How do I wire money safely?

To wire money safely: verify the recipient's bank details by phone on a known number before sending, never trust wire instructions received only by email, confirm the exact amount and account details with your bank before authorizing, and understand that wire transfers are final and generally cannot be reversed.

Wire transfers are the fastest way to move large sums between bank accounts — but their speed and finality make them a primary target for fraud. Once a wire clears, the funds are nearly impossible to recover. The CFPB's guide to sending money and the FTC's wire fraud guidance both emphasize that verification before sending is the only reliable protection.

Step 1 — Verify recipient details independently

Before initiating any wire, call the recipient on a phone number you already have on file or looked up independently — not a number provided in the same email or message that contained the wire instructions. Business email compromise (BEC) fraud — where attackers intercept or spoof email to substitute fraudulent bank details — is one of the most costly cybercrime categories in the U.S. The FTC warns consumers to treat any last-minute change to wire instructions as an immediate red flag.

Step 2 — Gather what you need

• Recipient's full legal name (must match the account name at their bank).
• Recipient's bank name and full address.
• Routing number (for domestic wires) or SWIFT/BIC code (for international wires).
• Recipient's account number.
• For international wires: recipient's full address and, in some cases, an IBAN.
• Purpose of the wire (some banks require this for compliance screening).

Step 3 — Authorize the wire through your bank

Most banks let you initiate wires online, in the mobile app, or at a branch. Review every field before submitting — confirm the routing number, account number, and amount exactly. Many banks have daily wire limits and may require additional authentication (a callback, one-time code, or in-person verification) for large amounts. Keep a confirmation number and screenshot of the completed transfer. The Federal Reserve's Fedwire system processes domestic wires in real time — once the bank submits it, it's generally final.

What to do if you suspect fraud

If you realize immediately after sending that something is wrong, call your bank's wire transfer department without delay — you may have a narrow window (minutes to a few hours at most) to request a recall before the receiving bank releases the funds. File a report with the FTC at ReportFraud.ftc.gov and with the FBI's Internet Crime Complaint Center (IC3) at ic3.gov. Recovery is not guaranteed, but reporting quickly improves the odds and creates a paper trail for any recovery attempt.

Sources

• The FTC warns that wire transfer scams often involve fraudsters posing as businesses, government agencies, or individuals asking victims to send funds to a new account — frequently with a sense of urgency. — FTC — How to Avoid a Wire Transfer Scam
• The CFPB's remittance transfer rule requires providers of international wire transfers to disclose fees, exchange rates, and the amount to be delivered before the consumer authorizes the transfer. — CFPB — Sending Money
• The Federal Reserve's Fedwire Funds Service provides real-time gross settlement of domestic wire transfers — once processed, wires are final and generally irrevocable. — Federal Reserve — Fedwire Funds Service

Key takeaways

• Always verify wire instructions by phone on a known number before sending — never rely solely on email confirmation.
• Any last-minute change to wire instructions is a red flag; stop and re-verify independently.
• You need the recipient's full name, bank name, routing number (or SWIFT/BIC), and account number.
• Wires are final once processed — if you suspect fraud, call your bank immediately and report to FTC and IC3.
• For international wires, the CFPB requires providers to disclose fees and exchange rates before you authorize.

Related

• What is a wire transfer?
• What is an ACH transfer?
• What is a routing number?
• What is FDIC insurance?