Wire Transfers
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.
COST
- Domestic Wire Transfer (Incoming) $15 per wire
- Domestic Wire Transfer (Outgoing) $20 per wire
- Foreign Wire Transfer (Incoming) $15 per wire
- Foreign Wire Transfer (Outgoing) Not Eligible
RECEIVING A WIRE
To receive an incoming wire at Indianhead Credit Union the sender must provide:
- Indianhead’s routing number (291880767)
- The recipient’s Indianhead Credit Union account number (found on the bottom of your Indianhead checks, or in show account number within online banking or our mobile app)
- The recipient’s name
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
- Intermediary Bank Information (An intermediary bank is a bank that acts on behalf of the send bank. Payments will reach the intermediary bank before being credited to the recipient or the final destination for the transfer. There may not be an intermediary bank)
- Ask the recipient if their financial institution has wiring instructions
PROCESSING TIME
It only takes a few minutes to set up and initiate a wire transfer. Wire transfers can often be processed on the same day, depending on how early you submit your request. Wire transfers must be submitted no later than 4 p.m. Wire transfers are only processed Monday – Friday, excluding holidays.
AVAILABILITY OF FUNDS
Because the money moves quickly and the sending bank has already verified the funds exist in the sender’s account, the recipient doesn’t have to wait several days for the funds to clear before claiming or using the money. In other words, there is usually no hold placed on money received via wire transfer.
AVAILABILITY OF FUNDS
Because you are sending money directly from one financial to another, wire transfers are very secure. The main concern with wire transfers 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
