Answer
What is Fedwire?
Quick answer
Fedwire is the Federal Reserve's wire transfer system. It settles payments between US banks one at a time and in full, so a completed wire is final. The Fedwire Funds Service runs on business days from 9 p.m. ET the evening before to 7 p.m. ET, with a 6:45 p.m. ET deadline for customer transfers.
Updated October 2026. Evergreen page — refreshed in place as facts change.
How a Fedwire transfer works
Your bank debits your account and sends a payment message to the Fedwire Funds Service, which moves the money from your bank's account at the Federal Reserve to the receiving bank's account in the same instant. The receiving bank then credits the recipient. Because each payment settles individually and immediately in central bank money, a Fedwire is a real-time gross settlement payment: there is no netting, no batch and no later settlement that could fail.
Since July 14, 2025, Fedwire messages use the ISO 20022 format, which replaced the Fed's older proprietary format with structured fields for names, addresses and remittance details. The system settles more than $4 trillion on an average day.
Fedwire hours and cutoffs
The Federal Reserve's schedule for the Fedwire Funds Service:
| Event | Time (ET) |
|---|---|
| Business day opens | 9:00 p.m. the previous calendar day |
| Deadline for customer (third-party) transfers | 6:45 p.m. |
| Business day closes | 7:00 p.m. |
| Weekends and Federal Reserve holidays | Closed |
What is an IMAD, and why will you be asked for it?
Every Fedwire message carries an IMAD (Input Message Accountability Data), a unique reference stamped when the sending bank submits it, and the receiving side gets a matching OMAD (Output Message Accountability Data). If a wire you're expecting hasn't shown up, ask the sender for the IMAD: with it, your bank can find the exact payment in minutes instead of searching by amount and date.
Fedwire vs other US payment rails
Where Fedwire fits next to the alternatives:
| Rail | Operator | Speed | Hours | Final? |
|---|---|---|---|---|
| Fedwire | Federal Reserve | Minutes once released | Business days | Yes |
| CHIPS | The Clearing House | Same day, large-value | Business days | Yes |
| RTP | The Clearing House | Seconds | 24/7/365 | Yes |
| FedNow | Federal Reserve | Seconds | 24/7/365 | Yes |
| ACH | Federal Reserve and EPN | Same day or next business day | Business days | No, returns allowed |
Is every wire transfer a Fedwire?
Most domestic wires between US banks settle over Fedwire; some large-value payments between big banks go over CHIPS instead. An international wire is different: the instruction travels over the SWIFT messaging network and is settled through correspondent banks, and its US-dollar leg often ends with a Fedwire or CHIPS payment to the final bank.
What a Fedwire transfer costs
The Fed charges banks a small per-message fee; what you pay is your bank's own wire fee, which for outgoing domestic wires commonly runs $25–$35 at US banks in 2026, with some digital banks charging less or nothing. Our guide to wire transfer fees covers what drives the price and how to avoid paying it twice.
Fedwire with an Anytime Capital business account
Anytime Capital business accounts send same-day domestic wires over Fedwire for large or time-critical payments, such as closings, inventory and payroll top-ups, and receive wires to account and routing numbers in the business's own name. When a payment needs to land after the wire cutoff or on a weekend, RTP and FedNow transfers go out in seconds, any day.
Frequently Asked Questions
Does Fedwire work on weekends?
No. The Fedwire Funds Service is closed on Saturdays, Sundays and Federal Reserve holidays. A wire sent then is processed the next business day.
Can a Fedwire be reversed?
No. A settled Fedwire is final. The sending bank can ask the receiving bank to return it, but that needs the recipient's cooperation, which is why wire instructions should be confirmed before sending.
Is there a limit on a Fedwire transfer?
The system itself handles payments into the billions of dollars. In practice the limit is your bank's: each sets daily and per-transfer limits by account and customer.
How long does a Fedwire take?
Minutes once your bank releases it. Most of the delay people see is the bank's own review and cutoff time, not Fedwire itself.
What do I need to send a Fedwire?
The recipient's name and address, their bank's name and wire routing number, the account number, the amount and a reference. Confirm the details with the recipient on a phone number you already know.
Keep reading
Important Disclosures
- Third-party fees, timings, and product details cited on this page are industry-typical figures as of the date shown and may have changed. Verify current details with the relevant institution.
- Additional identity verification may be required depending on transaction type and amount.
- Anytime Capital is a licensed money services business. Information on this page is educational and is not financial, legal, or tax advice.
- Anytime Capital is a fintech company, not a bank. Banking, card and payment services are provided by Anytime Capital's licensed partners, and each product's terms are shown at sign-up.