How to Do a Wire Transfer: Complete Guide

You need to send money quickly to a family member in another country or make a large payment for a business deal.

What’s a fast and secure way to do it?

Wire transfers are the go-to solution for such situations. But the process might seem complicated if you’ve never used this service.

Learning how to do a wire transfer is essential for anyone handling significant domestic or international transactions. Wire transfers are a dependable way to send money, whether for paying bills, supporting loved ones, or making large purchases.

However, questions like “What details do I need?”, “How much does a wire transfer cost?”, or “Can I cancel a wire transfer?” can leave you uncertain.

This guide will walk you through the entire process, covering everything from setting up a wire transfer online to avoiding common pitfalls.

What is a Wire Transfer?

A wire transfer is an electronic method of transferring funds from one person or entity to another. It is widely used for secure transactions, both domestically and internationally.

If you're wondering how to wire money securely, the key is to double-check the recipient's details and always use a trusted provider like SBIC.

Types of Transfers

• Domestic Wire Transfers: Send money within the U.S. quickly—typically completed within the same business day.

• International Wire Transfers: Involve moving money to banks outside the U.S., often taking 1–5 business days, depending on the country and intermediary banks.

Purpose of Wire Transfers

Wire transfers are commonly used for:

• Paying vendors or suppliers

• Supporting family by sending money overseas

• Making large purchases (real estate, etc.)

They offer a level of reliability and security that many other payment methods can’t match.

How to Do a Wire Transfer

Step 1: Gather the Required Information

To initiate a transfer, you’ll need the recipient’s:

• Full name and address

• Bank name and address

• Account number or IBAN

• SWIFT/BIC code (for international transfers)

If you're sending money internationally, using the recipient’s SWIFT/BIC code and accurate banking details is essential to avoid delays or errors.

Step 2: Choose the Right Provider

Wire transfers can be made through:

• Banks and Credit Unions – Traditional, secure, may charge higher fees

• Online Platforms – Faster and more affordable, great for those who want to wire money online

Step 3: Initiate the Transfer

You can initiate a wire transfer by visiting your bank branch, using an online portal, or relying on a trusted provider like SBIC. Follow the prompts carefully and ensure all details are entered correctly.

Step 4: Confirm and Submit

Review all the information, pay the applicable fees, and submit the request. Save the confirmation or receipt for your records.

Can I cancel a wire transfer?

Most wire transfers cannot be cancelled once they are processed. However, check your transfer receipt to see if there's a short time frame in which cancellation is possible.

How Much Does a Wire Transfer Cost?

The cost depends on whether the transfer is domestic or international, the provider used, and any additional services.

• Domestic Transfers: Typically range from $10 to $30. These are usually completed the same day.

• International Transfers: Range from $30 to $50 or more. Additional charges may apply for currency conversion and intermediary bank fees.

How much does a wire transfer cost?

Domestic transfers usually range from $10–$30, while international ones can cost $50 or more, depending on exchange rates and bank fees.

To avoid hidden fees, compare exchange rates among providers and ask about additional charges upfront. At SBIC, we offer clear, transparent pricing so you can plan effectively.

How to Do a Wire Transfer Online

If convenience is important to you, setting up a wire transfer online is the way to go. Here's how to do it with SBIC:

• Set Up Online Banking

  • Enroll in SBIC’s online banking system

  • Verify your identity to activate wire transfers

• Navigate to the Wire Transfer Option

  • Log in and select the wire transfer feature on your dashboard

• Input the Recipient Details

  • Enter the recipient’s bank account number and SWIFT/BIC code

• Review and Confirm

  • Ensure everything is correct and submit the transaction

SBIC’s user-friendly system helps you complete transfers safely and efficiently. You’ll need an SBIC account to access these services.

Benefits of Wire Transfers

Wire transfers offer a range of advantages:

• Speed: Domestic transfers are completed in hours; international ones take a few days

• Security: Encrypted systems protect your funds

• Convenience: Easily accessed through online platforms like SBIC

Wire Transfers: Risks and Precautions

Though secure, wire transfers require attention to detail:

• Avoid Fraud: Always verify the recipient’s information. Never share sensitive banking credentials.

• Double-Check Information: Even a minor mistake in the account number can delay or derail the transaction.

Why Choose SBI California for Wire Transfers?

SBIC offers a secure, convenient, and transparent wire transfer service:

• Global Reach: Domestic and international transfer support

• Competitive Pricing: Clear fee structure, no hidden costs

• Expert Support: Our team is ready to help at every step

Wrapping Up

Wire transfers are one of the most secure and reliable ways to move money, whether across the country or around the globe. Knowing how to wire money effectively, online or through your bank, is a valuable skill in today’s fast-moving world.

With SBIC’s trusted wire transfer services, you can send money quickly, safely, and with full confidence.

Start your transfer today with SBIC.