What Is a Wire Transfer?

By Frank Bass – Updated May 16, 2025 at 5:58 PM EST | Fact-checked by Robin Hartill, CFP

Key Points

Wire transfers allow you to send money quickly and securely between banks.
Fees vary by bank but can be costly, so compare rates before transferring.
Use wire transfers for urgent or large payments, as they are reliable and fast.

Need to send money to someone else’s bank account? A wire transfer is often the best and fastest way to do so safely. In this article, we'll explain how wire transfers are done and clear up some common misconceptions about the difference between wire transfers vs. Automated Clearing House (ACH) transfers.

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Bank teller with customer — Image source: Getty Images.

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Here are the basics needed:

Name of recipient
Bank account number
Bank name
Bank address
SWIFT or routing number
Transfer amount
Currency

Though some wire transfers are free, you'll often pay a fee that can cost up to about $50. The recipient of the wire transfer usually will also need to pay a fee. Check with both financial institutions to make sure you’re comfortable with the amounts they're charging.

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About the Author

Frank Bass is a contributing Motley Fool stock market analyst and editor covering energy, healthcare, consumer, and financial sectors. Frank has decades of experience in financial journalism, holding reporting and editing roles at The Wall Street Journal, The Associated Press, and Bloomberg. He also currently edits research on the global energy transition. He holds a bachelor’s degree in journalism from Texas Tech University and is a graduate student at the University of Alaska Fairbanks. Fun Facts: Frank has hiked The Long Trail in Vermont from end to end, and currently lives in a semi-dry cabin in Interior Alaska.

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Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Frank Bass has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America, JPMorgan Chase, and PayPal. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short June 2025 $77.50 calls on PayPal. The Motley Fool has a disclosure policy.