Day/Time Limits

• Banks typically have limits on the days and times you can submit wire transfers. Most are not open on Sundays and do not send them. While most banks allow wire transfers during any hours of operation, you typically have to submit your transfer by a certain time, often mid-to-late afternoon, for it to be received the same business day. Transfers submitted on the weekend are usually not credited until the next business day. Business days are Monday through Friday.
  
  

Monetary Limits

• Banks also have limits on the amount of money you can send through a wire transfer. Larger banks typically have higher limits as they have more available funds to work with. Chase bank has a limit of $500,000 for a single wire transfer. Bank of America has a $5 million maximum wire transfer for international transfers, where money is sent outside of the United States. It also has a $25 minimum, which makes practical sense given the fees.
  
  

Account Restrictions

• Wire transfers are typically only allowed from checking or savings accounts where funds are currently available. You cannot generally transfer funds from a credit account. You can also only transfer funds up to the current amount available in your account at the time of your transfer request. Your transfers can go to either an individual or business account as long as you have the account holder's deposit account number and bank routing number to give to the transferring bank.
  
  

Cancellations

• Though often not received until hours or even days later, wire transfers usually do not allow for cancellation. They are submitted electronically from the sending bank and once sent, the funds are not able to be pulled back into your account. If you send a wire transfer and want to get the funds back, you could ask the recipient to check with their bank about refusing to accept the transfer. Otherwise, the recipient would have to transfer the funds back to you.