How to submit an outbound wire transfer 

How to submit an outbound wire transfer 

Funds can be transferred from your client's Schwab account to an account at another financial institution through wire transfers. Wires are especially useful when your clients need to have funds moved quickly on a one-time basis, although ACH is a viable alternative. Individual ACH transfers can be set up for up to $500,000 with no limit on the number of individual transactions.

You can use the Move Money tool or paper forms to submit a one-time wire transfer from an eligible registration type made payable to an on-record beneficiary, third party, or escrow/title company. The Move Money tool supports international US dollar wires when an existing standing authorization is on file.  For all other international and foreign currency wires, you will need to submit a paper form using the Service Request tool. Digitally-submitted wires have no fee whereas wires requested with a form are $25 and have lower priority processing. Foreign currency wires may incur additional fees.

For information on depositing wired funds into a Schwab account, see How to deposit funds using inbound wire transfers.

For fastest processing use digital tools such as eAuthorization to obtain client authorization. If your firm has WPFA-C authority on the account, client authorization on first-party wires will not be required.

All wire transfers
  • Schwab account number from which funds will be withdrawn
  • Confirmation from the client, whether by phone or in person, that the requested wire transfer is valid
  • Beneficiary name and address (minimum of city and state for domestic wire) and the account number and ABA number for the receiving bank
  • Sufficient cash in the account to cover the wire transfer fee
  • The following levels of authority are valid:
  • Request Wire security function
  • View Move Money security function
  • Move Money data access for the account on the withdrawal 
In addition to the information above, the following information specific to the type of transaction may be required:
U.S. dollar international wires using a US correspondent bank as an intermediary
  • ABA of the US correspondent bank and the SWIFT code Tooltip  or house account number for the beneficiary bank
  • International Bank Account Number Tooltip  (IBAN) for the receiving bank may be required for some banks (confirm the number before completing the form)
U.S. dollar international wires sent directly to an international bank (paper forms only)
  • Valid SWIFT code Tooltip  for the receiving international bank
  • For an international wire to a European bank, the IBAN for the receiving bank may be required (confirm the number before completing the form)
Non-U.S. dollar wires
  • Amount to be wired expressed in either a specific amount of a particular currency (i.e. 5000 Euros) or a US dollar equivalent converted into a foreign currency (subject to exchange rates, i.e., $7500 US dollars’ worth of Euro’')
  • Additional requirements for foreign currencies
  • Valid SWIFT code Tooltip  for the receiving international bank
  • For a foreign currency wire to a European bank, the IBAN for the receiving bank may be required (confirm the number before completing the form)
  • For a wire to the U.K., the sort code Tooltip
  • For a Mexican peso wire to Mexico, the CLABE Tooltip number (if applicable)

For step-by-step instructions on how to set up this request, please refer to this guide. If you’re using the Legacy Move Money tool, click here for legacy instructions.

  • For domestic wires, we recommend using the Move Money tool to generate a type-written, prefilled one-time authorization form. Simply start the wire workflow in Move Money and select the “Opt out of eAuthorization” checkbox on the Review page. This will generate the prefilled pdf on the Submit page for your client to sign.
  • International US dollar wires can only be set up online through Move Money if an existing standing authorization is on file. For all other international and foreign currency wires, you will need to submit a paper form using the Service Request tool. The form can be downloaded from the Forms Library in the Account Management tab of Schwab Advisor Center®.

Once you have submitted your wire request: 

  • The confirmation page confirms the transaction. You can print this page for your records.
  • Wire requests received by 2:30 p.m. ET will be processed the same day on a best-efforts basis.
  • You can monitor the status of your wire by clicking “View Status” on the transactions table within Move Money. This will allow you to see additional details, like the Federal Reference Number if one has been assigned yet, and whether your client has approved the eAuthorization request.
  • Processing time may vary if additional approval or authorization is required.
  • Wire requests approved via eAuthorization before 4:30 p.m. ET will be processed the same day.
  • If you need to cancel an existing wire, return the Create Transaction tab in Move Money for the selected account. The Transactions Table on the account lists all Recent transactions. You can click to Cancel your transaction as long as it has not already been processed. 
  • Clients have seven days to authorize the wire. After seven days, any unauthorized wires will be cancelled, and you will receive an alert.
  • If you have questions about using Schwab Advisor Center to request wire transfers, contact your service team.

