Wire transfers are a relatively easy and secure way to transfer money electronically from one bank account to another. Although they can be convenient (and are often required in processes like buying a house), they are expensive compared to...
Wire transfers are a relatively easy and secure way to transfer money electronically from one bank account to another. Although they can be convenient (and are often required in processes like buying a house), they are expensive compared to alternative ways of sending money. In this article, we’ll analyze average wire transfer costs, both domestic and international.
At a Glance: How Much Do Wire Transfers Cost?
Wire transfer fees vary by financial institution. While you can almost always count on paying a wire transfer fee to send money, you might also pay a fee to receive a wire transfer. Fees differ for domestic and international wire transfers.
We’ve compiled wire transfer data from 11 of the biggest banks in the U.S. to calculate averages for each type of transaction. You can take a closer look at individual institutions’ fees further down in this article.
Average Wire Transfer Fees
Incoming domestic wire transfers: $15.45 Outgoing domestic wire transfers: $25.91 Incoming international wire transfers: $14.70 Outgoing international wire transfers: $41.50Domestic Wire Transfers vs. International Wire Transfers
In general, domestic transfers tend to be cheaper than international transfers, especially when outgoing transfers are concerned.
Incoming Wire Transfers vs. Outgoing Wire Transfers
Incoming transfers refer to when someone is sending money from their account to yours. Some banks do not charge incoming wire transfer fees, though there may be intermediary banks or credit unions that are involved in the transfer process — and they might tack on fees for you.
Outgoing wire transfers refer to when you wire money to someone else. You should always anticipate paying more for this service.
Wire Transfer Fees Calculation
We calculated the average wire transfer fees above based on the highest number represented in the table below. For example, Citibank charges up to $15 for incoming domestic wire transfers, but certain premium accounts have this fee waived. When calculating overall averages, we used the $15 amount.
Wire Transfer Fees by Financial Institution
|
Bank of America |
$15 |
$30 |
$16 |
$45 |
|
Capital One |
$0 (there may be intermediary fees) |
$30 |
Not available |
Not available |
|
Chase |
$15 ($0 if coming from another Chase account) |
$25 online; $35 in person or over phone |
$15 ($0 if coming from another Chase account) |
U.S.$: $40 to $50. Foreign$: $0 for $5K+; $5 |
|
Citibank |
Up to $15 (varies by account) |
Up to $25 (varies by account) |
Up to $15 (varies by account) |
Up to $35 (varies by account) |
|
Fidelity |
$0 (there may be intermediary fees) |
$0 (there may be intermediary fees) |
$0 (there may be intermediary fees) |
U.S.$: $0. Foreign$: Up to 3% of amount |
|
PNC |
Up to $15 (waived for certain accounts) |
Up to $30 (waived for certain accounts) |
$15 |
$50 |
|
Truist (formerly SunTrust) |
$15 |
$25 |
$30 |
$50 |
|
TB Bank |
$15 |
$30 |
$15 |
$50 |
|
USAA |
$0 |
$20 |
$0 |
$50 |
|
U.S. Bank |
$20 |
$30 |
$25 |
$50 |
|
Wells Fargo |
$15 |
$30 |
$16 |
$45 |
As you can see, these fees are not always black and white. Some financial institutions waive the fee of incoming transfers if it’s coming from within their own bank. Others charge you more on outgoing international wire transfers if you’re using USD (while others charge more for foreign currency).
While it’s certainly good to know which banks charge these fees — and how much they are — this should not be a factor in determining the right bank for you. Instead, find a bank that has the features that affect you more often: APY, ATM fees, monthly maintenance fees, overdraft fees, mobile banking, etc.
Then, in the rare event that you do need to transfer money, start by looking for alternatives to wire transfers to avoid fees.
Note: We looked at 11 of the most popular banks in the U.S., but you can complete a domestic or international wire transfer at banks and credit unions of all sizes, including KeyBank, Fifth Third Bank, Discover Bank, Ally Bank, Alliant Credit Union, HSBC and Navy Federal Credit Union.
