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You can also reverse a wire transfer if the money is taking a long time to reach its destination or goes to the wrong account.
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A relatively new rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act says that consumers sending money internationally usually have the right to cancel their wire transfers for free within a 30-minute period. If you begin a wire transfer but change your mind about sending someone money, you may be able to cancel the transaction. For example, if the recipient received more money than he or she was supposed to, that issue may be resolved. Your wire transfer may be reversible if the bank that initiated the transfer made a mistake. At that point, you likely won’t be able to get your money back.
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Once the recipient’s bank accepts the transfer and receives the funds, that’s it. Prepare for delays if you’re receiving money from a slow-to-pay country such as Afghanistan or Cuba. Holidays can also disrupt wire transfers. If the bank sending the funds makes a mistake, a wire transfer may take longer than expected. If you’re in a rush, you can find out if there’s a way to expedite the process. If you’re sending money to another country, however, it may take as many as five days for the recipient to receive their funds. To find out exactly how long it’ll take to receive funds from a wire transfer, you’ll need to check with your bank or credit union. Wire transfers via a non-bank money transfer service may happen within minutes.
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If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Generally, domestic bank wires are completed in three days, at most. You may need to follow a specific set of instructions or provide the payee with additional details. It’s also a good idea to contact someone who works at your bank or credit union or check online. If you’re the recipient in a wire transfer, you’ll need to make sure the person sending you money has your bank account number and routing number. Once the transaction is complete, the recipient typically gets to walk away with money he or she received. In some cases you may not need a bank account in order to complete the transfer. Generally, using these types of services involves paying cash in person. If you’re transferring money through a non-bank money transfer service like MoneyGram, you’ll need to find out how the wiring process works. After all, you want to make sure your money is successfully transferred to the right person! Since you or the bank teller will likely need to complete a form in order for the transfer to occur, you’ll need to ensure that the information you’re providing is correct. Be prepared to provide your bank with specific instructions, including how much money you want the recipient to receive. Generally, you can wire money to a bank online, over the phone or in person. If you need assistance, you and your recipient may need to contact representatives from your respective banks. If you’re sending money internationally, you may need to ask the recipient for a SWIFT code. You’ll also need information about the recipient’s bank, such as its name and address. To wire money to another person through a bank-to-bank transfer, you’ll need certain details, including your bank account number and the recipient’s name, bank account number and routing number. After the transfer takes place, the funds are available fairly quickly. Since wire transfers are electronic, a bank can complete the transaction if it has specific information regarding who the recipient is and how much money he or she can expect to receive. When you wire funds, you’re not transferring actual cash from one financial institution to another.
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If you need to send money internationally, you can do so through CHIPS or the Society for Worldwide Interbank Financial Telecommunication (SWIFT). You can wire money domestically through the Federal Reserve Wire Network (Fedwire) or the Clearing House Interbank Payments System (CHIPS). Since the term wire transfer is essentially a catch-all phrase, it may also refer to the wiring of money through a non-bank transfer service such as MoneyGram or Western Union (instead of just bank-to-bank transfers). These days, wire transfers involve the electronic movement of funds between different banks and credit unions. That’s where the phrase wire transfer comes from. Back in the day, wire transfers happened through telegraph wires.