Does Chime Accept Wire Transfers [No, see the workaround]

If you have a Chime bank account and looking to know if Chime accepts Wire transfer, you are on the right post to get the complete details.

At a glance: Chime currently does not accept wire transfers and if anyone attempted to send money to your Chime bank account using wire transfer, it will be returned to the sender in 3-5 business days.

Wire transfer is a fast way of transferring money between banks using electronic network. Banks use a network like Fedwire Funds Service (Fedwire) or Clearing House Interbank Payments System (CHIPS) for domestic wire transfers. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is usually the norm for international wire tranfers.

Wire transfers are the preferred mode when it comes to sending money internationally. However, they do come with fees and this might be one of the reasons low cost banks like Chime do not accept wire transfers.

Does Chime Accept Wire Transfers?

No, Chime does not accept any wire transfers. Any money that is attempted to be sent using wire transfer to a Chime bank account is returned to the sender within 3-5 business days.

In fact, Chime does not allow any inbound or outbound wire transfers from its account. Even if someone successfully sent you money using your Chime bank routing number and account number, it will still be returned and not processed by Chime bank.

There are many cases where people have attempted to do a wire transfer to a Chime account, had their money debited and then had to wait for 3-5 days before getting the refund, as you will come to know only later when the funds are returned back that the transfer failed.

But there are always alternatives, that we will cover in this post. You can receive the money in your Chime bank account by other means like direct deposit, ACH transfer, mobile check deposit, cash or other means.

Alternatives to Wire Transfer with Chime Bank Account

When it comes to options for sending money to your Chime account, you can consider few alternatives to wire transfer:

  1. Direct Deposit– The preferred option for receiving money from your employer in your Chime Account is the Direct Deposit Option. This option also gives you the benefit of receiving money 2 days early, as compared to traditional banks. You only have to do a one time set-up. To set up a direct deposit with Chime, you have to download a form from the Chime App and share it with your employer or payroll provider. You can also use the Chime Spot Me borrow facility if you have a direct deposit set up with Chime
  2. Check Deposit– You can also receive money through paper checks which you can deposit using Chime mobile check deposit feature on the Chime App. Depositing a paper check is no longer a big hassle, as you can do it sitting in your home or on-the-go. You just need to snap the photos of the check and follow the prompts on your Chime app. Most payroll printed checks get cleared on the same day.
  3. Using Payment Apps-If you use payment apps or wallets like Venmo or Cash App, you can link your Chime debit card or Chime bank account to these apps. Then you can have the money sent to you via these apps i.e. Venmo or Cash App and transfer it from these apps to your linked Chime account. You have the option of instant transfer (upto1.75% fees) to Chime debit card or do a standard transfer to your Chime bank account (takes 1-3 business days)
  4. Receive in Cash- If you have the option to receive money in cash, you can deposit such cash in your Chime account immediately by loading cash on your Chime card for a small fee. In fact, if you happen to deposit the cash at Walgreens location, there is no fee at all.
  5. Using a transfer service like Transfer wise (for international wire transfer)– If someone is sending money to you outside of the US, they can use a service like Wise (earlier called Transferwise) which gives you the benefit of low fees and very reasonable exchange rates. With Trasnferwise, the transfer gets completed usually in 1-3 business days.

Are there any Chime Wire Transfer Fees?

Chime does not support wire transfers, so the question of Chime transfer fees does not arise.

Usually, banks charge wire transfer fees from $0 to $15 on inbound wire transfers (for wire transfers received in your bank account). For outgoing wire transfers, the fees usually varies from $25 to $30.

Chime Routing Number for Wire Transfer

As explained, Chime does not support incoming or outgoing wire transfers.

Usually for an international wire transfers, you will need to have the recipient’s account International Bank Account Number (IBAN), BIC, or SWIFT code. SWIFT/BIC codes globally identify banks and financial institutions

Other Banks that accept Wire Transfer

If you want to consider alternate banks that do accept wire transfers, here is a list:

  • Ally Bank (incoming transfers)
  • Discover Bank (no fees on incoming wire transfer)
  • Bank of America
  • Capital One 360 (no fees for incoming transfers*)
  • Chase Bank
  • Citibank
  • Fidelity (no fees for incoming for incoming transfers*)
  • Wells Fargo
  • USAA
  • U.S. Bank
  • Wells Fargo]

*Note: Intermediaries may charge fees

As you can see from the lit,

Wrap Up

So Chime does not accept Wire transfers, at least at the moment. It is one of the few features not available in Chime, which otherwise ticks all the boxes. You can consider any of the other alternate options to get the money deposited in your Chime bank account or consider an alternative banks. Let us know in the comments how you tackled the issue.

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I have a passion for finance and technology. On this blog, I share helpful information on products and services that we use in our daily lives and simplify things I learned the hard way.

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