Anyone with experience with receiving a wire transfer payment?
I’m going to be receiving some money via wire transfer pretty soon. I know it costs me a fee to receive money this way. Anything else I should look out for? How long does it take for the funds to be fully available? The bank’s site says “once they are processed by the Federal Reserve…” Any idea how long that takes? The funds will likely be wired on a Friday, when might I expect to have access to them?
In my experience, the funds are available immediately once the wire transfer is complete. It’s usually the same day, but there may be a time of day limit on this (as in wires requested before 2:00 pm are sent that day for example). That’s one of the reasons to use a wire transfer. If you could wait a couple of days you would just use ACH and save the wire fee.
Agreed. They usually hit my account an hour or two after being sent, and funds are immediately available. I don’t pay a fee to receive wires, but I’m not sure that’s universal.
As stated above, wire transfer is very nearly immediate in most cases. Real estate closings, at least in my area, have gone exclusively to wire transfer of funds - even certified or bank official checks carry some level of risk to the receiver. Wire transfer is essentially the opposite, once the funds are wired the receiver has it and the sender has very limited, if any, means to recall the funds. This is the main reason fraudsters like to have their marks use wire transfer.
Thanks, all, my mind is much eased.
I got a wire transfer a year ago and sent one a couple weeks ago. In both cases it seemed the money was available immediately.