Wire transfers are one of the fastest ways to send and receive money internationally or within the US.
This is especially true when you’re an American emigrant and want to send international wire transfers to friends and family overseas.
This post will guide you through each step of wire transfers with Wells Fargo bank. You’ll also learn how long it takes and the fees you can expect to pay when wiring money online (surprisingly, you’ll still need to go into a branch when wiring money internationally).
Wells Fargo offers customers multiple ways to send money using the Wells Fargo Online program. With this service you can send domestic wire transfers to 60 countries worldwide online or by using the Wells Fargo mobile app. Importantly, if you want to wire money internationally with Wells Fargo, you’ll have to go into a branch or call the bank. If you want an entirely online provider, Wells Fargo doesn’t have that option on its own today.
With TransferWise however, as a Wells Fargo bank customer you can still make low cost international wire transfers. On top of the wire transfer fees they charge, banks and brokers often charge 3% or more by converting your money at a bad exchange rate. TransferWise typically charges between 0.5-1% and there’s no mark-up on the exchange rate - that means you get a far better exchange rate. How much cheaper is TransferWise? Just take a look:
This is from February 2017, learn more about how we calculated it here.
On top of that, it’s incredibly easy to set up a transfer and we’ll update you on your transfer’s progress every step of the way via email. Register here to sign up for free and join over 1 million happy TransferWise customers.
If you are wiring money to someone in the U.S., Wells Fargo does have online options. Much like sending a check, Wells Fargo SurePay allows you to transfer money to someone using their email address or phone number. Depending on your recipient’s bank, they could receive the money in just a few minutes. Plus, transaction fees are currently waived for customers who make Wells Fargo SurePay transfers. This is much more streamlined and less expensive than the traditional wire transfer route.
If you prefer to wire money anyway, there are just a few steps for getting started.
- First, sign into Wells Fargo Online
- Select the Transfer and Pay option. You will be prompted to download and fill in a Wire Transfer Request Form. Wells Fargo requires that all wire transfers be done in person with signature authorization that must be witness by a bank representative. Once you have performed a wire transfer in person, future money wires can be authorized over the phone.
- Fill in the details of the Wire Transfer Request Form and take this into your local Wells Fargo branch
- Sign the form in front of a bank representative and complete a Wire Agreement. The wire fee will be displayed under the “fee amount” section
- Keep copies of the Wire Transfer Request Form and disclosure agreement for your records
After filling out all of your personal and banking information, you will also need information from the wire recipient in order to process the funds transfer. This includes the recipient’s name, BAN (Beneficiary Account Number), full address and banking information. There is also a section for intermediary banking details that can be filled in.
To send money abroad you will also need international wire instructions:
* Bank Name
* SWIFT/BIC Code: You can check the correct BIC / SWIFT code here
* Routing Transit Number
* Bank address, City & State
* Beneficiary Account Number
* Beneficiary Name
* International Routing Code (IRC) for certain countries, i.e. (Sort Code, IFSC Code, National ID etc.)
* Reason for Payment for certain countries
Similarly, if you want to receive money from abroad to your Wells Fargo bank account, you will need to provide the sender with your own Wells Fargo international wire transfer details:
|Bank Name||Wells Fargo Bank, N.A.|
|Wells Fargo SWIFT/BIC Code||WFBIUS6S|
|Bank address, City & State||Wells Fargo, 420 Montgomery Street, San Francisco, CA 94104 (regardless of where your account is located)|
|Beneficiary Account Number||Your complete Wells Fargo account number (including leading zeros)|
|Beneficiary Name||The name of your account as it appears on your statement|
Now that you know how to wire money with Wells Fargo, how much does it cost? The initial wire transfer fee will be written in on the Wire Transfer Request Form. However, you can expect to pay the following wire transfer fees with Wells Fargo.
|Incoming money transfer||Outgoing money transfer|
|International wire transfers fee||$16||$30-45 (the exact fee will be disclosed at the time of processing)|
|Domestic wire transfers fee||$15||$30|
International wire fees - $16 for each incoming transaction and $30-45 for outgoing transactions (the exact fee will be disclosed at the time of processing).
Domestic wire fees - $15 for incoming wire transactions and $30 for outgoing transactions.
In addition to wire transfer fees, banks like Wells Fargo may charge a currency conversion fee for sending and receiving money. This is one of the ways they make money on wire transfers so it’s important to beware of this before choosing this option.
It can take between 1-3 business days to fully process a wire transfer with Wells Fargo. If you’re sending money to another Wells Fargo customer it could be up to 24 hours. For all other non-Wells Fargo transfers it may take 2-3 business days.
|Incoming money transfer||Outgoing money transfer|
|International wire transfer||3pm Central Time (CT)|
|Domestic wire transfer||5:30pm CT||4:30pm CT|
Finally, the daily cutoff time for outgoing international wire transfers is 3pm Central Time (CT). For outgoing domestic wire transfers the daily cutoff time is 4:30pm CT, while the time for incoming wires is 5:30pm CT. Any wire transfer requests made after these times means that Wells Fargo will process them the next business day.
As you can see, wiring money online with Wells Fargo is time consuming and expensive. Thankfully, TransferWise offers a much simpler and more affordable option for international payments and money transfers.