What Information Is Needed for a Wire Transfer

Key takeaways

• Essential details required for domestic and international wire transfers vary — knowing exactly what's needed prevents costly delays.

• Even small mistakes in wire transfer details can lead to payment rejections, additional fees, or difficulties tracing your money.

• Xe offers a streamlined, transparent alternative to traditional banks, saving you time and money on international transfers.

Knowing exactly what information you need for a wire transfer is crucial for smooth, stress-free payments. Whether you're paying overseas suppliers, sending money to family abroad, or making a down payment on an international property, incorrect or missing details can lead to frustrating delays and unexpected fees.

In this guide, we'll walk you through the specific information required for both domestic and international wire transfers. We’ll also touch on how choosing the right transfer service can make a significant difference when moving your money around the world.

What you need for a wire transfer

The information required for your wire transfer depends on whether you're sending money domestically or internationally.

Domestic transfers

For sending money within your country, gather these details:

• Recipient's full name exactly as registered with their bank

• Bank name and address

• Routing number (in the U.S.) or local bank code equivalent

• Recipient's bank account number

International transfers

International transfers require more detailed information:

• Recipient's full name and physical address

• Bank name and complete bank address

• Recipient's International Bank Account Number (IBAN) for many countries, especially in Europe

• SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code) for the recipient's bank

• Amount and currency being sent

• Reason or reference for the payment (if applicable)

Always double-check each detail before confirming your transfer. A single incorrect digit can cause significant delays or even result in failed transfers.

Compare Xe to your bank

When sending money internationally, traditional banks are often the first option people consider—but they're rarely the most cost-effective. Before initiating your next wire transfer, take a moment to compare how Xe stacks up against typical bank services:

With Xe, you get more value for your money, faster delivery times, and a straightforward experience from start to finish. Our specialized focus on international transfers means we've optimized every step of the process to ensure your recipient gets more of the money you send.

What happens if you enter the wrong information?

Providing incorrect wire transfer details can lead to several problems:

• Delayed payments: Your transaction may be held for verification, adding days to the transfer time

• Additional fees: Banks often charge investigation fees to trace or recall incorrect transfers

• Failed transfers: Your money might be returned to your account, minus any processing fees

• Lost funds: In some cases, incorrect account details can lead to misdirected transfers that are difficult to recover

If you realize you've made a mistake, immediately contact your bank or transfer provider. While they'll try to help, there's no guarantee the funds can be recovered quickly or without additional costs.

Tips for a smooth transfer

Follow these guidelines to ensure your wire transfers go through without a hitch:

• Verify all details directly with the recipient: Never rely on remembered information

• Use the exact registered bank account name: Many banks verify that the account name matches exactly

• Understand country-specific requirements: Some destinations require additional codes or formats

• Keep a record of your transfer: Save confirmation numbers and receipts until the transfer is complete

• Choose the right transfer method: Traditional wire transfers aren't always the most efficient option

How Xe simplifies international transfers

Sending money with traditional banks often involves complex forms and hidden costs. Xe simplifies this process with:

• Fewer required details: Our streamlined system only asks for essential information

• Competitive exchange rates: Get more value compared to typical bank exchange rates

• Fast delivery: Many transfers complete within 24 hours rather than the 3-5 days often needed for bank wires

• User-friendly platform: Our online and mobile platforms guide you through each step

• Transparent pricing: Know exactly what you're paying and what your recipient will get

Frequently asked questions (FAQs)

Still have questions about wire transfers? Here are some common questions 

1. What's the difference between IBAN and SWIFT?

An IBAN identifies a specific account for transfers within countries primarily in Europe and the Middle East. SWIFT codes identify the specific bank globally to route international transfers. To understand when each is required, read more about IBAN vs SWIFT codes.

2. Do I need a SWIFT code for all international transfers?

Generally, yes. SWIFT codes are essential for international transfers. However, some countries (especially within Europe) primarily use IBAN numbers for identification. 

3. How long does a wire transfer take?

Domestic wire transfers typically process within one business day. International transfers usually take between 1-5 business days, depending on the service provider, destination, and intermediary banks involved.

4. Can I cancel or change a wire transfer once it's sent?

Once initiated, wire transfers are challenging to cancel or amend, especially internationally. Contact your transfer provider immediately if you discover a mistake. Keep in mind that fees may apply, and cancellation isn't always possible once the transfer is in process.

5. Is there a fee for receiving a wire transfer? 

Many banks charge fees to receive international wire transfers. These fees can either be deducted from the amount received or sent.

Why choose Xe?

Getting your wire transfer details right the first time is vital for a hassle-free experience. Xe simplifies the wire transfer process by offering competitive exchange rates, transparent fees, and quick transfers, ensuring more of your money arrives exactly where it should.

**The information from these sources were taken on May 20, 2025. 

The content within this blog post is not intended for use as financial advice. This content is for informational purposes only. Different currency exchange amounts, currency types, dates, times, and other individual factors will result affect the delivery times of transactions, rates and comparative savings.