How do I Receive a Wire Transfer?

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  • Written By: Tess C. Taylor
  • Edited By: W. Everett
  • Last Modified Date: 05 February 2020
  • Copyright Protected:
    Conjecture Corporation
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Individuals and organizations can get money quickly and securely from anywhere in the world by using a wire transfer. Technology and improved security measures of financial institutions and payment systems make using a wire transfer a convenient way for family members to send money, businesses to make and receive payments, and international parties to send money quickly. In order to receive a wire transfer, certain steps must be taken and the recipient must be prepared to provide certain pieces of information to establish his identity.

To receive a wire transfer, the payer and the payee of the funds must agree to the terms of the transaction, which can include associated fees and potential delays. Once this is established, the payer of the funds decides the method by which the funds will be transmitted. This can be done by one of two methods: a wire transfer from one bank to another bank, or a through a transfer authorized at a cash office. Generally, people who do cash office wire transfers have a personal relationship with each other, while bank-to-bank transfers are for business transactions.


To properly send a wire transfer through the bank or credit office, the payer provides either the bank or the cash office the account number, his personal identification information and the amount of money to be credited to the payee. The payee provides his account information and personal identification. The bank or cash office that receives the transfer charges a fee and the recipient also pays a small fee. This fee can be between $12 US Dollars (USD) and $25 USD for a single wire transfer within the United States, and between $35 USD to $45 USD per transfer for an international transfer.

Once the wire transfer account information is provided and identities are authorized, the bank transfer takes between one hour and 36 hours, on average. A special code will be provided by the receiving institution to verify the transaction. The length of time that it takes to receive a wire transfer depends on where the funds are coming from and how quickly each institution processes a wire transfer. A cash-to-cash wire transfer will be faster than a bank-to-bank wire transfer as a general rule of thumb.

As soon as the process is complete, the payee will be able to receive a wire transfer in cash, by check, or by direct deposit to a bank account. This will be decided by the recipient before the transfer even takes place. Funds can be used right away to pay for any needs from emergencies and household expenses to business payments.



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