Wire Transfers With Metabank [How To Set It Up]
Modern finances require modern solutions. The days of cash-only transactions are all but gone, and this is especially true when it comes to large transactions.
Many debit and credit cards only allow so much money to be received and sent at once. This maximum sum is normally too large for us to worry about it in our day-to-day lives, but when you’re paying for something big, like real estate, equipment purchases, and more, you may need something sturdier than a regular digital transfer.
This is where wire transfers come into play. However, unless you run a moderate to large business, you may not use wire transfers regularly. What are wire transfers, and what are their benefits?
More importantly, does MetaBank allow wire transfers, and how can you set them up?
Let’s find out.
What Is MetaBank?
MetaBank is one of the leading providers of prepaid cards in the US. They specialize in prepaid cards for all occasions – travel cards, gift cards, automobile payments, and much more.
Since MetaBank doesn’t require credit checks, just about everyone is eligible for a MetaBank account. However, this also means that your MetaBank account and any subsequent transactions don’t impact your credit score in any way – for bad or for good.
Prepaid cards allow for an extra feeling of security, as you can rest assured that you won’t accidentally spend more than you intended. This no-credit scheme is what makes MetaBank accounts suitable for people with no credit or bad credit.
What Are Wire Transfers?
Simply put, wire transfers are the exchange of electric funds from one person, business, or entity to another. They’re also known as credit transfers or bank transfers.
Wire transfers can be made directly from one bank account to another. In fact, wire transfers can often be done via online banking, or even from mobile banking apps. Wire transfers can also be made by paying the cash into a cash office.
The sending bank also includes instructions for the receiving bank, usually involving the settlement of the money.
Wire transfers are usually not instant, taking several hours or even days to arrive in the recipient’s account.
MetaBank and Wire Transfers
Especially if you hold a MetaBank business account, or use your account for business purposes, you’ll likely want to make wire transfers. So, does MetaBank allow wire transfers?
Does MetaBank Allow Wire Transfers?
Yes, MetaBank does accept and allow wire transfers. Since their core belief is that financial services should be available for everyone – even those with poor credit or bad credit – they include as many services as possible.
How to Set Up A Wire Transfer
A MetaBank wire transfer will take a least 1-2 business days. You will also need a MetaBank routing number, which you can find here.
You can go about setting up a wire transfer with MetaBank the same way you would any other wire transfer.
- Visit your local bank to set up the transfer. This is known as a bank-to-bank wire transfer. However, there are many other options for sending transfers. For example, most banks provide online banking options, which include wire transfers. To set up the transfer, you may simply need to log onto your online banking account – or even a mobile app.
- Provide the recipient’s details. These details usually include the recipient’s full name, contact information, and bank details. You’ll also need a wire transfer number and routing number.
- Double-check your information. Once the transfer is complete, it’s very unlikely that you’ll be able to recover your money. Some people fall victim to wire transfer scams, or even make simple mistakes like entering the wrong amount. Incorrect cash amounts or mistakes in the recipient’s contact information are easily made, so be sure to check that your information is correct.
You’ll also need to confirm your own information. This includes your full name and address, contact information, and bank details.
You can expect a domestic wire transfer to be completed in around one business day, depending on cut-off times, federal holidays, and more. International wire transfers may take longer, and you may have to pay transaction fees.
At one time, wire transfers had to be completed in person at a bank or local branch, however, that’s no longer necessary with online banking. You may not even need to leave your home or office to conduct a wire transfer.
Benefits of Wire Transfers
As you can see, wire transfers can be a little more complicated than the average digital transaction. However, they’re not as complicated as you might imagine, and there are plenty of benefits to using wire transfers.
What kind of benefits can you expect? How easy is it to send a wire transfer?
- Security. Wire transfers are known to be more secure than the average electronic transfer. If you use a wire transfer alongside MetaBank, there are plenty of extra security measures and safeguards in place, ensuring that you know exactly where your money is going, and double-checking that you really did initiate the transfer. While this can make the process of transferring the money a little longer, these security measures should make a user feel more secure in their transactions.
- Speed. Wire transfers allow for large amounts of money to be sent and received with one business day. If you’re receiving a wire transfer, that money will be available for you to use as soon as it lands in your account.
- Easy initiation. Local branch offices are happy to help you try a wire transfer for the first time. If you’re using online banking to make a transfer, follow the instructions given onscreen.
The Bottom Line
Wire transfers are certainly available with MetaBank, and they’re surprisingly easy to set up and receive. If you’re worried about making a mistake in your transfer, set up a checklist of information to collect and how to go about making the transfer.