How immediate is a bank wire transfer?So I am pretty sure it is instantaneous and will be available as soon as the person does the wire but I have a person in NC using Wachovia bank to do a wire transfer of 8500 to my Federal Credit Union. I want to make sure I am going to be able to get the cashiers check for the car tomorrow from the bank in time, so... | |
No, it won't be instant.
Although the term sounds like its an electronic thing, a wire requires a good deal of human work.
Typically, someone goes a bank, with instructions to send a wire to someone else. That bank sends instructions to the federal reserve to charge their account and credit a second bank with further details on which customer gets credit. The federal reserve advises the second bank who receive the instructions and probably gives it to a teller to post. Each step could take minutes or hours. If you're lucky you might see it happen within an hour, but it could take longer.
Make sure you have the receiving bank's proper instructions and go early in the day. If all parties act properly the receiving person should have the money that day.
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How immediate is a bank wire transfer?
So I am pretty sure it is instantaneous and will be available as soon as the person does the wire but I have a person in NC using Wachovia bank to do a wire transfer of 8500 to my Federal Credit Union. I want to make sure I am going to be able to get the cashiers check for the car tomorrow from the...
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