US Bank is among the most significant financial companies in the United States. The institution is based in Minneapolis, Minnesota, United States, and is part of the US Bancorp Bank. The company is among the best banking institutions you can have around. By the way, it was named one of the 2022 World’s most ethical companies ever. I will discuss the US Bank wire transfer shortly.
Wire transfer is a money transfer option that allows you to send finances from one bank to another. It is a helpful way of sending large amounts of money domestically or internationally. Usually, funds sent via wire transfers attract sending and receiving fees. International transfers are more expensive since you must pay conversion fees that vary from country to country.
Interestingly, wire transfers are fast to undertake. Most banks allow you to send your funds online, and funds can reach your recipient within 24 hours. Once you hit the send button, the transfer process begins immediately.
That is contrary to the ACH money transfer process that takes several days to complete, especially when you send money overseas. However, ACH is free to use with most financial companies. Again, you can easily cancel your ACH transfer if you realize that you made a mistake on your transaction.
Eligibility Criteria For US Bank wire transfer
To send a wire transfer, one must be a current US Bank consumer with a banking relationship with the financial company for at least six months. You should also be an eligible US Bank account holder. That is because you should use the account to make the wire transfer. Qualifying accounts include the ones you deposit money directly into, such as savings, checking, and money market accounts. Additional eligibility may also apply.
US Bank wire transfer routing number
A bank routing number (also called the ABA or RTN) is a nine-digit number identifying a specific USA financial institution. Every banking company in the US has a unique routing number. Larger banks such as US Bank, Bank of America, Chase, and so on have multiple routing numbers for branches in different states. Again, we have smaller banks that do not directly accept wires, and thus they often work with larger banks to receive wire transfers.
When receiving money through a wire transfer into your account, you must provide your routing number to the sender. Additionally, you must give them your account number. The same applies when you send money from your US Bank to another bank. The recipient must provide you with their routing and account numbers. The routing number may vary from one state to another.
The US Bank has dozens of routing numbers that vary from region to region. Therefore, your routing number should correspond to the region where you opened your account. You can check your routing numbers from the complete list of financial companies by visiting the bank’s website and navigating to the routing numbers section.
Ways to send a digital wire transfer
You can send wires using the US Bank in various ways. They include the following.
1. Using Online banking
You can send your wire transfer using the US Bank online banking platform. You should follow the steps below.
- Log in to your account.
- Tap on Transfers, then External transfers and wires.
- Choose to Send a wire transfer.
- Choose the account to pay from, amount and date.
- Choose a different day under SEND ON if necessary.
- Tap View all dollar limits to see wire transfer limits.
- Select Continue,
- Enter the recipient’s details and select Continue again.
- Add their routing and account number
- Select Continue.
- Review the information.
- Select Submit.
2. Using US Bank Mobile App
Using the steps below, you can send wires using your mobile app.
- Log into your account.
- Select Pay bills & transfer
- Choose External Transfers & wires.
- Tap “Send a wire transfer” and choose the account to pay from.
- Enter the amount and date.
- Select Continue.
- Select View all dollar limits
- Enter the recipient’s details, routing, and account number
- Select Continue.
- Review the details.
- Select Submit.
Ways to receive domestic and international wire transfers
Apart from sending, you can receive wires in your account. You must give the sender the following details.
For domestic transfers, you should provide the following;
- Your name as it is on your account
- Your account number
- Routing number
You must provide a Swift Code instead of the routing number for international wires. The Swift Code for U.S. Bank is USBKUS44IMT. The address is;
- US Bank
- Wire Transfer Department
- PO Box 64830
- St. Paul, MN 55164-0830
You must also provide your name and account number as it appears on your bank account.
Required information for sending a domestic wire transfer
To send a domestic wire, you need the following from the recipient.
- The recipient’s full names
- Account number
- Bank’s routing number
- Address of the recipient
Required information for sending an international wire transfer
For international wire transfer, you will need details such as;
- The recipient’s full name
- Recipient’s address.
- The amount of money to wire transfer.
- Recipient’s bank account number plus account type.
- The routing number of the recipient’s bank
- Recipient’s bank routing number.
- Name and address of the recipient’s bank.
- Recipient bank’s SWIFT or BIC code (if necessary)
- Reason for the wire transfer.
How much does a wire transfer cost
The US Bank, like many others, charges transfer fees. The US Bank international transfer Regular fees are as follows.
- Incoming international transfer- $25 per transfer
- Outgoing international transfer-$50 per transfer
The incoming domestic wire costs $14.00, while the outgoing domestic one costs $40.00
Key terms associated with domestic wire transfers
You should be conversant with various terminologies when making a domestic wire transfer. Various terms that are associated with domestic wire transfers are as follows.
- Recipient – the person receiving a wire transfer.
- Sender- the person sending money.
- Routing number- a nine-digit number identifying a specific domestic bank.
- Transfer fees- the amount of money you pay to send or receive wires.
How much time does it require for a US Bank wire transfer
Generally, domestic bank wires complete within three days. However, suppose the transfer occurs between accounts of the same bank. In that case, the funds can arrive in the receiving account within 24 hours. Remember, a single bank can have different routing numbers for different states or regions. Wire transfers through a non-bank money transfer platform can complete within minutes.
US Bank is among the most significant financial companies in the United States. The institution is based in Minneapolis, Minnesota, United States, and is part of US Bancorp and incorporated in Delaware. You can use the financial company to send or receive domestic and international wires. Wire transfers attract fees. However, the transfer method is efficient when sending large amounts of money.