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    3 min read 5 stepsMay 3, 2026Verified May 2026

    Wire Transfers Explained: When to Use Them and When to Refuse

    A wire transfer moves money fast — but it's irreversible and a favorite tool of scammers. Learn exactly when wire transfers are legitimate.

    At a Glance

    Category
    Online Banking
    Difficulty
    Intermediate
    Read Time
    3 min read
    Steps
    5
    Topics covered
    wire transfer
    scam
    fraud
    money transfer

    In this guide (5 steps):

    1. 1.Verify the recipient independently
    2. 2.Initiate the wire at your bank
    3. 3.Expect fees and confirm them before sending
    4. 4.Recognize when a wire request is a scam
    5. 5.If you sent a wire to a scammer, act immediately
    1

    Verify the recipient independently

    ~28s
    Before initiating any wire transfer, verify the recipient's bank details through a separate channel. If a real estate attorney sends you wire instructions by email, call the attorney's known office number (look it up independently, do not call a number in the email) to confirm. Email wire instructions can be intercepted and altered by scammers.

    Warning

    Wire fraud is a real risk in real estate transactions. Never wire money based solely on emailed instructions — always call to confirm bank details using a phone number you looked up yourself.

    2

    Initiate the wire at your bank

    ~17s
    Log into your bank's website or visit a branch. Look for "Wire Transfer" under transfers or payments. You will need: the recipient's full legal name and address, their bank's name and address, the recipient bank's routing number (for domestic) or SWIFT/BIC code (for international), and the recipient's account number.
    3

    Expect fees and confirm them before sending

    ~15s
    Your bank will show you the wire transfer fee before you confirm. Domestic wires usually cost $20-$35. Review the fee and the full transfer details. Once you click "Confirm" or "Send," the transfer cannot be reversed.
    4

    Recognize when a wire request is a scam

    ~20s
    Walk away from any wire transfer request that involves: a government agency demanding immediate payment, a prize or lottery claiming you must send money first, an online romantic partner asking for financial help, someone impersonating a family member in an emergency, or a tech support agent who says your computer has a virus and needs payment.
    5

    If you sent a wire to a scammer, act immediately

    ~18s
    Call your bank the moment you realize you have been scammed. Ask them to recall the wire — sometimes it is possible if you act within hours and the receiving bank cooperates. File a complaint with the FTC at reportfraud.ftc.gov and with your local police. Speed matters.

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    A wire transfer sends money fast, usually the same day or next day. It is secure. But here is the most important fact: once it is sent, it cannot be undone. That makes wire transfers useful for real, large transactions — and dangerous in the wrong hands.

    Wire transfers make sense for: closing on a home (sending your down payment to the title company), large international transactions, or paying a contractor a large sum when no other method works.

    Wire transfers do NOT make sense for: paying someone you met online, claiming a prize or inheritance, posting bail for a family member you have not personally confirmed is in trouble, or any situation where someone is pressuring you to act fast.

    A typical domestic wire costs $15 to $35 to send, and $0 to $15 to receive. International wires cost $35 to $50 and take 1 to 5 business days.

    Grandparent scams, IRS impersonation scams, romance scams, and tech support scams often end with a request to wire money. If anyone asks you to wire money out of the blue, stop. Call a trusted family member before you do anything. Your bank may also delay a wire that looks suspicious — that is a safety feature, not a hassle.

    (Source: FTC, consumer.ftc.gov/articles/what-know-you-wire-money)

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