Want to move your money from your Marcus by Goldman Sachs account to another bank via a wire transfer? You're in the right place! While Marcus offers a fantastic high-yield savings account with no fees, understanding the ins and outs of wire transfers can save you time and potential headaches. Let's dive into a comprehensive, step-by-step guide to ensure your funds reach their destination smoothly.
Getting Started: Is a Wire Transfer Right for You?
Before we jump into the "how-to," let's quickly consider if a wire transfer is indeed the best option for your needs. Wire transfers are generally used for time-sensitive or large-value transactions because they offer faster settlement than ACH transfers. However, they typically come with higher fees from the receiving bank (Marcus itself doesn't charge for outgoing wires).
Are you ready to send your money? Let's begin!
Step 1: Understand Marcus's Wire Transfer Policy and Limits
The first and most crucial step is to familiarize yourself with Marcus by Goldman Sachs's specific rules regarding wire transfers. This will prevent any surprises down the line.
A. Online vs. Phone Wire Transfers
Online Wire Transfers: You can initiate outgoing wire transfers directly from your Marcus online account for amounts up to $50,000 per statement period. This is the most convenient method for many users.
Telephone Wire Transfers: If you need to send more than $50,000, or if the wire transfer option isn't available online for some reason, you'll need to call Marcus customer service. There is generally no stated limit for wire transfers initiated over the phone, but always confirm with a representative.
B. Key Limitations to Remember
Destination Account: Marcus allows you to wire money only to an account you own at an external bank within the U.S. or specified U.S. territories/jurisdictions. You cannot directly send money to a third party or to international accounts directly from Marcus. If you need to send money internationally or to someone else, you'll first need to transfer the funds to a linked external U.S. bank account in your name, and then use a third-party international money transfer service from there.
No Fees from Marcus: Great news! Marcus by Goldman Sachs does not charge any fees for outgoing wire transfers. However, the receiving bank may impose its own fees, so it's always wise to check with them beforehand.
Processing Times:
Online Wire Transfers: Generally processed within 1 hour if requested by 4 PM ET on a business day.
Telephone Wire Transfers: Generally processed within 1-3 Business Days if requested by 4 PM ET.
Requests made after the cut-off times or on non-business days will be considered received on the next business day.
Step 2: Gather Necessary Information for the Receiving Bank
To ensure your wire transfer goes through without a hitch, you'll need accurate details about the recipient's bank account. Even though you are wiring to your own account at another bank, you'll still need this information.
A. Essential Details You'll Need
Recipient Bank Name: The full legal name of the bank where you are sending the money.
Recipient Bank's Wire Transfer Address: This is often different from their mailing address. You'll need the specific address for wire transfers.
Recipient's Account Number: Your full account number at the receiving bank.
Recipient Bank's Wire Routing Transit Number (RTN) / ABA Number: This is a nine-digit number specifically for wire transfers. Be careful not to confuse this with the ACH routing number, as they can sometimes be different. If you're unsure, contact your receiving bank directly to confirm their wire routing number.
Your Name as it appears on the Marcus Account
Your Marcus Account Number
B. How to Obtain the Information
Contact Your Receiving Bank: The most reliable way to get accurate wire transfer information is to contact your receiving bank's customer service or check their website. Look for sections related to "incoming wire transfers."
Check Past Statements: Sometimes, wire transfer details are printed on bank statements.
Online Banking Portal: Some banks provide wire transfer instructions within their online banking portals.
Step 3: Initiate the Wire Transfer Online (Recommended for Amounts <= $50,000)
This is the most straightforward method for eligible transfers.
A. Logging In and Navigating
Log In to Your Marcus Account: Go to marcus.com and enter your username and password.
Access the Transfer Section: Once logged in, navigate to your dashboard. You should see an option like "Make a transfer" or "Transfer money." Select the Marcus account you want to withdraw funds from.
Choose "Wire Transfer": Look for a "Transfer Type" dropdown menu. Select "Wire Transfer" from the available options.
Important Note: If you do not see the "Wire Transfer" option available, it means you'll need to call Marcus customer service to complete the transfer (see Step 4). This could be due to exceeding the online limit or other eligibility criteria.
B. Entering Transfer Details
From Account: Confirm that the Marcus account you wish to transfer money from is correctly selected.
To Account: This is where you'll input the details of your external bank account. You may need to link this external account if you haven't already.
You will be prompted to enter the wire routing number, bank name, bank address, and your account number at the external bank. Double-check every digit and letter for accuracy! A single error can cause significant delays or even send your money to the wrong place.
Enter Amount: Carefully type in the exact amount of money you wish to wire. Remember the $50,000 per statement period limit for online wires.
Review and Confirm: Before finalizing, meticulously review all the entered information. This is your last chance to catch any mistakes.
Submit Transfer: Once you're confident everything is correct, confirm and submit your wire transfer request.
C. Tracking Your Transfer
Marcus usually provides a "Track My Transfer" link on your dashboard or a "Track" button in the Marcus app. This allows you to monitor the progress of your wire. The tracker will typically disappear three days after the expected arrival of funds, but the transaction details will remain in your transaction history.
