An electronic wire transfer directly sends money from one bank or credit union account to another. It’s possible to move funds to account holders in other cities, states or countries. Wire transfers provide a convenient way to send cash to another person or business without waiting for the postal service to deliver a check or Money Order. They offer several other time-saving benefits:
- Recipients needn’t travel to the bank or post office
- People generally receive the funds within one business day
- There’s no need to order checks, stamps or envelopes
Wire transfers prove useful when you need to pay taxes, fund an investment account or provide escrow money. If you want to send cash to a relative in another country, international wire transfers provide an excellent option. Overseas postage is somewhat expensive, and it can take a long time for your family member to receive the funds by mail. Furthermore, an electronic wire transfer is less vulnerable to theft.
Using Electronic Transfers Safely
Domestic and international wire transfers cannot be canceled or reversed, so you should only use them to pay trusted individuals. Use care to ensure that you have the correct account and routing numbers for the recipient. You may not be able to recover the money if you send it to the wrong person. If you have concerns, feel free to ask our staff for advice about a transaction.
Sending Wire Transfers at FCACU
All members of our credit union can send and receive electronic transfers. To use this service, please visit a branch or visit our main office. You will need the name, bank account number and routing number of the recipient. Also, please have your FCACU account information and an identification card ready.
Wire Transfer Fees
If you have any questions about sending a wire or electronic transfer at FCACU, please contact us – we’re here to help!