Wire Transfers

Wire transfers are one of the fastest and most secure ways to send money, whether you are closing on a home purchase, paying a supplier overseas, or transferring funds between financial institutions. Eastern Business offers both domestic and international wire transfer services through Eastern Bank online banking, the Eastern Business mobile app, and all branch locations. With competitive fees and same-day processing for domestic wires submitted before the cutoff time, Eastern Business makes wire transfers straightforward and reliable.

Domestic Wire Transfers

Domestic wire transfers move money between banks within the United States using the Federal Reserve's Fedwire system. Eastern Business processes domestic wire requests submitted through Eastern Bank online banking before 3 PM Eastern Time on the same business day. Wires submitted after the cutoff or on weekends and federal holidays are processed the next business day.

To send a domestic wire through Eastern Business, you will need the recipient's full name, the receiving bank's name, the receiving bank's ABA routing number, and the recipient's account number. For final credit to the correct account, include any additional instructions such as a loan number or invoice reference in the message field. Eastern Business verifies all wire transfer details before processing to minimize errors and delays.

Domestic wire transfers typically arrive at the receiving bank within hours of processing. Most recipient banks credit incoming wires to accounts the same day they are received. Eastern Business provides a Federal Reference Number for every outgoing domestic wire, which you can use to track the transfer from initiation to completion.

International Wire Transfers

International wire transfers use the SWIFT network to move funds across borders. Eastern Business supports international wire transfers denominated in U.S. dollars and select foreign currencies, depending on the destination country. International wires require more detailed recipient information, including the receiving bank's SWIFT/BIC code, IBAN or account number, and the recipient's full name and address.

The processing time for international wire transfers varies by destination. Most international wires sent through Eastern Business arrive within one to three business days, though transfers to certain countries or those requiring intermediary banks may take longer. Eastern Business provides estimated delivery windows when you initiate the transfer and assigns a tracking reference for each international wire.

International wire transfers may involve correspondent bank fees in addition to Eastern Business wire transfer fees. These intermediary charges are deducted by banks along the payment chain and can affect the final amount received. Eastern Business discloses anticipated correspondent fees when you initiate an international transfer, so you and your recipient know what to expect.

Wire Transfer Fees

Eastern Business maintains transparent and competitive wire transfer fees. Personal checking account holders typically pay between fifteen and twenty-five dollars for an outgoing domestic wire, with incoming domestic wires costing ten to fifteen dollars. International outgoing wire fees start at forty dollars, reflecting the additional processing and correspondent bank costs. Certain premium Eastern Business checking accounts include a set number of fee-free wires per statement cycle.

Business account wire transfer fees are structured based on the treasury management agreement and transaction volume. Eastern Business works with business customers to establish fee schedules that align with their operational needs. Business customers who process high volumes of wires may qualify for reduced per-transfer fees.

Wire Transfer Fee Schedule

Security and Verification

Eastern Business employs multiple layers of security for wire transfers. All online wire requests are authenticated through multi-factor verification, and Eastern Business monitors wire transfer patterns for anomalies. For large or unusual wires, an Eastern Business representative may contact you to confirm the transfer details before processing. In-branch wire transfers require valid government-issued identification and account verification.

Eastern Business cannot reverse a wire transfer once it has been processed and the funds have been credited to the recipient's account. For this reason, it is essential to verify all recipient details carefully before submitting a wire transfer request. If you suspect an error or fraud, contact Eastern Bank customer service immediately. The Federal Reserve provides additional wire transfer information and consumer guidance at FederalReserve.gov.

How to Initiate a Wire Transfer

Initiating a wire transfer through Eastern Bank online banking takes just a few steps. Log in to your account, navigate to the transfers section, and select wire transfer. Choose whether the transfer is domestic or international, enter the recipient's banking details, specify the amount and currency, and review the fee disclosure. After confirming the details, your wire is submitted for processing.

Eastern Business also supports recurring wire transfers for customers who send regular payments to the same recipient. You can set up a template with the recipient's information and schedule wires on a recurring basis. This feature is particularly useful for businesses that make regular supplier payments or individuals who send recurring support payments to family members abroad.