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- Wire transfers send money nearly instantly to another person’s account.
- There are different fees for international and domestic wire transfers.
- You can save money on wire transfer fees by initiating the transfer online, depending on your bank.
Wire transfers are an immediate way to move cash from one bank account to another. While they can be convenient, wire transfers can carry some high fees.
What is a wire transfer fee?
Most financial institutions charge a fee for a wire transfer. The fee you’ll pay to send or receive a wire transfer will vary based on where you’re sending it to, how much you’re sending, and what bank or service you use.
Types of wire transfer fees
Banks tend to charge different fees for the following types of wire transfers:
- Outgoing domestic: Generally between $15 and $30, this fee is charged to the sender.
- Incoming domestic: Generally between $0 and $15, this fee is charged to the recipient.
- Outgoing international: Generally between $35 and $50, this fee is charged to the sender for a transfer going to a non-U.S. bank.
- Incoming international: Generally between $0 and $30, this fee is charged to the recipient of an incoming transfer from a non-U.S. bank.
Here’s a list of several major banks, and the incoming and outgoing wire transfer fees each bank charges.
How to minimize wire transfer fees
Wire transfer fees can be high, but there are ways to bring the cost down a little bit. These methods depend on your bank, but you may be able to save a few dollars.
Make wire transfers with banks where you have an existing account
If you already have a strong relationship with a given bank, you may be able to save on wire transfer fees. For example, Chase offers free incoming wire transfers when sent from another Chase account.
Some higher-level Chase checking accounts, like Chase Private Client Checking and Chase Sapphire checking accounts, also offer free incoming and outgoing wire transfers. Citibank also waives transfer fees for customers with Citigold Private Client accounts.
Make wire transfers online
Wire transfers made over the phone or in person can cost more at some banks. Making a wire transfer through the bank’s website could lower your fees. For Chase Bank customers, for instance, initiating a wire transfer online can save $10.
Receive wire transfers from a student account
Student bank accounts sometimes have wire transfer fees waived. Wells Fargo offers a refund for incoming wire transfer fees once per month for customers with Everyday Checking accounts linked to a Wells Fargo Campus Card, the bank’s student checking account.
Consider using an ACH transfer instead
Many banks allow ACH transfers between bank accounts. If you don’t need the money immediately, an ACH transfer could be an easy and free way to send money. An ACH transfer can often take several days, but these transfers generally don’t require fees.
FAQs
Wire transfers cover the cost of processing the transfer of funds for banks.
Fees range widely depending on the bank you use, the amount, the urgency, and the destination. Domestic outgoing wire transfers are generally cheaper than international wire transfers.
Yes, some banks charge a fee for both incoming and outgoing wire transfers.
Private banking clients and businesses may be able to negotiate some bank fees, including wire transfer fees.
Online transfer services such as Western Union tend to charge lower fees and offer better exchange rates than banks, but you should always compare options for your situation.
