Sending and Receiving Wire Transfers with Chime (Update 2022)

does chime accept wire transfers

There are many types of money transfers you can use to send money to someone as well as to pay bills. A wire transfer is a fast and convenient type of transfer that is supported by most banks and credit unions. 

However, digital banks are a somewhat different story. Some of them support them, while others only do domestic wire transfers. But what about Chime? Does Chime accept wire transfers?

Chime doesn’t do wire transfers for any kinds of transfers, such as transferring money to your Chime checking account. The company also recommends Wise for international transfers. Chime might add wire transfers in future updates to the app. 

Any money sent to your Chime account via wire transfer will automatically return to the sender.

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How to Transfer Money With Chime? 

Chime likes to think of itself as a bank. However, Chime isn’t a bank and can’t even legally call itself as such. Yet, it offers one of the best methods of money transfers out of any digital banks or financial apps out there. 

The money transfer feature is called Pay Anyone and is a free way of sending money instantly to anyone. The receiver doesn’t even have to have a Chime account. All they need is a debit card to claim the funds instantly. 

In order to use the feature to send money, you first need to sign into the Chime app and find the Pay Anyone tab. Find the recipient using their email, phone number, or if they have Chime, their $ChimeSign. 

Once you’ve found the recipient, simply enter an amount you want to transfer and submit the payment. 

Chime members will get the money instantly, and they will even get a notification. 

Non-Chime members have two options. To either open a Chime account or enter their card details to get the money.

Either way, the transfer will be free for both sides of the transfer.

READ ALSO: 8 Cash Advance Apps That Accept Online Banking

How to Receive Money on Chime?

Chime account holders can easily and quickly receive funds from someone using Pay Anyone. The funds will appear instantly and fee-free in their Chime checking account. There’s absolutely nothing to do here to get the money.

Chime members can also request money from other Chime members. To request money, you’ll have to:

  1. Log into your Chime app
  2. Tap “Pay Anyone” 
  3. Search for the right person 
  4. Enter the amount of money you want to receive 
  5. Send your request 

People that aren’t members of Chime can also receive money from Chime users. The recipient, in that case, gets an email or a text with a link to Chime’s website. 

They then have to click or tap on the link to enter their debit card info on the Chime website.

However, there are numerous phishing scams going around trying to make people click on a link in a message or email. I’m sure you have received at least one pretending to be your bank or even the IRS. 

The recipient has to be extremely careful not to click on a scammer’s link. You should definitely notify them and also advise them not to get in trouble with scammers. 

What if You Send Money to The Wrong Person?

Money transfers can be daunting. I, personally, double or even triple-check all the details when making one. That’s because electronic money transfers usually can’t be canceled or reversed.

It’s your responsibility to make sure that all the recipient’s information is correct and that the amount you’re trying to send is corresponding to the number on the screen. 

This is true for Pay Anyone as well. Chime will prompt you to confirm the transaction before it goes through. 

READ NEXT: Using Chime with Facebook Pay (How to Connect)

Wire Transfers vs. ACH Transfers

Although some people use the two terms interchangeably, there are vast differences between the two. The main difference is the cost. 

Whereas ACH transfers are generally free, wire transfers can cost $25 – $30 for domestic transfers and $45 – $50 for sending money abroad. 

The second main difference is the speed. ACH transfers are much slower and usually take a couple of business days to complete. Wire transfers, on the other side, are done the same day or even in only a few hours.  

Wire Transfer Alternative

There’s no need to pay exorbitant wire transfer fees. We already mentioned a great alternative for domestic transfers. Chime’s very own Pay Anyone. 

But what about international transfers? Chime, as you may or may not be aware, doesn’t support international money transfers at this time. 

They only support international transactions. This means you can only buy things and services from international vendors online or in-store, but you can’t send money to anyone outside of the US. 

The company recommends using Wise to make international money transfers. They are the best digital bank and remittance service that we often recommend as well. 

wise

Wise can be up to eight times cheaper than traditional and digital banks. In fact, many banks use Wise as a way of giving their users a cheap money transfer service. They integrate it into their app for seamless and transparent transfers. 

On the other side, there are PayPal and Western Union. Two extremely popular alternatives that, in reality, have completely unfavorable foreign exchange fees, making them not worth using. Their transfers also aren’t the fastest.

Wise will transfer the funds instantly or on the same day for most countries on their list. There are also no hidden fees and all the costs are calculated upfront.   

For example, when you’re sending money in USD to CAD, you’ll pay a flat fee of 4.82 USD + 0.44% of the amount that’s converted. You can save up to 52 CAD on a single transaction. 

READ NEXT: 2 Possible Reasons Why You Got Chime Card In The Mail (What To Do)

Conclusion

Chime doesn’t support wire transfers, unfortunately. However, there are many easy-to-use alternatives that charge far less to do the same work. 

Where Chime does shine are the domestic transfers that can be easily sent to Chime and non-Chime members that can collect the funds by simply entering their card details. 

Digital Banking Apps Worth to Know About
Current: The Future of Banking
For Free Thinkers and Entrepreneurs

As a mobile banking app affiliate, I earn from qualifying purchases.

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Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.
topmobilebanks logo

Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.