Wire Transfer Disclosure
Last Updated: May 1, 2026
Wire Transfer Overview
Wire transfers are electronic funds transfers sent through the Fedwire network, operated by the Federal Reserve. Wire transfers enable same-day movement of funds and are commonly used for large or time-sensitive payments.
SkyFi provides access to domestic wire transfer services through Grasshopper Bank, N.A., Member FDIC. All wire transfers are subject to federal regulations and Fedwire operating rules.
Processing Schedule
Business Days Only
Wire transfers are processed on business days only (Monday through Friday, excluding federal holidays). The Fedwire network operates during specific hours on business days.
Cutoff Times
To receive same-day processing, wire transfers must be submitted before the daily cutoff time (Eastern Time). Wires submitted after the cutoff will be processed the next business day. Contact support for specific cutoff times.
Processing Time
Wire transfers submitted before the cutoff time are typically completed within hours on the same business day. Actual timing depends on the receiving bank's processing procedures.
Sending Wire Transfers
Required Information
To send a domestic wire transfer, you must provide:
- Recipient's full legal name (individual or business)
- Recipient's bank name
- Recipient's bank routing number (ABA number)
- Recipient's account number
- Transfer amount
- Purpose or description of the wire
Verification Requirements
Additional verification may be required for:
- First-time recipients
- Large transfer amounts
- Unusual transfer patterns
- Transactions that trigger compliance reviews
Fees
Outgoing domestic wire transfers are subject to fees. Contact our team for current wire transfer fee schedules and volume-based pricing options.
Receiving Wire Transfers
What to Share with the Sender
- Grasshopper Bank, N.A. routing number
- Your account number
- Your account name
- Bank address information
Processing
Incoming wire transfers are typically credited to your account on the same business day they are received by Grasshopper Bank. You will receive notification when an incoming wire is credited.
Fees
Incoming domestic wire transfers are free.
Irrevocability of Wire Transfers
Wire Transfers Cannot Be Reversed
Wire transfers are irrevocable once they have been sent. Unlike ACH transfers, there is no return window or reversal mechanism after a wire has been transmitted through the Fedwire network.
Verify Before Sending
- Confirm recipient name matches bank account name exactly
- Verify routing number and account number
- Double-check transfer amount
- Confirm you are sending to the intended recipient
Wire Recall Attempts
In limited circumstances, a wire recall may be attempted. This requires immediate notification and cooperation from the receiving bank. Wire recalls are not guaranteed and are often unsuccessful, especially if the receiving bank has already credited the recipient's account.
Fraud Prevention
Common Wire Fraud Schemes
- Business email compromise (BEC) with fake payment instructions
- Impersonation of executives or vendors
- Falsified invoices with altered bank account details
- Real estate closing scams with fraudulent wire instructions
- Urgent requests to wire funds to unexpected recipients
Protection Measures
SkyFi and Grasshopper Bank implement:
- Multi-factor authentication for wire initiation
- Verification of unusual or high-value transfers
- Recipient verification for first-time wire recipients
- Transaction monitoring and anomaly detection
- Secure communication channels for wire instructions
Best Practices
Protect yourself from wire fraud:
- Verify wire instructions through a known phone number (not email)
- Be suspicious of last-minute changes to payment instructions
- Confirm recipient details through multiple channels
- Never send wires based solely on email instructions
- Implement dual approval requirements for wire transfers
- Contact us immediately if you suspect fraud
Transaction Limits
Standard Daily Limit
Above Limit
Incoming Wires
$25,000
Requires identity verification
No limit (compliance review may apply)
Outbound wire transfers above $25,000 per day require identity verification before the transaction can be processed. Limits are tier-based — higher Platform Tiers unlock elevated daily limits. Contact support to upgrade or request a limit increase.
Large incoming wires may be subject to a compliance review before funds are credited to your account. See the Transaction Limits table in the General Terms for a full breakdown by transaction type.
Compliance and Reporting
Bank Secrecy Act
Wire transfers are subject to Bank Secrecy Act (BSA) requirements. Grasshopper Bank may request additional information about the purpose of wire transfers for compliance purposes.
Currency Transaction Reports
Wire transfers exceeding $10,000 in a single transaction or aggregated daily amount trigger Currency Transaction Report (CTR) filing requirements.
Suspicious Activity
Unusual or suspicious wire transfer activity may be reported to FinCEN through Suspicious Activity Reports (SARs) as required by law.
Support and Questions
For questions about wire transfers, cutoff times, fees, or to initiate a wire transfer, contact our support team Monday through Friday, 9am–5pm EST.
If you believe you have been the victim of wire fraud, contact support immediately and file a report with local law enforcement and the FBI's Internet Crime Complaint Center (IC3) at ic3.gov.