Understanding Ally Bank Wire Transfers: Functionality and Associated Costs
Wire transfers might seem a bit old-fashioned compared to other ways to send money, but they are one of the quickest and most secure methods available. They are often the only option for large transactions, like buying a house. If you’re an Ally Bank customer, you can use their wire transfer services to send or receive money.
### How Ally Bank Wire Transfers Work
**Receiving Transfers:** You can receive wire transfers from any bank, but you can only send them to other U.S. banks.
**Sending Wire Transfers:** After having your Ally Bank account for at least 90 days, you can wire as much money as you need. Before that, you’re limited to $25,000 unless you request a waiver. To send a wire transfer, you need to fill out a Domestic Wire Transfer Request form with the necessary details, which the recipient usually provides:
– Receiving bank name and routing number (if an intermediary bank is involved)
– Beneficiary bank name and account number
– Recipient’s name and account number
Wire transfers can be scheduled up to 30 days in advance and settle immediately, meaning no changes can be made once they are processed. However, you can edit or cancel a scheduled transfer before it goes through.
### Timing of Wire Transfers
Ally processes wire transfers in the order they are received. You can check the status of your transfer by logging into your account and using the Status Tracker. Ally reviews and verifies all wires before sending them out, so keep your phone handy in case they need to contact you. Verified wires are sent out by 6 p.m. ET. For same-day delivery, submit your request early, as verification needs to be completed by 3 p.m. ET.
### Receiving Wire Transfers
To receive a wire transfer, provide the sender with the following information:
– **For U.S. Banks:**
– Receiving bank: Ally Bank
– ABA/routing number: 124003116
– Ally Bank address: 200 West Civic Center Drive, Sandy, UT 84070
– Beneficiary account number: Your Ally Bank account number
– Beneficiary name: Your name as it appears on your Ally Bank account
– **For Banks Outside the U.S.:**
– Receiving bank: JPMorgan Chase Bank, N.A.
– ABA/routing number: 021000021
– Address: 1 Chase Manhattan PLZ, New York, NY 10005
– SWIFT code: CHASUS33
– Beneficiary account number: 802904391
– Beneficiary name: Ally Bank
– Further credit: Your Ally Bank account number and your name as it appears on your Ally account
### Costs of Wire Transfers
Ally Bank charges a $20 fee for outgoing wire transfers, but this fee is refunded if you’re transferring money to your Ally Invest account. Incoming wire transfers are free, but if JPMorgan Chase acts as the intermediary, they might charge a fee.
### What is a Wire Transfer?
A wire transfer is an electronic transaction that moves money across a network of financial institutions. It involves electronic messages that contain all the necessary information for the sending and receiving banks to debit and credit the payment. Fedwire, owned by the Federal Reserve Banks, is the primary network used for domestic wire transfers in the U.S. These transfers occur in real-time and settle immediately, unlike cashier’s checks. In some cases, the messages pass through an intermediary bank before reaching the recipient’s bank.