Banking Wire Transfer Clerk Salary
Wire Transfer Clerks in the United States are not likely to strike it rich; they only make around $37K annually on average. The majority of Wire Transfer Clerks claim high levels of job satisfaction. Medical and dental benefits are awarded to most, and a strong majority earn vision coverage. Female Wire Transfer Clerks make up most of the survey respondents at 71 percent. The numbers in this rundown were provided by PayScale's salary survey participants.
|Salary||$28,741 - $51,600|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$28,058 - $48,508|
|Hourly Rate||$12.54 - $19.87|
|Total Pay (||$28,058 - $48,508|
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.
Pay by Experience Level for Banking Wire Transfer Clerk
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Wire Transfer Clerks with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Folks with fewer than five years of experience take home $33K on average, and those who have worked for five to 10 years see a bigger median salary of $36K. Wire Transfer Clerks bring in $39K after working for 10 to 20 years. 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.
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Key Stats for Banking Wire Transfer Clerk
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