Wires are electronic funds transfers between two accounts at different financial institutions. In contrast to ACH, wires are much faster, but they are also more expensive. Wires are executed immediately and usually settle within a matter of hours. Unlike ACH, wires cannot be reversed once sent.

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Workflow

Once you successfully submit a new wire transfer, the sending account will be queried for available balance. If there are sufficient funds, the wire will be sent to the bank for settlement. You can track the progress of a wire by checking the status attribute on the Wire Transfer object. You must have authorized access to the source account for the transfer to be successful. The possible status values are:
  • pending Initial status after object creation.
  • canceled The transfer was canceled and was never executed.
  • processing The transfer is being processed in preparation to be sent. You may no longer cancel a transfer once it has entered this state.
  • sent The transfer has been executed and sent to the bank for settlement.
  • void The wire was marked as void by the bank.
  • error An error occurred that prevented the wire from being sent.
Depending on your bank, the parameters returned may vary. Namely, IMAD and OMAD may not be present.