Wire Transfers FAQ
A wire transfer is a secure method for sending or receiving a large amount of money the same day. Always use caution and verify the accuracy of the wire transfer because it is very difficult to cancel or reverse a wire transfer. If you have any further questions or need assistance completing your wire transfer authorization documents, please contact us for assistance.
How do I send and receive a wire transfer?
The required wire transfer documents must be initiated at the financial institution sending the funds. Please contact us to complete our Outgoing Wire Request or the International Outgoing Wire Request Form to send funds from your FECU account. Additional wire information needed to complete a transfer can be found on the Wire Request page.
What is a Domestic (U.S.) Wire Transfer?
Funds transferred between financial institutions in the United States of America in U.S. currency are considered domestic transfers. Wire Transfers are received by the Instructed Agent and deposited into the Creditor's Account. If you are sending wired funds from your account, you will need to complete an outgoing wire request form provided by the financial institution sending the funds.
What is an International Wire Transfer?
Members can send funds to accounts held in eligible participating countries. When you send money outside of the U.S. or its territories, the term "receiver" means the Final Receiver. The international identification code, called an International Bank Account Number (IBAN) or unique SWIFT numbers is required for global financial transactions. When sending wires in U.S. funds, the funds will be converted to foreign currency by the financial institution receiving the funds. The receiver's account must be a local currency payout account. If you are sending an international wire, you will need to complete international outgoing wire request form provided by the financial institution sending the funds. Contact the Credit Union regarding International Outgoing Wire requests.
Will my International Wire Transfer be processed in U.S. dollars?
Incoming wire transfers received in a foreign currency will be converted into U.S. dollars then deposited into your account. Foreign currency wires are converted to foreign currency prior to sending. If a wire is sent in U.S. dollars it will be converted by the foreign financial institution receiving the funds.
How safe is a wire transfer?
We are committed to creating a secure process and may require additional verification prior to completing your request. If you cannot be reached to verify the wire information your transfer may not be completed. Once a wire is processed it cannot be canceled or reversed and is only returned if it's not accepted by the recipient or receiving financial institution. We recommend verifying requests, checking for inconsistencies, and being cautious when sending and receiving funds.
When are the funds available?
Normally the funds are available the same day the transfer is initiated or the next business day. If you submit a wire request on weekends or holidays it won't be processed until the next business day. Each financial institution has its own processing and cut-off times. International processing times will vary by country.
Note: Trademarked names used are the property of their respective owners. The benefits and services described here are provided by third parties wholly independent of FECU. We are not responsible for the content, services, or security these third parties provide. When sending funds in U.S. Dollars, the Federated Employees Credit Union has no control or knowledge over the exchange rate from the receiving foreign bank. The credit union has no influence or responsibility for fees or surcharges imposed by other financial institutions involved in the transfer of the funds. Please review the Truth In Savings Account Disclosures and Fee Schedule for fees and terms.
Published Date: August 1, 2025
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