If you want a convenient way to move money quickly, a wire transfer is a popular option. This electronic transfer type is great for moving large sums of money in no time at all.
But this convenience comes at a cost. To make a wire transfer, you’re going to have to shell out some extra cash on fees.
A wire transfer fee will vary according to whether it’s domestic or international, incoming or outgoing.
|💡If you need to send a transfer abroad, then it’s worth looking at alternatives, such as Wise. Sending money abroad with Wise is usually much cheaper than an international wire.|
In general, when it comes to wire transfers, you can expect fees in the region of $15 - $30. Yet there are exceptions, as some institutions offer fee-free wire transfers and others charge more than $30.
But this is only half the story.
A wire transfer can have more than one type of fee attached to it. There are separate fees for domestic and international wire transfers, and both outgoing and incoming wires.
Each bank and provider will have different fees, but here are some median figures you can go off:
Domestic Incoming: $15
International Incoming: $15
Domestic Outgoing: $25
International Outgoing: $45
As you can see, it costs more for outgoing wire transfers and international transfers.
Each bank has different fees. These wire transfer fees are per transfer, and it's worth checking with your bank in advance.
|Bank name||Incoming / outgoing domestic wire||Incoming / outgoing international wire|
|Bank of America¹|
Many banks will place a markup on the mid-market rate, which leads to extra fees for the consumer when doing international wires. They will take the rate set by the market and apply a ‘day rate’ margin to it.
Often the consumer isn’t even aware that they are paying over the odds to make these international wires.
Fortunately, you can avoid these extra fees and get the real mid-market rate by choosing Wise. The mid-market rate is taken from Reuters, which means you get the best rates in real-time.
As a consumer, it’s frustrating to have to pay extra cash on top of the money you’re already sending. There is a good reason as to why wire transfers cost extra, though.
A domestic wire transfer passes through a payment system on its way to the recipient’s account, which incurs a cost.
An international wire transfer costs more because it can go through several intermediary banks¹¹, and each bank may slap an extra charge on the wire.
It makes sense that you’d want to avoid wire transfer fees, and fortunately, there are a few ways to dodge the fees.
Wise is a great choice if you’re interested in a low-cost way to send money abroad. You can avoid high international wire fees with Wise, you need only pay a low, transparent fee.
Wise has over 10 million happy customers, so you can be sure your money will arrive fast and securely.
One way to avoid wire transfer fees is to send them online. To do a wire transfer in-person, you will usually have to pay around $10 more.
While doing a wire transfer online won’t mitigate all fees, it will save you some money.
If you make wire transfers regularly, it pays to invest in a higher-level checking account.
Several premium accounts offer incoming and outgoing wires free of charge. Two such accounts are Chase Premier Plus checking¹² and Citigold Private Client¹³.
But there’s a catch.
Premium accounts more often than not come with fees of their own, so you’ll have to figure out if it makes financial sense to set one up.
ACH transfers are more often than not free from fees. The problem is, they are slower than wire transfers, so you sacrifice some convenience. Plus, ACH transfers aren’t recommended for overseas transfers.
You can read this article about ACH vs wire to compare the pros and cons.
- Bank of America Page 2
- Wells Fargo Page 44
- Chase Bank Page 5
- PNC Page 2
- Capital One
- US Bank
- TD Bank
- SunTrust Page 9
- Chase Premier lups checking Page 3
- Citigold Private Client
All sources checked April 1, 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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