Wire Transfer Information

What is a wire transfer?

A wire transfer is an electronic transfer of money from one credit union or bank to another using a network, such as the Federal Reserve Wire Network or SWIFT.

What is a SWIFT code?

The Society for Worldwide Interbank Telecommunication (SWIFT) is a unique code that may be required for international wire transfers.

Are wires “risky”?

Once “wired” funds leave your financial institution they are typically immediately available to the Recipient, not retrievable, and usually immediately withdrawn. These wire features (guaranteed and non-retrievable funds) have led members to be victimized by fraudsters. The fraudsters pretend to be legitimate Recipients and instruct Senders to use the wire transfer service to send funds for a purchase or other purpose. The fraudsters then provide phony or unintended recipient or account information. Members can also be exposed to risk when the funds wired from their account have not been collected, as from a recent deposit.

What information do I need to send an outgoing domestic wire?

To complete the wire transfer form, we will need the following information:

    • Validation of your identity
    • Name and physical address of person/business receiving the wire
    • Account owner’s account number that will receive the wire
    • Dollar amount of the wire
    • Name and physical address of financial institution receiving the wire
    • Routing number of financial institution
    • Purpose of the wire (ex: home purchase)
    • It is important that the person sending the wire, the account holder, assumes responsibility for providing correct wiring instructions. Members have fallen victim to scams when making purchases by sending money to the wrong unvalidated receiver account. To avoid this risk, the receiver’s personal and bank information must be validated by the sender and the sender should not rely on instructions not directly obtained by this party.

  *NEFCU may ask for validation of the purpose and beneficiary information

What information do I need to send an outgoing international wire?

To complete the foreign wire transfer form, we will need the following information:

  • Validation of your identity
  • Name and physical address of person/business receiving the wire
  • Account owner’s account number that will receive the wire
  • Amount of the wire
  • Currency type (euros)
  • Name and physical address of financial institution receiving the wire
  • SWIFT code of financial institution
  • Purpose of the wire (ex: home purchase)
  • Outgoing wire fees apply
  • *The account holder assumes sole responsibility for providing correct wiring instructions.

*NEFCU may ask for validation of the purpose and beneficiary information

Can I send a wire outside of the United States?

If the designated recipient of the funds will be receiving the funds at a location physically outside of any State, the wire will need to be sent as an international wire and all additional international wiring information will be needed.

What information do I need to receive an incoming wire?

To receive an incoming wire, provide the sender with our routing number (211691127) and your account number (not your member number)

Do I have to be a member of NEFCU or Direct Financial to send or receive a wire?

Yes, you must be a member.

How do I request a wire transfer?
  • Wires can be initiated in person by visiting a branch location.
  • Wires can be initiated through NEFCUOnline using the secure chat or messaging features.
  • Wires can be initiated by calling our Contact Center directly at 802.879.8779
When can I send a wire transfer?
  • Wires can be sent Monday through Friday from 8:30 am to 2:00 pm by visiting a branch location
    (*cut off time is subject to change without notice)
  • Wires can be sent Monday through Friday from 8:00 am to 2:00 pm by calling the Contact Center at 802.879.8790.
    (*cut off time is subject to change without notice)
How much money can I wire?
  • There is no “set” limit, however the funds must be validated before being wired. Cash or recent deposits are subject to review before being wired. This is because they cannot be returned. The credit union may refuse to wire funds for large amounts when they strictly rely on recent unverified deposits.
  • For larger wires it is recommended that you visit your local branch to conduct the wire transfer in person.
Can the credit union refuse my wire transfer request?

Yes, NEFCU can refuse the request for any of the following reasons:

  • If there are insufficient available funds in the sender’s account.
  • If the instructions are unclear or incomplete.
  • If NEFCU is unable to validate the sender’s identity.
  • If instructions were received by NEFCU by means of communication not authorized by NEFCU.
  • If NEFCU is unable to reach sender for validation of information.
  • Or any other reason the request is unsatisfactory to NEFCU.
How long does it take to receive funds that are sent by wire transfer?
  • Wire transfers sent to US financial institutions are usually received and available for withdrawal the same business day however NEFCU cannot guarantee same-day availability

* NEFCU cannot guarantee same-day availability.

Are the funds deposited into my NEFCU account from a wire transfer available immediately?

Usually yes. Financial institutions do not usually place holds on funds that are wired unless there are clear and on time reports that the transfer was made fraudulently or to an unintended recipient.

How much does it cost to send a wire?
What if I have other questions regarding the wire transfer service?

Call our Contact Center at 802.879.8790 or stop in to any branch with your questions.