Fedwire is a real-time gross settlement system operated by the Federal Reserve Banks. It allows for the immediate transfer of funds between banks and other financial institutions in the United States. Fedwire is primarily used for high-value transactions and is known for its speed and reliability.

• Fedwire is the Federal Reserve’s real-time gross settlement system for wire transfers between U.S. financial institutions.

• Because it only operates within the United States, banks often call it a domestic wire to distinguish it from international wires (which go through SWIFT or other cross-border systems).

 

If you would like to pay your supplier or recipient using domestic wire, complete the following steps:

1. Log into your OFX account. 

2. Click on "Recipients". 

3. Click on "Add recipient+".

4. Enter the recipient's "basic info". Click on "Next".

 

5. Enter "Banking Essentials". Select "Domestic WIRE" option. Click on "Next" to proceed. 

6. Provide the "Banking details". Click on "Next" to proceed. 

 

7. Provide "Recipient address" details. Click "Next" to proceed. 

 

8. Confirm the captured details. Click on "Save recipient" to complete the process. 

 

Why is this page important?

Understanding Fedwire is crucial for businesses that need to make large or urgent payments quickly.

 

Next Steps:

1. Contact your bank to inquire about using Fedwire services.

2. Prepare the necessary information for the transaction, including recipient details.

3. Initiate the transfer through your bank’s platform.