Wire transfers are one of the most popular ways for businesses to send and receive money. With a wire transfer, funds can be easily moved electronically from one financial institution to another, making for a quicker and more secure transfer payment. Here at Grasshopper, we understand that businesses need convenience and efficiency when it comes to transferring money, which is why we’ve outlined the basics of what you need to know about wires.
Bank wires are sent electronically through a wire network. In the U.S., wire transfers are managed by the Federal Reserve through FedWire.
To initiate a wire transfer, you’ll need to give some details to the bank, including:
Once the information is provided, the bank will initiate the transaction, sending the wire transfer details to your recipient’s financial institution. That financial institution will then review the transaction details and see that the allotted funds are transferred.
ACH payments are another type of electronic fund transfer (EFT). While wire transfers are sent directly from one financial institution to another, an ACH payment must first pass through a clearing house network first before being sent to the receiving bank account. Because of this extra step, ACH payments often have slower processing speeds than wire transfers. For more information regarding ACH payments, check out our previous blog on the topic.
ACH payments are another type of electronic fund transfer (EFT). While wire transfers are sent directly from one financial institution to another, an ACH payment must first pass through a clearing house network first before being sent to the receiving bank account. Because of this extra step, ACH payments often have slower processing speeds than wire transfers. For more information regarding ACH payments, check out our previous blog on the topic.
Transferring funds via wire transfer has several advantages, including:
With an Innovator Business Checking Account, wire transfers are simple. Banking online means you’re in control of the movement of your funds. You can send or receive wires at any time, wherever you’re able access to your computer or mobile device.
As a Grasshopper client, you can gain access to unlimited wire transfers, as well as fee-free incoming domestic wires. For more information regarding the costs of sending and/or receiving wires, please refer to our Innovator Checking Fee Schedule.
Brana Webb is a versatile marketing professional with a decade of experience leading brand, content, and digital strategies across industries ranging from financial services to consumer goods. With 8+ years of experience driving brand growth and customer engagement across the banking and fintech space, she has developed a strong track record of translating complex ideas into compelling campaigns that resonate with target audiences. In her current role at Grasshopper, she leads strategic marketing initiatives that support product launches, deepen client relationships, and fuel business growth. With a background spanning both in-house and freelance work, Brana brings a thoughtful, creative, and data-informed approach, helping teams connect more meaningfully with their audiences and move faster toward their goals.
