will use its own reserve funds to deposit the transferred sum into the correct account. Once the money has been deposited, both banks will settle any payments — you don’t need to do anything else.
The wire transfer process is usually fast and secure. Some transfers can be completed nearly instantly, which is useful for those who need money right away. Others might take a few hours or days, depending on the type of transfer, the amount sent, and your recipient’s location.
Many institutions will also let you wire a large sum of money, though there’s usually still some kind of transfer limit. This limit exists to protect your money and private information.
Types of Wire Transfers
Here are the three main types of wire transfers and what you can expect with each:
- Domestic wire transfer: A domestic wire transfer occurs between two U.S. financial institutions or banks. You’ll need some information about your recipient and their banking details to set one up. This type of transfer generally takes between one and three days to process. If you’re sending or receiving money to someone with the same bank, the process could be completed within minutes or hours.
- International wire transfer: For this type of transfer, you’ll need to provide the same information about your recipient as with a domestic transfer. But instead of their routing number, you’ll need their bank’s BIC (Business Identifier Code) or SWIFT code, which is an eight- to 11-digit number. You may also need their IBAN, which identifies their bank account. International wire transfers usually take longer than domestic ones.
- Non-bank wire transfer: This type doesn’t require a recipient bank account number. You can set one up through a non-bank money transfer service like Ria, which is available in over 190 countries. It can take up to four business days to send or receive money this way, but you’ll usually pay fewer fees.
Why the Bank Might Reject Your Wire Transfer
Unfortunately, a wire transfer can be rejected. This isn’t necessarily common, but it can happen. Here are some of the main reasons why your wire transfer might be rejected — or delayed — by a bank.
Incorrect Information
One of the most common reasons why a bank might refuse a wire transfer is that you provided incorrect or out-of-date information. This could be something as simple as inputting one wrong digit in your recipient’s routing number or bank account number. Or it could be a misspelling.
Depending on how quickly you catch the error, you might be able to correct it yourself without any problems. But generally, you’ll have to wait until the bank rejects your request and then try again. This will lead to delays, so double-check everything to make sure you have the right information.
Not Enough Funds
If you don’t have enough money in your account to cover the full amount you want to transfer, your bank will generally refuse your request. This is because you need to pay for the transfer upfront.
Suspicion of Fraud
Another reason for rejected wire transfers is that there’s a suspicion of fraud. If either your bank or your recipient’s bank suspects that the transaction is fraudulent, it may put your request on hold to investigate.
Smaller transfers aren’t likely to get flagged for fraud. But if you try to send a large sum of money all at once, this could cause delays or a canceled request.
Say, for example, you want to send over $10,000 to a new account. Domestic banks are legally required to report transactions of that size to the IRS. Depending on the circumstances, your bank may request additional information — such as the source of funds — or delay your request.
Closed or Blocked Account
If you try to schedule a wire transfer to a closed bank account, your bank may reject it. The same goes for accounts that are currently unable to receive money for any reason.
Bank-Specific Internal Policies or Rules
Every financial institution and money transfer service has its own rules and regulations. Some might not work with banks in specific countries. Others might only be able to transfer money in specific currencies.
Whatever the case, if either your bank or your recipient’s bank has specific policies preventing the transaction from taking place, it could lead to a rejected wire transfer.
How to Prevent Wire Transfer Mishaps
Before you wire money to someone, whether they’re in the same country as you or overseas, here are some things you can do to prevent delays or other wire transfer mishaps:
- Wire money only to those you trust. Only send money to someone — either an individual or business — you know and trust. This can minimize the risk of fraud or financial loss.
- Be aware of scams. The financial industry is rife with scams. Scammers often try to pressure you to send them money and then, once you do, they’ll disappear — and so will your money. Keep an eye out for anything that seems suspicious or strange. If someone you don’t recognize demands that you wire them money, report them to the FTC.
- Verify accuracy. You can keep your bank from refusing a wire transfer by verifying all information before scheduling it. This can also minimize delays.
- Make sure you have the funds. Confirm that you have enough money in your account before scheduling a wire transfer. Also, check on whether your bank or money transfer service has any daily or monthly transfer limits to ensure you’re not exceeding them.
Send Money Abroad or Domestically With Ria
Finding out your bank has rejected your wire transfer request is never fun. If the request was particularly time-sensitive, it can also be stressful to find out the money isn’t where it needs to be. But as frustrating as rejected wire transfers can be, you have other options.
If you want to send or receive money but don’t have a bank account — or you want a viable alternative — you can always go through an international remittance service like Ria.
Ria lets you transfer money abroad to over 190 countries. It’s fast, secure, and reliable. You can send money online or in the app at any time. Currency exchange rates and fees are priced competitively low. Plus, your first transfer is free.
Learn more about how it works or sign up for free today.
FAQs
Can a bank reject a wire transfer?
Yes, a bank can reject a wire transfer. This could happen for a several reasons, including inaccurate information, suspicious account activity, or insufficient funds.
What happens to a rejected wire transfer?
If the bank rejects the transfer, it will return the funds to your account — generally within a couple of days. If the money doesn’t end up back in your account, contact your bank immediately.
What’s the difference between wire transfers and ACH transfers?
ACH transfers take place between two banks using the Automated Clearing House network. They’re similar to wire transfers in that they’re a convenient, secure way to send money between accounts — in the U.S. and abroad. However, ACH transfers are generally less expensive than wire transfers. They may also take longer to process. This makes them better for smaller transactions that aren’t particularly time-sensitive.
The information on or through this site is provided for general informational purposes only and should not be relied on as a substitute for specific advice about laws, regulations, taxes, finances, immigration or travel. For specific advice, contact a licensed attorney, financial advisor or other professional. We disclaim all liability and responsibility arising from any reliance placed on this site. We do not warrant the accuracy or usefulness of this information. This site may contain links to other sites and information provided by third parties for your convenience. We do not endorse nor make any guarantees with respect to these sites, their accessibility, the information they contain or the way they treat any information you provide to them.
About the author
Gabriela Solis
Gabriela Solis is Ria's Senior Content Writer. Located in Querétaro, México, she focuses on telling stories that show the myriad human faces of remittances.
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