How to avoid international wire transfer fees

An international wire transfer is a convenient way to send money outside the US – but the costs can add up.

In our guide, we take a look at how to avoid international wire transfer fees, including exactly how much wire transfers cost and how to save money on global payments.

We’ll also look at Wise vs international bank transfers. Use your Wise account to send stress-free worldwide payments without exchange rate markups at just the touch of a button.

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Table of contents
What are the fees for international wire transfers? International wire transfer fees by US bank How to avoid international wire transfer fees Make low cost international transfers with Wise International wire transfer fees FAQs

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What are the fees for international wire transfers?

An international wire transfer is a secure, fast, and convenient way to send large payments abroad electronically.

However, you may need to pay a fee for your wire transfer – and international wire transfers often cost more than domestic ones. Let’s take a closer look.

Average international wire transfer fees

So, exactly how much does an international wire transfer cost?

You’ll typically pay a flat fee to your bank or international money transfer provider to send a wire transfer. An outgoing international wire transfer can cost anything from around 5 USD to 75 USD, depending on your bank.

Some banks may also charge a fee for you to accept an incoming international transfer – and this typically costs up to 25 USD. In some cases, you may even get your wire transfer for free. It all depends on your provider.

Intermediary bank fees

You’ll also need to think about intermediary bank fees. Every time your international wire goes through another bank, that provider may charge an extra processing fee.

This is pretty common with international payments – and your recipient’s bank may also charge an additional fee for facilitating your wire.

Exchange rate markups

An exchange rate markup is an added margin on the mid-market exchange rate. This is the standard rate, but many banks add an extra charge to make money from your transaction.

Some banks will waive your outgoing wire transfer fee if you send funds in a foreign currency. However, if you have a USD bank account, your provider may charge a fee to exchange your money into a foreign currency.

For example, Wells Fargo makes a profit when you convert from one currency to another. They set their own exchange rate, including a markup.¹

International wire transfer fees by US bank

The price of your outgoing or incoming international wire transfer may depend on a few different factors, such as your bank, payment currency, and where you want to send your transfer.

Let’s take a look at how much it costs to send and receive a global wire transfer with many popular US banking providers.

Bank	Incoming international transfer	Outgoing international transfer
Bank of America	16 USD per transfer	35 USD per transfer in a foreign currency²
Capital One	0 to 15 USD per transfer – it depends on your account³	40 USD per transfer⁴
Charles Schwab	No fee	15 USD per online transfer⁵
Chase	Up to 15 USD per transfer	5 USD per online transfer in a foreign currency 40 USD per online transfer in USD⁶
Citibank	15 USD per transfer	0 USD per online transfer in a foreign currency 35 USD per online transfer in USD⁷
Discover Bank	No fee from Discover 20 USD currency exchange fee applied by the intermediary bank	30 USD per transfer⁸
HSBC US	No fee – intermediary bank fees may apply	No fee⁹
Huntington	15 USD per transfer	75 USD¹⁰
Navy Federal	No fee	25 USD¹¹
PNC	15 USD per transfer	5 USD per transfer in a foreign currency 40 USD per transfer in USD¹²
Regions Bank	18 USD per transfer	45 USD per transfer¹³
TD Bank	15 USD per transfer	50 USD per transfer¹⁴
Truist	20 USD per transfer	65 USD per transfer¹⁵
USAA	No fee – intermediary fees may apply¹⁶	20 USD to USAA and 25 USD as a correspondent bank fee¹⁷
US Bank	25 USD	50 USD¹⁸
Wells Fargo	15 USD per transfer	0 USD per online transfer in a foreign currency Fees start at 25 USD per transfer in USD¹

How to avoid international wire transfer fees

Sending a wire transfer overseas can be expensive. Let’s take a look at how to avoid wire transfer fees for big international payments.

Research exchange rates

If you’re sending your wire transfer in a foreign currency, make sure to research exchange rates.

Every provider will offer a slightly different exchange rate for currency conversions, so look out for one that’s close to the standard mid-market rate to avoid a markup on your money.

