Banking Wire Transfer Clerk Salary
Wire Transfer Clerks in the United States may have to scrimp and save; the median compensation is $35K annually. Job satisfaction is high and work is enjoyable for most Wire Transfer Clerks. Men are in the minority of survey respondents, with female Wire Transfer Clerks making up 76 percent. In this profession, most enjoy medical and dental coverage, and a strong majority have vision insurance, as well.
Job Description for Banking Wire Transfer Clerk
A wire transfer clerk transfers funds from clients to another party. The job is usually carried out at a bank, credit union, or other financial institution. The clerk may help clients fill out forms in order to transfer funds to other accounts; when wire transfers do not work, the clerk must determine the cause of the problem and resolve it to the best of his/her ability. When wire transfers are received, the clerk must process and verify the transfers and notify the receiving party.Read More...
Strong customer service skills, both on the phone and in-person, are necessary for the job. Written skills are also important, as some communication may be electronic or via postal mail. Typing, mathematical, ten key touch and advanced computer skills are very important for applicants, and the ability to keep organized records is also required in order to document transfers.
Wire transfer clerks must make sure that all wire transfers adhere to regulations and laws, including OFAC. It is very important for applicants to be self-driven, as much of the work is done independently, though teamwork skills are also important for wire funds of high denominations which may require verification by another department. There are both part-time and full-time positions available, and the job is usually carried out in an indoor office and/or banking environment. Usually, a minimum of a high school diploma is needed, and prior experience may be necessary.
Banking Wire Transfer Clerk Tasks
- Process and record all incoming and outgoing wire transfers.
- Assist in monitoring daily reserve cash balance.
- Update department policy and procedure on wire transfers to ensure operational efficiency.
- Research and resolve customer wire inquiries and wire validation errors.
- Maintain wire transfer tracking system, performing data entry and preparing reports.
Banking Wire Transfer Clerk Job Listings
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Pay by Experience Level for Banking Wire Transfer Clerk
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Wire Transfer Clerks, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Although individuals who have less than five years' experience earn $32K on average, people with five to 10 years benefit from a notably larger average of $36K. On average, Wire Transfer Clerks make $39K following one to two decades on the job. People who have worked for more than 20 years report a median income of $40K, which is barely higher than the median for folks with 10 to 20 years of experience.