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Money transfer apps are usually the way to go when you need to send relatively smaller amounts of money. But sometimes, you may need to move larger amounts through, and using a money transfer app won’t cut it.
One way you can safely (and legally) send and receive money is by going the good old-fashioned route and using a wire transfer service like the one offered by Capital One.
Sending a wire transfer may seem like a lot for someone doing it for the first time. Although it comes with fees and takes more steps to complete, the process is straightforward and won’t take too much of your time. Here’s more about how to wire money with Capital One.
Here are some key takeaways to know about wire transfers:
You can send and receive Capital One wire transfers whether you use a personal bank account like a checking or savings account, are a small business or are using a commercial account.
All three can use wire transfer services, but the process differs depending on what type of account you are using.
You can send wire transfers within the United States online, but the limits on the amount you send and what type of entity you send it to differ. You can send the money to three entities: a Title Company, a person or non-title company or an external linked account.
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All online wire transfers come with a $30 sender fee, whether you conduct the transfer online or through the phone.
Your recipient should expect the money to arrive on the same day unless you send the funds after 2 p.m. on a weekday since that’s the cutoff time for domestic transfers. Usually, the money should be available the next business day. Remember that you can’t send a domestic wire transfer by physically going to a Capital One branch location — all must go through the online portal or by phone.
If you want to send an international wire transfer, you must go to a Capital One branch, but not all account types are eligible. Because each case differs, it’s best to call 1-800-655-BANK to determine whether your account qualifies before you visit a branch.
If the international wire transfer is successful, you must pay a $40 fee at the branch. Fortunately, you don’t have an amount limit when sending international transfers.
Like domestic transfers, international wires have a cutoff time of 3 p.m. on weekdays. The difference is that it can take up to 10 business days to deposit the money in the international recipient’s account after you send it.
Cancellation is only possible if you are sending an international wire transfer. International wire transfers through Capital One have a 30-minute hold period.
Domestic wire transfers do not and cannot be changed or canceled once they go through. But this doesn’t mean you can’t speak to someone if you notice unusual activity on your account. Call Capital One at 1-877-383-4802 for help if this happens.
When waiting for a wire transfer, you usually do not have to initiate any steps as the person sending you the money and their bank are responsible for the process. Still, the process differs depending on the account type. Receiving money as a person is different than accepting it for a company or business.
You need to give the sender some information to ensure the transfer goes smoothly. This information includes:
You may need to pay a fee of $15 to receive a wire transfer for certain account types. Otherwise, the cost for domestic Capital One wire transfer transactions costs $30.
If the sender lives in the U.S., you should expect to receive the transfer on the same day if they transfer the money before 5 p.m. EST. As for international wire transfers, you should receive them within three to five business days.
The process of wire transfers with Capital One is simple, whether you’re sending funds from a CD account, checking account or looking to open a new account just for this purpose. Although the process differs depending on your location, the entity and the recipient, Capital One is clear about cutoff times and provides the correct information online to understand what you need before you visit a branch or initiate a wire transfer online.
It’s safe, accessible, and easy to wire money using Capital One’s online, phone or onsite services.
If this is the first time you send or receive money using a wire transfer or have questions, call Capital One’s helpline for clarity and peace of mind, especially for more significant amounts.
Don’t forget to ensure your money is going to the right place, as scammers often ask people to send them domestic wire transfers. While you have some protections, it is hard to get your money back once you send someone a domestic transfer.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Data is accurate as of March 18, 2024, and is subject to change.
