Skip to main content
background image

All About Wires

This article will explain all about wire transfers, or “wires,” and how to request a wire transfer at Royal Credit Union. Royal Credit Union processes U.S. wires for personal accounts, or U.S. or foreign wires for business accounts.

What Is A Wire Transfer?

A wire transfer is a fast, secure option for sending money directly from your bank account to another bank account. Wire transfers are processed through the United States Federal Reserve. A wire is essentially a set of instructions telling a receiving financial institution where to put the money, including the recipient’s bank account number and other instructions.

Wire Transfers Are Fast

Unlike other options to move money such as checks or ACH transfers, wires are usually processed, sent, and received all in the same day. The sending financial institution has already verified the funds exist in the sender’s account, so funds move to the destination account fast. A wire cannot bounce, and there is no waiting for funds to clear and no hold placed on wired money.

Wire Transfers Are Secure

Because you are sending money directly from one financial to another, wire transfers are very secure. The main concern with wires arises when you wire money to a financial that pays it out in cash or immediately transfers it to a different account. For example, if you wire money to a Western Union office that pays the funds out in cash, it’s difficult to trace those funds once they leave Western Union. Wire transfers are also non-reversible. This makes wire transfers a favorite of scammers and con artists, but the wire transfer itself remains secure.

A few simple steps will help reduce your risk of wire fraud:

  • Avoid wire transfers to an individual or business you don’t know personally.
  • Be skeptical of schemes asking you to wire funds to a family member in distress or to cover unexpected fees or expenses.
  • Know that the Internal Revenue Service or IRS never requires that payments be made via wire transfer.

If you complete your wire request with a Royal team member, we might ask you about the purpose of your wire to help you avoid a scam.

Wires Don’t Have Limits

Another important aspect of wire transfers is that they can be processed for any dollar amount, with no limit to the number of wires you can send. Unlike payment apps or virtual wallets that can have various dollar and frequency limits, wires have no limits. You can send $100 or $100,000 as many times as you like. It just takes a little time to gather to the required information to request a wire.

Requesting A Wire Transfer

Gather Information: First, you’ll need to gather information about where you want your money to go. You will need:

  • The name of the receiving financial institution
  • The routing number of the receiving financial institution
  • The name of the person or entity receiving the wire
  • The account number of the recipient

Check Special Requirements: Second, you’ll need to verify if the receiving bank has specific requirements for wire instructions. Not every bank asks for these kinds of instructions, but it’s important to research this before sending a wire to ensure your wire is delivered correctly without delay.

  • Some financials use a unique routing number specifically for wire transfers. This could be a different number than their usual ACH or checking account routing number.
  • Other financials might use an intermediary bank to complete wire transfers. This means the financial cannot receive wires directly from the Federal Reserve, and they use another financial to pass the funds through to them.

Check Special Instructions: Third, make sure to include any special instructions that go along with the wire transfer in your information. Special instructions are usually references for the recipient that clarify what to do with the money you’re sending. Special instructions might include:

  • Reference numbers
  • Reference names
  • Dates
  • Addresses
  • Any other information that you or the recipient identify

Contact Royal Credit Union: After gathering all the previous information, now you can complete a wire request with Royal. You have options for completing a wire request:

  • Go to a Royal office
  • Call Member Service at 800-341-9911
  • Complete your wire in personal online banking, if you have completed the Wire Request setup process to have this feature enabled
  • Complete you wire in business online banking, if you have completed the Wire Service application in business online banking.

Once your wire request is complete, the money arrives in the recipient’s account within a few hours. Complete your domestic wire before 2 p.m. CST and the funds will be sent the same day. Domestic wire requests made after 2 p.m. CST will be queued for delivery on the next business day.

Sending A Lot Of Wires?

If you send a lot of wires, you can request that specific wire information be saved to make it easier to complete transfers that you make frequently. You’ll need to visit a Royal office or call Member Service to have this information added to your file.

Is There A Charge For Wire Requests?

Due to the unique processing needs of wire transfers, Royal Credit Union does have a charge for handling wire requests. See our service fees document for the charge. Royal Credit Union processes U.S. wires for personal accounts, or U.S. or foreign wires for business accounts.