Bank accounts have gone through many evolutions in the previous years to secure money and make cash transfers seamless. What seemed to have been depositing checks to the bank yourself was tedious; new processes have made things convenient for the users. There have been ways to account for this revolution, and one of these ways has been the use of wire transfers. So what does it mean when you are sending money through the wire transfer? Let us find out below.
How many transfers can I make between banks in the US?
Usually, bank accounts do not have a limit on the number of transfers per month. However, some savings accounts ( Federal Reserve Board’s Regulation) can limit up to 6 transfers in a single month.
Wire transfer accounts for moving cash from one bank account to another without using existing bank accounts or depositing checks that have the amount written. It is a new and faster way of sending money conveniently and is also referred to as e-transaction. This transaction is done mostly when you want to send money from one country to another.
So how do you do the wire transaction, and whether there is a limit to how much you can send through it? We will answer all your queries in this article. So let us get going!
When you are making small payments, you may not need wire transfers as much; however, for a large payment, such as paying off a massive sum of rent or getting a loan for a new car, you may need to transfer money from your bank account in the form of the transfer payment.
Each bank has its limit set to the wire transfer amount. This means that you will need to ask your bank teller about wire transfers because the policy may differ from bank to bank.
How Much Money Can I Transfer Between Banks?
The wire transfer limit in US banks is usually between $1000 and $10000 per online transfer. However, bank-to-bank transfer limits can be in a wide range. For example, the Chase bank wire transfer limits and Fidelity wire transfer limits are $100,000 per transaction and $250,000 per day.
Wire transfer limits for major US banks are:
- Ally bank wire transfer limit is $150 000
- Chase bank wire transfer limit is $100000
- The Fidelity wire transfer limit is $100,000
- Citigroup wire transfer limit is from $50 000 to $100 000
- Wells Fargo’s wire transfer limit is $5000,
- Bank of America’s wire transfer limit is $1000.
The process is pretty straightforward. All you need to do is visit your bank and tell the bank teller about the details of the bank that you will be transferring the money to. They may ask questions regarding specific information such as the bank’s name, the branch, the branch code in some cases, and the name of the person to which the deposit will be made. After this, the bank will take your signature for identification, and then you can leave the rest to the bank to do the process. The amount will then be electronically transferred to the other bank.
Wire transfers have been the safest and secure option with less chance of scams or fraud. All you need to do is to ensure that you are giving the correct details to the bank. You should check the spelling and the code correctly so that the amount is not transferred to any other bank or any other holder. In addition, it is very safe, and you should make sure that you are sending money to a known person rather than a stranger to not fall into any trap.
As mentioned above, each bank has a different limit to which wire money can be transferred. So you would have to check the bank while doing the wire money option and then decide how much can be shared. It also is affected by factors such as having a business account which allows the limit to be exceeded a bit.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com