If you’re preparing to close on a home, you’ll likely need to put down money over the phone to close. For many buyers, this means sending one of the largest payments they’ve ever made—often tens or hundreds of thousands of dollars—to a title or escrow company.
But moving a large amount of money under a tight deadline can seem daunting, especially when you consider all the issues surrounding wire fraud or delayed closings.
The good news for home buyers is that wiring money at closing is a very good practice these days. If you understand the steps, timing, and safety precautions, it can be a secure and efficient process to send money to buy a home.
What does it mean to pay by phone at closing?
A wire deposit at closing means sending funds electronically from your bank account directly to the title or escrow company handling your home purchase.
Standard bank transfers can take several business days for funds to clear in full. But wire transfers move money quickly, usually within the same business day, and the money is available immediately after it’s received, essentially treating the transaction like cash.
Because funds are guaranteed, guaranteed, and often irreversible once sent, many title companies choose wire transfers for large financial transactions such as real estate purchases.
If you made your earnest money deposit at the beginning of the purchase process, the final call at closing will usually include:
- The remainder of your down payment
- Closing costs
- Prepaid property taxes and homeowners insurance
- Borrower fees and escrow adjustments
How to deposit at closing (step by step)
When you are investing in a home foreclosure, there are some important details that you should be aware of to ensure that the process goes smoothly and safely.
Step 1: Confirm the phone instructions
Your title or escrow company will send you written instructions for the wires, usually through a secure portal or possibly via encrypted email. This usually includes all the information you will need to perform the wire transfer:
- Name of the bank
- Routing number (ABA number)
- Account number
- Beneficiary’s name
- Local address or file number of memo/reference
This is where fraud prevention is so important. Most phone scams happen by impersonating your agent or title company via email, saying that information has changed or that you need to take immediate action.
Before sending funds, make sure that:
- Call the title company using the phone number from its official website.
- Read route and account numbers aloud and verify them.
- Ask if the wiring instructions have changed at all.
Example: “Hello, I’m here [Name]and I’m about to deposit my closing [address]. I would like to confirm the account and routing numbers I received.” Read the numbers to them. Continue transferring only if the numbers match.
Step 2: Check your bank’s wire policies ahead of time
Each bank has its own rules, regulations, and restrictions when it comes to wire transfers. If online lines are an option, they may have a daily limit ($25,000)—and the amount you can close may be much higher.
If your closing amount exceeds the date limit, you may need to request a temporary raise, split the wires (if escrow allows), or visit a physical branch to initiate the transfer.
Before your closing deadline, make sure to:
- The money has been cleared and is ready for the account you will be wiring from
- Know your bank’s cut-off deadline (usually between 2pm and 4pm)
- When you visit a physical branch, have two types of identification available
Wire transfer charges: Expect to pay a minimum of $15–$50 for an outgoing domestic call (international transfers may be more). When talking to your bank, confirm that the money will be deducted from your account separately or included in the amount of the money transfer.
Step 3: Review your closing disclosure
At least three business days before closing, your lender will send you your closing disclosure or debt settlement statement. This document shows your final loan terms and the exact amount you must bring to closing under the line “closing money.”
Key information to be reviewed in the closing disclosure:
- Make sure your earnest money deposit is included.
- Make sure the seller’s credits (if any) are displayed.
- Ask your lender about any last minute changes.
- Make sure your lender needs the money approved before you sign.
Do not round or round the number. Call the exact amount listed unless your escrow officer instructs you otherwise. If there’s a discrepancy, that can usually be sorted out at the closing table—either you’ll get a refund if the call was too big, or sometimes a small credit can be owed if there’s a last-minute fix.
Step 4: Start the transfer 24-48 hours in advance
Transfers initiated after your bank’s cut-off time may not deliver until later the next business day—so if the deadline is tight, or there are weekends or holidays between your cut-off date, you’ll want to account for that when scheduling your wire transfer.
For the smoothest closing:
- Send a call at least one business day before closing.
- Start the transfer as early as possible.
- Avoid wiring on Friday if it closes on Monday (weekend delays occur).
- Be aware of holidays and plan to initiate transfers accordingly.
Even if most domestic wires stay on the same day, delays can occur due to fraud reviews, large dollar verifications, or bank processing lines. Having a little buffer ensures that your money will arrive at the closing table cleared and on time.
Step 5: Check that funds have been sent (and received)
Once you have deposited the closing fee, ask for a receipt including the transaction reference number. Then, call your escrow officer to make sure they received the money.
Don’t assume it’s all automatic—some title companies must verify the receipt before allowing the documents to be recorded, so early verification prevents any unexpected delays.
How to avoid wire fraud at closing
Wire fraud is one of the biggest risks during the foreclosure process, but it is also avoidable.
Fraudsters can gain access to a real estate agent’s or title company’s email account, sending confirmation emails with fake wire instructions in hopes that buyers will send money without verifying the information—but title companies typically don’t change wire instructions during the purchase process.
Here’s how to protect yourself:
- Always confirm wiring instructions by phone using a trusted number.
- Be suspicious of last-minute changes or urgency.
- Watch out for unusual email addresses (like @gmail or @yahoo) or spelling mistakes.
- Use a reliable computer and secure wifi network when transferring online.
- Double check all numbers and details before sending.
If you believe you have sent money to the wrong account, contact your bank immediately. Ask them to start remembering and let your title company know right away. Acting quickly improves the chances of recovery—but most wire transfers are final and irreversible.
Should you use a check or wire transfer to close?
When you close on a home, the money you bring with you is not allowed to be in any form.
This is because title companies must follow what are often called “good financial” requirements. Basically, this means that the money used to close must be verified and available immediately before the transaction is completed.
Personal checks usually do not meet this standard as they can take days to clear. That’s why buyers usually bring closing costs in one of two ways:
- Wire transfer
- Cashier’s check
Both are considered secure and reliable because the funds are guaranteed.
For large amounts, wire transfers are often preferred as they can be verified quickly and do not require physically transporting the check. Cashier’s checks may still be accepted for smaller amounts, depending on your title company’s policies.
Because these requirements vary, it’s always best to ask your title company beforehand which method they prefer.
Common problems that can occur with cable transfers
Funds have not been fully cleared: Wires usually last 1-4 hours. If it’s a long time, call your bank and give them your reference number so they can double check that it hasn’t been flagged by their fraud department. If funds have just been transferred to the account, the bank may restrict outgoing wire transfers until the funds have been officially paid.
The name is incorrect or misspelled: Generally, as long as the account and routing numbers match, the money will arrive. However, some banks are stronger than others. Always use your name as it appears on your ID.
Money was not deposited on time: If you miss the closing, the title company may let you sign the papers (this is called signing in escrow). You just won’t get the keys until the money has officially arrived. If not, the signing appointment may be delayed or your loan rate lock may be affected.
The cost of wiring at closing doesn’t have to be complicated
Transferring a large amount of mortgage may seem difficult, but with a wire transfer, it’s easier than most buyers realize. Make sure the funds are available in the account you will wire to as soon as possible, be aware of your bank’s wire transfer policies, and always check the wiring instructions with your title company in person or by phone before sending it.
Follow these steps, and closing day will go very smoothly.
