You’re 24 hours away from having your utilities cut off. Or, maybe you’re a college student and there’s not enough in the change jar for Ramen noodles. Most of us have experienced money shortfalls, but sometimes the need is critical. Fortunately, having someone wire money directly to your bank is easy and fast enough to call off most of the financial wolves. In most cases, you can get your hands on the wired funds in one day.
If the person sending you money wires it directly to your bank, you can rest easy: This method is safe, easy, and fast. Many banks use the Fedwire Funds Service System, which by law makes the money available that day or the next business day. Another network, the Clearing House Interbank Payments System, doesn't make the money available immediately, but does promise it'll be there the next business day.
Online Bank Transfers
Many banks have online transfer options that allow your generous friends or family members to transfer money to your bank account. It's possible even if you live in another state. These transfers can take two to three days. If you bank at the same bank, the money may show up in your account within 24 hours.
Other Transfer Systems
Anyone can use a private business, such as Western Union, to send money directly to your bank account, but you won't get it for two or three days. If it's a same-day emergency, pick it up from a company branch. You'll need the transaction identification number from the sender. You'll also need to show a government-issued ID, such as a passport or driver's license, or an alien ID. You can also get it delivered to your home the next day if you can't pick it up in person.
Sending money is rarely free, and in some cases, neither is receiving it. Generally speaking, the faster you need the money, the more it will cost. Banks charge to send a wire unless it's a service attached to the account. To add insult to injury, some banks also charge the person receiving the wire. Your state might regulate these fees, but the federal government does not. A private business like Western Union bases fees on origination point, the amount sent, and the type of service.
- Federal Deposit Insurance Corporation: FDIC Law, Regulations, Related Acts
- Federal Reserve Bank Services: Fedwire Funds Service
- Federal Financial Institutions Examination Council: Bank Secrecy Act Anti-Money Laundering Examination Manual
- HGExpert.com: Forensic, General & Medical Expert Witnesses. Banking Industry Standards and Practices for Funds Wire Transfers by Fed Wire, CHIPS, SWIFT, ACH, and EFT. Coker, Don.
- Chase Checking Accounts: Deposit Account Agreements
- Western Union: When Can the Receiver Pick up the Money I Sent?
- Comptroller of the Currency Administrator of National Banks: Answers about Wire Transfers