What’s the difference between a wire transfer and ACH?

Wire transfers and ACH (automated clearing house) differ in their speed, fees, and limitations. Speed: Wire transfers are faster than ACH. For urgent matters like business deals, using wire transfers will be more ideal. While ACH is more suitable for recurring, non-urgent payments. Fees: Wire transfers generally cost more than ACH transfers. Limitations: Wire transfers can be used to send money overseas, while ACH is more common for domestic transactions in the United States.

Wire transfers guide and bank directory

Wire transfers are a fast and reliable way to send money — ideal for large amounts or time-sensitive payments. Just be sure to double-check the recipient’s details to avoid delays or misdirected funds.

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What is a wire transfer?

A wire transfer is a secure, electronic method of transferring funds from one person or organization to another. This type of transfer is commonly used for sending money both domestically and internationally. Wire transfers are processed through a network of banks or financial services providers, ensuring that funds are delivered quickly and efficiently. Unlike other methods of transferring money, wire transfers typically offer faster delivery and are preferred for high-value or time-sensitive transactions.

Types of wire transfers

Wire transfers can generally be categorised into two main types:

Domestic wire transfers

A domestic wire transfer involves sending money between two banks located within the same country. These transfers are usually completed within a few hours or by the end of the business day. Since no currency exchange is involved, domestic transfers are often faster and come with lower fees compared to international wire transfers.

International wire transfers

International wire transfers, also known as remittances, involve sending money from one country to another through a bank-to-bank process. These cross-border transactions can take a few days to complete due to clearing systems, currency conversion, and international banking regulations. While they’re secure and widely used, they often come with higher fees, including conversion fees, and the recipient’s bank may apply additional charges.

How does a wire transfer work?

A wire transfer works through a secure communication system that financial institutions use to transmit transaction details. The process typically includes the following steps:

The sender initiates the transfer — either online or at a bank branch — by providing key details such as the recipient’s name, bank account number, and bank routing number or SWIFT code (for international transfers). In some cross-border cases, an intermediary bank may also be involved to facilitate the transfer.

The bank verifies the sender’s identity and checks for sufficient funds. It also confirms that all transaction details are accurate before proceeding. This step may include an estimate of transaction fees and the expected processing time.

Once verified, the bank sends the payment instructions through a secure network like SWIFT or Fedwire. If an intermediary bank is required, the transaction may be routed accordingly. The transfer window — when the banks process wire requests — can also impact timing.

The recipient’s bank receives the transfer and credits the amount to the recipient’s account. Depending on the type of wire (domestic or international), the processing time may range from a few hours to several business days.

The recipient is notified once the funds are deposited. Both sender and receiver may receive a confirmation or reference number for tracking.

How long do wire transfers take?

Wire transfers can take anywhere from a few minutes to 1–5 business days. Factors like the type of wire transfer (whether domestic or international), bank cut-off times, time zone differences and weekend delays can affect processing time.

Domestic wire transfers are typically faster to process. Most banks can complete same-day transfers if the request is initiated before the bank’s cut-off time. Transfers submitted after the daily cut-off time will be processed the next business day.

International wire transfers, on the other hand, may take longer to process. Due to foreign bank processing rules, involvement of intermediary banks, time zone differences, or weekend delays, it may take 1 – 5 business days to process.

What details are required for a wire transfer?

Full name of recipient
Recipient bank name
Bank account number
Routing number (for domestic) or SWIFT/BIC (for international)

Wire transfer fees and limits

Wire transfer fees range from $0 to $60 per transaction. The costs vary depending on whether you’re sending money domestically or internationally, and whether you're using a bank or a money transfer service. On the other hand, transfer limits mainly depend on your account tier and the regulations in both the sending and receiving countries.

Domestic vs international transfers

Domestic transfers usually cost cheaper than international transfers. Unlike sending money overseas, transferring money doesn’t incur charges like intermediary bank fees, currency conversion fees, and other processing fees, making the transaction cost less.

Banks vs money transfer services

Wire transfers via traditional banks typically cost more than using money transfer services. Traditional banks often include multiple fees, such as intermediary bank fees, stamps, currency conversions, and more that add up to a higher total cost.
Meanwhile, money transfer services like Instarem offer more affordable transfer fees with straightforward pricing and more favourable currency conversions.

Need to transfer money internationally?

Save on FX fees and get better exchange rates with Instarem.

Make a wire transfer with your bank or provider

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List of banks

Ally Bank AmBank American Express AMEX ANZ Bank Arvest Bank Associated Bank Axis Bank Axos Bank

Bangkok Bank Berhad Bank Central Asia Bank of America Bank of China Limited Bank of Hawaii Bank of India Bank of Montreal Bank of New York Mellon Bank of New Zealand Bank of the West Barclays BECU Binance BPI

Canadian Western Bank Canara Bank Capital One Charles Schwab CIBC Citibank Citizens Bank City National Bank Coast Capital Comerica Bank Commerce Bank

DBS DCU Desjardins Discover Bank

Eastern Bank Equity Bank

Fifth Third Bank First Hawaiian Bank First National Bank of Omaha FirstRand Bank Frost Bank Fulton Bank

Green Link Digital Bank GTBank

Halo Financial Harris Bank HDFC HIFX HomeTrust Bank Hong Leong Bank HSBC HSBC Bank Hua Nan Commercial Bank Hume Bank Huntington Bank

ICICI Independent Bank Indian Bank Indian Overseas Bank IndusInd Bank Intermex Investec Bank

No wire transfers found.

MandT Mashreq Bank Maybank

National Bank of Canada Navy Federal Credit Union Novo

OCBC

Patelco Paypal PNC POSB PSECU Public Bank Berhad Punjab National Bank

No wire transfers found.

Rabobank Regions Bank Republic Bank RHB Bank Royal Bank of Canada

Scotiabank Simplii Societe Generale Standard Chartered Malaysia Synchrony Bank

Teachers Mutual Bank Truist Bank

United Bank United Community Bank US Bank USAA

No wire transfers found.

Wells Fargo Western Union WinTrust Bank

No wire transfers found.

Zelle

FAQs

Wire transfers cost anywhere from $0 to $60 per transaction. The exact amount depends on factors such as whether you're sending money domestically or internationally, and which bank or money transfer service you use.

Wire transfers can take anywhere from a few minutes to 1 – 5 business days. Domestic wire transfers are usually processed faster than international ones. Other factors, such as bank cut-off times, time zone differences, and weekend delays can also affect processing time.

Wire transfers and ACH (automated clearing house) differ in their speed, fees, and limitations.

Speed: Wire transfers are faster than ACH. For urgent matters like business deals, using wire transfers will be more ideal. While ACH is more suitable for recurring, non-urgent payments.
Fees: Wire transfers generally cost more than ACH transfers.
Limitations: Wire transfers can be used to send money overseas, while ACH is more common for domestic transactions in the United States.

No, you can’t cancel a wire transfer after it’s been processed.

A wire transfer isn’t entirely the same as a bank transfer. A wire transfer involves sending money electronically from one bank account to another. While a bank transfer can involve other transfer methods, such as ACH, direct deposits, and direct payments.

Yes, wire transfers are secure. There are encryption measures, security protocols, and financial regulations in place to protect your information and ensure your funds are transferred safely.

You will need the following information to send an international wire transfer:

Full name of recipient
Recipient bank name
Bank account number
Routing number (for domestic) or SWIFT/BIC (for international)

Most major banks, especially those with international networks, support international wire transfers. However, smaller institutions like credit unions may not offer this service or have limited capabilities.

Wire transfers guide and bank directory

What is a wire transfer?