What You Need to Know About Wire Transfers

If you need to send or receive money safely, wire transfers are a great solution. These transactions are secure, and they allow you to move money electronically, typically within a matter of days. Wire transfers are also a popular method of moving money internationally, making them a very convenient tool for everyday banking. People’s offers incoming and outgoing wire transfer services for domestic and international wires, providing you with a safe, convenient, and fast way to transfer funds electronically. Before beginning a transaction, though, it’s useful to know what to expect when using a wire transfer. Here are some commonly asked questions and what you need to know about wire transfers:

How Do Wire Transfers Work?

It’s easy to have funds electronically transferred to another financial institution from your account at the credit union. To begin an outgoing transfer, you will first need to obtain complete wiring instructions from the receiving financial institution or the recipient. Please remember that wiring instructions often differ from the account information at the bottom of the check. We also need the complete addresses of all parties.

You can initiate a wire transfer by coming into one of our branches or giving us a call. For incoming wire transfers, you will need to supply the sender with our wire instructions, whether it’s a Domestic or International transfer. Wires received based on other writing instructions may be rejected or could incur additional fees.

How Long Do Wire Transfers Take?

We are unable to guarantee the length of time it will take for the recipient institution to receive or apply the funds.

Do Wire Transfers Cost Money?

There is no fee for incoming wires to your account at People’s. For Outgoing Wire Transfers, it
is an $18 fee for Domestic and a $35 fee for International, or you can view our current pricing on all of our rates and fees.

Are Wire Transfers Safe?

Wire transfers are safe. Not only are they carefully monitored by your service provider, but they are also sent via secure electronic networks that keep your information safe.

That said, wire transfers can be dangerous if you accidentally send money to the wrong person, or if you are the victim of a scam artist. Wire transactions go quickly, and it is often difficult – or impossible – to recover the money once it is sent. That is why you should always be wary of strangers who request wire transfers, and why it’s crucial to double-check that you have the correct recipient’s information before sending money.

Can You Cancel a Wire Transfer?

Generally, you cannot cancel a wire transfer once it has been received, unless it is an international transaction. The Consumer Financial Protection Bureau has certain regulations and protections in place that allow you to cancel an international wire transfer within a half-hour, as long as it hasn’t yet been deposited. Because wire transfers are so fast and challenging to cancel, it’s crucial to make sure that you have the correct information before initiating a transaction.