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How does wire transferring work?

Basics of Wire Transferring

Banking / September 30, 2021

A wire transfer is not something you typically do every day. If you need to get money across the world though, a wire transfer is often the way to go. How does wire transferring work? Read on to learn the basics of wire transferring.  

Why use a wire transfer?

When you need to transfer money between banks or financial institutions, the transfer may require intermediary institutions to process the money safely. For example, wire transfers can help with large transactions between you and a seller of a home. This can be a domestic transfer or international. 

Wire Transfer Fees

Fees for wire transfers vary depending on how far the money needs to go. Fees can vary across the industry, ranging from $20-$50 on average for the sender and may require a fee on the receiving end of the transaction, usually between $10-$20. At Cornerstone Bank, the fee to initiate a domestic wire transfer is always $20. Wire transfers can occur between banks or an institution such as Western Union.

Sometimes it may be a better option to just use an ACH transfer, which will carry a much lower fee. An ACH is simply a transfer between banks. These are decisions that a bank associate would be able to help you determine.

Learn more: 3 Red Flags to Avoid When Searching for a New Bank →

Looking for a bank that can handle all your banking needs? Choose Cornerstone Bank

Our bankers are eager to help you with all of your financial needs. Since 2001, we have been a primary resource for our customers to effectively handle their basic wire transferring needs and much more!

We give our customers the best banking experience possible. We don’t believe in simple banking; rather, we go above and beyond to help our customers make their money work for them. 

For more information, visit our Overland Park office or give us a call at 913-239-8100 to let us know how we can help.

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