October 29, 2019 | Tools + Technology

How to Transfer Funds Via a Wire Transfer

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How to Transfer Funds Via a Wire Transfer

ideometry

Sep 25 2019, 08:32pm


If you’re looking to send money to someone that needs immediate access to it, a wire transfer can ensure your funds are transferred quickly and securely. Whether the recipient resides in the U.S. or overseas, you’ll have no trouble completing domestic and international wire transfers in a timely manner. Best of all, Quorum’s service fees are incredibly low compared to other banking institutions, so you won’t have to worry about paying more to move your money. 

Follow These 5 Steps

If you’ve never made a wire transfer before, follow these five simple steps to ensure your funds are successfully transferred.

    1. Log in to your online banking account.
    2. From the dashboard, click on Wire Transfers.
    3. Click on Wire Transfers again and select the type of transfer you’d like to make.
    4. Follow the prompts to complete your request.
    5. Review your information, then hit Submit.

Once you’ve submitted your request, a receipt of your transaction will appear on the screen, and a confirmation letter will also be mailed the next day to your address on file. It’s that easy! 

Average Competitor Fees:

Domestic Incoming Domestic Outgoing International Incoming International Outgoing
$13 $25 $13 45

By Bank:

Financial institution Incoming domestic wire Outgoing domestic wire Incoming inter-
national wire
Outgoing inter-
national wire
Bank of America $15 $30 $16 $45
Chase $15 $25 $15 $40
Citibank $15 $25 $15 $35
HSBC Bank $15 $35 $15 $35
USAA $0 $20 $0 $45
U.S. Bank $20 $30 $25 $50
Wells Fargo $15 $30 $16 $45
Quorum Free $20 Free $45

When you transfer money from one bank to another, you usually end up paying a lot of money in fees. Not only are you charged for the outgoing transfer from the bank you’re transferring from, but you’re usually paying for the incoming transfer fee from the bank you’re transferring to. Quorum believes you shouldn’t have to pay a penny for your incoming wire transfers.

 

Did you know: You can also receive a wire transfer into your Quorum account, free of charge!

To receive a wire transfer into your Quorum account, you’ll need to provide your other financial institution with:

  • Quorum’s ABA Routing/Transit Number: 221981335
  • Your account number
  • Quorum mailing address: 2500 Westchester Avenue, Suite 411, Purchase, NY 10577

To ensure your funds are deposited into your account appropriately, be sure to use the correct format:

  • Savings accounts: Provide your account/member number and suffix without dashes. (For example, if your account number is 0000123456, and your savings account suffix is 0000, you would use 00001234560000.)
  • Checking accounts: Provide your 14-digit checking account number (MICR number). You can find this in online banking by clicking on your checking account, then the “Account Details” tab above your transaction history.

If you’re more comfortable making your wire transfer over the phone, give us a call at (800) 874-5544, Monday through Friday, 8:30 a.m. – 7:00 p.m. ET. Be sure to have the wire recipient’s name, address, account number, routing number, and name of their financial institution on hand.

 

*Information on competitor wire transfer fees are from nerdwallet.com as of 09/30/19.

 

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