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January 28, 2021
Sending a Wire Transfer? Here’s What You’ll Need To Know
A wire transfer is a popular a way to send funds electronically to another recipient. Two of the most common uses of wire transfers are for purchasing a home and sending money to relatives abroad, though there are lots of other situations when a wire transfer might be useful. Wire transfers can be domestic or international, with each having associated fees and processing time. Below you’ll find information about what’s needed to send a domestic or an international wire transfer, along with answers to frequently asked questions.
To send a domestic wire, please bring:
To send an international wire, please bring:
Beware of wire scams and fraud.
When sending money electronically, there are various opportunities for hackers and scammers to commit fraud. One very common use of wires — making payments when purchasing a home, whether to the title company or real estate professional — is a frequent target for fraud. Hackers may send phishing emails designed to obtain your personal information. They may even impersonate the title agency, often convincingly, in an attempt to get you to send money to the wrong place. Always verify routing numbers and receiving financial institution information before sending wires, and never send wires to anyone you don’t know personally or haven’t verified for a specific purpose.
Still have questions? Ask away.
How long does it take to send a wire transfer?
A domestic wire transfer is processed on the same day you initiate it and can be received within a few hours. To allow processing time, the transfer must be initiated by 3 pm EST. International wire transfers are typically delivered within two business days and must be initiated by 1:30 pm EST. For either type of wire transfer, please make sure to bring the required information, listed in the tables above, to one of our branch locations.
How much does it cost to send a wire transfer?
We apply a fee to send the wire transfer, and the receiving financial institution may have their own fee as well, especially for international transactions. You can find our current fees below:
Personal Fee Schedule
Business Fee Schedule
What is a SWIFT code and ABA routing number?
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a cooperative organization that links many financial institutions all over the world, and SWIFT provides unique codes that identify specific financial institutions. The SWIFT code is used in international wire transfers and will be between 8 and 13 digits. An ABA routing number is a 9-digit code used to identify financial institutions and accounts within the United States and is needed for domestic wire transfers. You will want to confirm the receiving financial institution’s unique codes directly from the institution to avoid fraud.
What is an intermediary bank?
In some international wires, an intermediary bank may be used, which serves as a middleman between the sending and receiving financial institutions. This often occurs when two countries don’t have a direct or established financial relationship.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733