M1 Spend wire FAQs 

 

I need to move money from one of my Spend account to an external account. What’s the difference between a wire transfer and the one-time transfer I normally send? 

A standard external transfer on the M1 platform is classified as an ACH transfer and is processed using the Automated Clearing House network. While ACH transfers require little more than a consumer’s account/routing number and a good user interface, wire transfers are significantly more manual in nature, requiring more information and security checks on the front end of the transaction. Understanding some of the other key differences between ACH and wire transfers can help you make the best decision for your funds-movement scenario. 

 

Processing/Posting Times

Wire transfers can be processed on the same business day, provided that all customer requirements are met. Wired funds can be accessed as soon as they hit the destination account – no additional settlement period required! 

This can be a suitable option for those who want a speedier transaction (ACH transfers will take 2-3 business days to complete). 

Learn more about M1 transfer timing for other transaction types.

 

Security

While both types of transfers offer a layer of security that paper checks don’t, there are some important considerations. ACH transfers can be stopped and/or reversed, whereas wire transfers are final once submitted. If wired funds post under erroneous or fraudulent circumstances, the receiving institution is under no obligation to return them. 

 

Transfer Limits

ACH transfers at M1 are subject to daily and monthly limits (Plus Users: $50,000/day/user, $500,000/month/user; Non-Plus Users: $10,000/day/user, $50,000/month/user). Wire transfers, while requiring a minimum transaction amount of $5,000, have no maximum limit.  

  

When should I use a wire transfer versus an ACH transfer?  

Consider the differences listed above and ask yourself the following questions – 

  • Am I certain that this transaction is legitimate?  
  • Do I have all the payment details correct?  
  • How much am I sending?  
  • How quickly do the funds need to arrive?  

The answers to those questions should help point you to the best fit.  

If you're still not sure, we will be happy to talk through your options and help you make the decision that’s right for you. 

  

What will happen if funds are wired to a destination that only accepts ACH transfers? 

If the receiving bank rejects the wire transfer, it’s ultimately returned to your M1 account, though the timing of this isn’t set in stone. Typically, you can expect a rejected wire to be returned within two business days of the original transaction. 

  

I need to transfer funds to my Spend account from another financial institution. What information do I need? 

ACH Transfer: You will need to provide your Spend account number as well as M1’s routing number (073923033).  

Both can be found on the M1 app by navigating to Spend > Direct Deposit.  

Wire Transfer: Please see the Incoming Wire Instructions document below.  

 

How long will it take for my wire transfer to go through?

A wire transfer can take  two to five business days to be processed. However when documents are submitted and your wire is initiated, it will complete within the same business day..   

When you contact us to request a wire transfer, we’ll provide documents to fill out and submit through the secure link provided to get your wire transfer started.   

 


Will I receive confirmation once my wire has gone through?  

Once we receive confirmation that the wire is complete, our support team will send over an email notifying you. 

Outgoing wire transfers to an external bank account can take up to one business day to be reflected. 

 

Why was my wire transfer rejected?  

To initiate a wire into M1 please follow the instructions outlined here.

Incoming wire transfers that are initiated into M1 Finance without approval from our team will be rejected and sent back to the originating institution.  

For outgoing wire transfers, if receiving bank wire instructions aren’t provided correctly it might be rejected on the receiving end. The receiving institution might also charge fees.  

 

What must be submitted to M1 Support before the Spend wire transfer can be completed?  

For outgoing wire transfers, please submit the following: 

  • Wire transfer form (form provided once you reach out to the support team)  
  • Includes amount, account and routing numbers, names, and signatures. 
  • Receiving institution’s wire instructions 
  • Reason for wire transfer  

Once the wire transfer documents are submitted correctly, the wire transfer will be completed within the same business day.   

 

For incoming wire transfers, we require the submission of the items below:  

  • Amount 
  • Delivering institution
  • Reason for wire transfer 
  • M1’s incoming wire instructions are sent out to the delivering institution once we receive the information provided above. Wires are received within the same business day from when they were sent.   

 

Do normal ACH limits apply when sending a wire to or from my Spend account?  

Please refer to the Spend or Spend Plus Truth in Savings disclosure for ACH limits. 

 

Is there a minimum or maximum amount that I can wire to or from M1 Spend?  

There is no minimum or maximum limit to complete a wire transfer to or from M1 Spend. However we recommend that for smaller transfers you complete a standard ACH transfer that is available on the app and website. Learn more about how to complete an ACH transfer.

 

Will I be notified if there are any issues with my wire transfer?  

If your wire transfer is not completed correctly, a member of our team will reach out to update you on the issue and when the transfer will go through correctly.  

If you have sent back your wire transfer documents, initiated your wire transfer, and it has been more three business days, please reach out to us.

International wire not allowed. Domestic wires only. 

 

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