Step 4: Initiate the Wire Transfer by Phone (For Amounts > $50,000 or if Online Option is Unavailable)
If your transfer exceeds the online limit or you're unable to initiate it through the website, a phone call to Marcus customer service is necessary.
A. Contacting Marcus Customer Service
Call the Dedicated Line: Dial Marcus by Goldman Sachs customer service at 1-855-730-7283. Their customer service for Online Savings Accounts & CDs is available 24 hours a day, 7 days a week.
Be Prepared for Verification: The representative will need to verify your identity for security purposes. Have your account details and personal identification ready.
State Your Intent: Clearly inform the representative that you wish to initiate an outgoing wire transfer from your Marcus account.
B. Providing Transfer Details to the Representative
Marcus Account Information: Provide the representative with your Marcus account number from which you want to send the funds.
Recipient Bank Information: Carefully provide all the details you gathered in Step 2, including:
Recipient Bank Name
Recipient Bank's Wire Transfer Address
Recipient's Account Number
Recipient Bank's Wire Routing Transit Number (RTN) / ABA Number
Transfer Amount: State the exact amount you wish to wire.
Confirm Details: The representative will likely read back the details to you for confirmation. Listen carefully and correct any discrepancies immediately.
Authorization: You will need to authorize the transfer. They may record the call or ask for a verbal confirmation.
C. Important Considerations for Phone Wires
Manager Authorization: For larger amounts, a manager might need to authorize the transfer, and they may call you back to do so. Ensure you are available to receive this call, as it could delay or even cancel your request if you're unreachable.
Fraud Flags: Be aware that large transfers, especially if it's your first time wiring a significant sum, might trigger fraud alerts. This is a security measure. Cooperate fully with any requests for additional verification. It's advisable to initiate such transfers several business days in advance of when the funds are needed, especially for time-sensitive payments like a down payment on a house. Some users have reported delays and temporary account locks due to fraud prevention measures, so ample lead time is key.
Step 5: Verify Fund Arrival
Once the wire transfer is initiated, it's a good practice to follow up and ensure the funds have reached their destination.
A. Check Your Marcus Account History
Monitor your Marcus account online or in the app to see if the wire transfer status updates to "completed" or "sent."
B. Check Your Receiving Bank Account
Log in to your external bank account or contact them directly to confirm the receipt of the wire transfer. Remember that while Marcus generally processes wires quickly, the receiving bank's processing times can vary.
Frequently Asked Questions (FAQs)
Here are 10 common questions about wiring money from Marcus by Goldman Sachs:
How to find my Marcus by Goldman Sachs routing number for incoming wires?
For incoming domestic wire transfers to Marcus by Goldman Sachs, the Routing Transit Number (RTN) is 1240-8526-0. The wire transfer address is Goldman Sachs Bank USA, 11850 South Election Road, Draper, Utah 84020. This information is needed if someone else is wiring money to your Marcus account.
How to check the status of my Marcus wire transfer?
After initiating a transfer, you'll typically see a "Track My Transfer" link on your Marcus dashboard or a "Track" button in the Marcus app, allowing you to monitor its progress.
How to wire more than $50,000 from Marcus by Goldman Sachs?
To wire more than $50,000, you must contact Marcus customer service by phone at 1-855-730-7283. Online wire transfers are limited to $50,000 per statement period.
How to avoid delays when wiring money from Marcus for a large purchase like a home?
It's highly recommended to initiate large wire transfers, especially for significant purchases like a home down payment, at least 5-7 business days before the funds are actually needed. This allows ample time for security verifications and any potential delays.
How to link an external account to my Marcus by Goldman Sachs account?
You can link external accounts by logging into marcus.com or the Marcus app, navigating to "My Account" (person symbol) or "Profile," then selecting "External Account" or "Linked external accounts." You can link instantly with login information or manually with trial deposits.
How to make an international wire transfer from Marcus by Goldman Sachs?
Marcus by Goldman Sachs does not directly support international wire transfers. You will need to first wire the funds to a linked U.S. bank account you own, and then use a third-party international money transfer service (like Wise) from that external bank account.
How to confirm if my receiving bank charges a fee for incoming wires?
You should contact your receiving bank directly and ask about their fees for incoming domestic wire transfers. Marcus does not charge for outgoing wires, but the recipient bank might.
How to ensure the correct routing number is used for a wire transfer?
Always obtain the wire routing number directly from your receiving bank, as it can sometimes differ from their ACH routing number. Confirm with their customer service or check their official website for wire transfer instructions.
How to resolve an issue if my Marcus wire transfer is delayed or on hold?
If your wire transfer is delayed or flagged, immediately contact Marcus customer service at 1-855-730-7283. Be prepared to provide additional verification or information as requested by their fraud prevention team.
How to send money from Marcus by Goldman Sachs to a linked external account using ACH instead of wire?
For less urgent transfers, you can initiate an ACH transfer to a linked external account. Log in to marcus.com, select "Make a transfer," and choose "Online Transfer" (ACH) instead of "Wire Transfer." ACH transfers are generally free from Marcus and have different limits and processing times (typically 1-3 business days).