Article summary
Wire transfers are one of the most common ways to send and receive funds between friends and loved ones. Whether you’re buying a birthday gift on the other side of town or receiving a cash pickup from family overseas, they can be a quick and convenient solution.
These money transfers can be as flexible as you are. You could potentially choose to receive money directly into your account, mobile wallet, or collect in person.
It’s important to know what to prepare if someone sends you money. Find out how to receive a wire transfer, and collect domestic and international money transfers via a traditional banking method or a money transfer service, with this guide.
In this article
- What is a wire transfer?
- How can I collect a wire transfer?
- Receiving a wire transfer – step by step
- What do I need when someone wants to wire me money?
- How to receive an international wire transfer
What is a wire transfer?
A wire transfer is an easy way to send and receive money electronically between two people. If someone makes a wire transfer, the money may be sent directly from their bank to you, or from an online money transfer service.
The term ‘wire transfer’ comes from how banks used to send money using telegraph wires at a telegraph office. These days, however, money transfers are performed electronically.
Wire transfers can be domestic and international. You can make them in person at a local bank or physical location, or by using online banking. To transfer the money, banks use networks such as the Fedwire Funds Service (also known as just Fedwire) and Society for Worldwide Interbank Financial Telecommunication (SWIFT) – which you may be familiar with.
Traditional bank wire transfers are not the only way to send money. Online money transfer services are also available for easy money transfers from one person to another. They can give you more flexibility over how you receive money, such as a cash pickup or to your mobile wallet.
Directly to your bank account
Just like a traditional bank wire transfer, you can also get money straight into your bank account. That way, you can quickly make an important purchase or withdraw cash for yourself or a loved one.
For cash pickup in person
Whether the money is sent for you or someone near and dear, you can collect a wire transfer with a cash pickup by visiting a physical location.
To your mobile wallet
Easily receive a wire transfer to your mobile wallet and then spend the money on the go.
Receiving a wire transfer – step by step
When you get a wire transfer, there are usually a few things to consider and prepare to help the money transfer run smoothly.
1. Give the sender any requested information
Make sure to give the sender any banking or personal information they require, ready to send the funds your way. You can ask your bank for specific wire instructions to be sure of what you need. For example, you may need to give your bank account number for a direct deposit.
2. Budget for any transfer fees
Money transfers can be quick and convenient, but sometimes they can include various costs. So, it’s a good idea to discuss them with the sender and consider them in your budget. Find out more about wire transfer fees.
3. Find the estimated delivery time and track your wire transfer
Depending on the method of wire transfer, you could get the money in minutes or a few days. You can often track your wire transfer too.
4. Prepare documents and information to collect your money
If you’re picking up a wire transfer at a physical location or bank branch, don’t forget to bring the relevant documentation to collect your money.
What do I need when someone wants to wire me money?
Other than the amount of money to send, you’ll need to give the sender any required information for a wire transfer. The details you need to give may vary depending on the method, such as through a bank-to-bank wire transfer or an online money transfer service.
Information required for wire transfers to a domestic bank
For a traditional domestic bank-to-bank wire transfer, you may need to give the sender your:
- Full name and address
- Name and address of your bank
- Account number and account type
- American Bankers Association (ABA) routing number.
Online money transfer services will also need your bank details and bank name to deposit directly into your account.
Information required for cash pickup
If the sender arranges a wire transfer for cash pickup, you may need to give them your:
- Full name
- Contact details
- Address
To collect a cash pickup, you might need a form of government-issued ID too.
How to receive an international wire transfer
Money and support can come from virtually anywhere. Whether you have family abroad or friends, the process for receiving an international wire transfer is typically the same as a domestic one. You just need to give the sender a few more details than usual.
Information required to receive money from abroad
You may need the following information to receive money through a bank-to-bank wire transfer or an online money transfer service:
- Full name and address
- Phone number
- Name and address of your bank
- Account number and account type
- IBAN (International Bank Account Number)
- BIC (Bank Identifier Code) or SWIFT number.