Go to the forms library on Schwab Advisor Center and select the forms below:

Form: Advisor Request to Change Wire Authorities
Form: Limited Power of Attorney (LPOA)
Form: Wire Transfer
Form: Withdrawal Power and Trading Authorization Addendum to Limited Power of Attorney (LPOA)
Resource: 7 red flags to help you spot email-based wire fraud
Resource: Combating Email-Based Wire Fraud
Resource: eAuthorization video
Resource: Electronic approvals action plan
Resource: Electronic approvals for wires FAQ
Resource: Electronic Approvals—Q & A Series Webcast
Resource: Move Money step-by-step guide
Resource: New Electronic Approval Tools to Transform Your Clients’ Experience Webcast
Resource: Step-by-step guide for Legacy Move Money design: Moving money on Schwab Advisor Center
Resource: Wire Fraud Is Rising—How Are You Protecting Your Clients

When will my wire be processed?
Requests received by the 2:30 p.m. ET cutoff time will be processed the same day; electronic authorizations from the client must be received by 4:30 p.m. ET. Requests received after the cutoff time will be processed the next business day.

How can I see the Federal Reference Number for the wire?
Clicking “View Status” on the transactions table within Move Money will pull up all the transaction details. When a Federal Reference Number has been assigned to the wire, it is added to this page.

Can I schedule a wire transfer for a future date?
Yes, you can select a date up to 90 days in advance for the Process date.  

How can I set up an international or foreign currency wire?
International US dollar wires can only be set up online through Move Money if an existing standing authorization is on file. For all other international and foreign currency wires, you will need to submit a paper form using the Service Request tool. The form can be downloaded from the Forms Library in the Account Management tab of Schwab Advisor Center®.

I made an error in my wire instructions, can I cancel my wire?
As long as the wire hasn’t been processed yet, you can cancel the wire in the Move Money tool by locating the wire in the Transactions table and using the Cancel link. However, wires that have already begun to be processed cannot be reversed. Please carefully review all wire details prior to clicking submit.

Why am I required to enter which account holder requested the wire?
This information helps Schwab combat fraud to keep you and your clients safe. You will be asked this question even when using a standing authorization on the account.

How can I start using eAuthorization? 
Use the eAuthorization tab in the Move Money tool to view the account holders and submit their email address to receive Alliance credential creation instructions if they don’t already have their online access set up. Also verify that they have a current phone number on file in the Account, Profiles tab.

Is there a way to use a wire to pay a client's tax bill to the IRS?
Yes. You can set up the wire request following the procedures for submitting a third-party wire. Use the Same-Day Wire Worksheet for information on the data that needs to be included on the request.

Who within my firm should be given Request Wire function access?
Only employees authorized to make withdrawal requests on behalf of your firm.

Can I choose more than one account holder to e-authorize the wire? 
No, you will need to select one account holder from the list of available authorizers. The Move Money tool will only display account holders who can authorize wire requests for that account. Standing authorization set ups will require authorization from all account holders for most account types, and the move money tool will prompt for this.

Why can’t I initiate a request through the Move Money tool even though I have all the necessary security functions?
You need authority on the account (WPFA, WPFA-C, NDFA, or LPFA) to enter one-time and recurring requests. Schwab Advisor Center® login users also need to set up by their firm security administrator with Move Money data access for that particular account.

If I have WPFA-C and I modify the recipient’s name for a first-party wire, will it pend?
Yes, the transaction will pend for approval by Schwab. When modifying the recipient’s name for a first-party wire request, all account holders must be included in the modified recipient line. A second name letter may be required if the name difference is not obvious like a shortened name (e.g., Jon vs Jonathan.) Approved modified recipient names will appear in a dropdown for future use and will not need approval again by Schwab.

How to create a standing authorization
How to deposit funds using inbound wire transfers
Introduction to eAuthorization