Remember that exchange rates fluctuate depending on when you send your transfer, so it might be worth tracking your bank’s rate to see if anything changes.

💡 Wise’s pricing calculator can help you work out the best exchange rate at the time of your transaction – including any fees you’ll need to pay.

Look for discounts and offers

Some banks offer discounts and offers if you meet certain conditions, such as a wire transfer limit.

For example, Chase offers free international wire transfers if you send 5000 USD or more online in a foreign currency.⁶ For this reason, it may also work out cheaper if you make one big payment, instead of lots of little ones.

Many providers may also offer a special promotion if you switch over to their services – or if this is your first international wire transfer. Consider all your options before sending money abroad.

Send your transfer online

Many US banks charge less for online wire transfers, as these payments don’t cost as much to process. Try sending your transfer via online banking or your bank’s mobile app.

For example, providers like Citibank or Wells Fargo waive their outgoing transfer fee for online wires in a foreign currency.

Choose an alternative payment method

Before you make an international wire transfer, consider choosing a different payment method.

You could send an international ACH transfer to your recipient. This is an electronic bank transfer, like a direct deposit. It’s easy to set up an ACH, but many banks limit how much you can send.

Peer-to-peer apps like Wise can also help you make fast transfers abroad without expensive foreign transaction fees.

Open a foreign currency account

If you send regular international wire transfers in a foreign currency, such as CAD, GBP, or EUR, why not open an account in that currency?

This could help you avoid exchange rate charges, but you’ll need to do your research, as some banks don’t offer multi-currency accounts.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app on iOS and Android, and send money to 160+ countries, with the mid-market exchange rate and low, transparent fees.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

See how Wise compares with international bank transfers in our full guide

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

International wire transfer fees FAQs

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What is the best way to avoid international transaction fees?

Make sure to research your options before sending your wire transfer. Look for the best exchange rate, read your bank’s fine print, and open a foreign currency account to avoid added charges.

If you want to avoid a hefty wire transfer fee, you’ll need to shop around before choosing your wire transfer provider.

Which bank doesn't charge international transaction fees?

There are a few banks with no international wire transfer fees. HSBC US doesn’t charge for incoming or outgoing wires, but intermediary bank fees may apply.

Other providers may not charge international bank transfer fees if you meet their criteria, such as paying by digital banking or transferring in a foreign currency.

Which bank has the lowest international wire transfer fee?

Some banks offer international wire transfers at a low cost. For example, PNC Bank and Chase only charge 5 USD for foreign currency wire transfers.

You can accept an incoming international wire transfer from Charles Schwab for free – and you can send free wire transfers with Citibank and Wells Fargo if you use a foreign currency.

However, even if you don’t pay a flat fee for your transaction, you may still pay an exchange rate markup to convert your dollars into a foreign currency.

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Paying by wire transfer is an easy way to send large payments abroad. However, you’ll need to consider the cost of your transfer, including currency conversion charges and bank fees.

Avoid international wire transfer fees by doing your research in advance. Look into your bank’s exchange rates or choose a transparent peer-to-peer transfer platform.

To start sending international wires and global transfers to over 160 countries – all at the mid-market exchange rate – check out Wise.

🚀 Start saving on
international transfers

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Sources:

1. Wells Fargo - Digital wires FAQs
2. Bank of America - Additional fees
3. Capital One - Send and receive a wire transfer
4. Capital One - Wire transfer support
5. Charles Schwab - Pricing guide
6. Chase - Wires and money orders
7. Citibank - Online wire transfer services
8. Discover - Wire transfer FAQs
9. HSBC US - Online wire transfers
10. Huntington - Other services from Huntington
11. Navy Federal - Money transfers
12. PNC - Wire and money transfers
13. Regions Bank - Additional services and fees
14. TD Bank - Personal fee schedule
15. Truist - Wire transfer services
16. USAA - Wire transfers
17. USAA - How to send an international wire transfer
18. US Bank - How much does a wire transfer cost?

Sources checked 08.29.2024