Wire Transfers

Wire transfers are a domestic and international payment method. A Cross River customer can transfer money electronically to a recipient, and a recipient can access the money, typically the same day.

Wire transfers are made through Fedwire® , operated by the US Federal Reserve. When a wire payment is accepted and acknowledged by the Federal Reserve, an Input Messaging Accountability Data (IMAD) is assigned to the payment. This can be used to track the payment via the FedWire Funds Transfer system.

Both inbound and outbound international wire transfers in CR go through a domestic intermediary bank via Fedwire. In addition, to send or receive international wires in USD, you must contact the beneficiary bank to obtain the appropriate wire transfer instructions.

Payment flow


When a customer sends an outbound wire, money is wired to an account at an external bank.


When a customer receives an incoming wire, an external bank wires money to a CR account.

Fund availability

Funds from inbound and outbound transfers are available the moment they hit the recipient account if the transfer hasn't missed the cut-off time. Incoming wires received prior to 3:00pm EST are processed the same business day.

Wire transactions are final once the funds are received.

Payment types

  • Transfer

    A new payment originating from either Cross River or another bank.

    • Domestic

      Only US-domiciled banks are involved in the transfer.

    • International

      An intermediary US-domiciled FI sends to or receives the funds from the Fed.

  • Drawdown request

    Request someone to send you funds using a drawdown request

  • Drawdown response

    Send funds to someone using a drawdown response

  • ServiceMessage

    A non-value message sent from one bank to another for informational purposes only.

  • Reversal

    A reversal of a previously sent wire transfer.

Transferring funds and requesting a transfer of funds

To send a wire transfer outbound:

  1. Initiate the wire transfer.

  2. If the wire is above 1,000,000 US dollars, the Wires Operations Team contacts your customer by phone to verify the payment, or you can use COS Explorer to verify the payment (2 approvers are required for COS Explorer authorization).

  3. Note

    Only wires sent using the API can be approved by approvers set up in advance in Explorer.

  4. Once verified, the wire transfer is sent.

To make a drawdown request (request an inbound wire transfer):

Provide your customer with the details below to send to the recipient of the drawdown request.

  • CR account number

  • CR routing number


  • CR bank address

    885 Teaneck Road, Teaneck, NJ 07666

Operating hours

  • The Wire Operations Team is available 9:00am EST to 6:00pm EST, Monday through Friday, except holidays.

  • Wire transfers are not processed on Federal Reserve holidays.

  • For holidays that fall on a Saturday, Federal Reserve banks and branches are open the preceding Friday.

  • For holidays that fall on a Sunday, Federal Reserve banks and branches are closed the following Monday.


The Wire Ops team places a telephone call to customers to confirm that a request for a wire transfer over 1,000,000 US dollars is authentic.

  • If the department is closed when the request arrives, the callback will be made the next business day.

  • As a courtesy for our clients in the Pacific time zone, our team refrains from performing callbacks until 12:00pm EST.

Authorization for outbound transfers using the CR system

You can set up approvals using COS Explorer for outbound wire transfers.

  • You can define either 1 or 2 approvers in the system in advance

  • You can define 2 thresholds for approvals. The lower threshold would require 1 approver, and the higher would require 2. In any case, wires above 1,000,000 USD always require two approvers.

  • You can configure the minimum thresholds that require authorization

  • This feature is only for outbound wire transfers

  • Use this feature to avoid callbacks from the Wire Ops team (for wire transfers above 1,000,000 USD but below 5,000,000)

Cutoff times

Wire requests and payments made after your cutoff time will only become effective on the next business day. Ask your relationship manager for more details.