What You Need to Complete a Wire Transfer
Do you need to wire funds? You’ll need a few things for a successful transfer.
For a domestic wire transfer, you will need:
The routing number and account number of your own bank account. The routing number and account number of the recipient’s bank account. The recipient’s name and address The amount to be transferredWhen wiring money internationally, you will also need to provide:
Currency type Recipient’s entire bank name Recipient’s bank identification code, international routing code, international bank account number or SWIFT code Your U.S. phone numberHow to Avoid Wire Transfer Fees
Modern technology has afforded us great alternatives to wire transfers — many of them cheaper or even free.
Wire Transfer Alternatives
Consider one of these two alternatives:
Money Transfer Apps
Nowadays, money transfer apps are an easy, safe way to send money digitally (and, in many cases, instantly) anywhere to anyone. PayPal was the genesis, but you can use mobile apps like Venmo, Cash App, Zelle, Apple Pay and Google Pay to send and receive money.
Each of these apps has their pros and cons, but you can typically transfer money for free if you connect a checking account (rather than a debit card or credit card) to the app.
Checks
Call it old school, but an easy way to transfer money to someone else is to write a traditional check. Of course, if you are not standing physically next to the recipient, they will have to wait until you can mail the check, and then they will have to take the check to their bank or ATM to deposit it (or mobile deposit it).
Free Wire Transfers
If you can’t avoid a wire transfer, you can find a bank that offers them for free. Almost all of Fidelity’s transfers are free (but watch those intermediary fees), USAA offers its members free incoming wire transfers, and banks like PNC and Citibank waive these fees for certain accounts (but these premium accounts usually have other monthly fees to consider).
Frequently Asked Questions (FAQs) About Wire Transfer Fees
Want to learn more about wire transfer fees? We’ve compiled answers to some of our readers’ most common questions.
Each bank has its own unique guidelines for determining fees. For example, Bank of America charges $30 for an outgoing domestic transfer, but you’ll only pay $25 at Trusit (formerly SunTrust) or $20 at USAA. Fidelity does not charge an outgoing domestic wire fee. In general, an international wire transfer fee will be higher than a domestic wire.
Sometimes (like when closing on a house), wire transfers are inevitable. But if you have the option to transfer money another way, it will typically be cheaper. Explore peer-to-peer payment platforms like Venmo and Cash App, or ask the recipient if you can send a paper check.
Yes, wiring money is a safe option, especially when you go through a bank or credit union. However, never send money to someone you don’t know. Scammers can use wire transfers to make away with a lot of cash they don’t deserve. Before wiring money, read this guidance from the Federal Trade Commission.
In general, you should always expect to pay outgoing wire transfer fees when you send money. As the recipient, your bank may or may not charge you an incoming fee. If your bank will charge an incoming fee, you can ask the payer to add that fee to the amount they are sending you.
You can typically complete a domestic wire transfer online or using your bank’s mobile app. To wire money internationally, you will likely need to go to a bank in person. Expedite the process by ensuring you have all the correct information, including the recipient’s full name, bank account number and routing number.
An international wire transfer fee is typically higher than a domestic one. If possible, only wire domestically. To save even more money on your transfer, only send money via a bank or credit union that offers free transfers. Because these can be hard to find, however, see if the recipient is OK with using a money transfer app like Venmo instead.
Fees tend to be cheaper when you initiate transfers online. Because you are utilizing an employee’s time and labor when you arrange to send money over the phone or in person, the bank or credit union may charge a little more. This is currently the case with Chase.
Some banks can complete a transfer in as little as 24 hours, especially if the sender and the recipient both use the same bank. Simple mistakes by the sender can draw out the process, however. Many banks only process transfers on business days, during business hours. Reach out to your financial institution for the specifics, or you might wind up spending all weekend waiting for money that you needed Friday. International wire transfers take longer than domestic transfers. Anywhere from two to five business days is typical.
Most banks and credit unions offer domestic and international wires, and they are the safer route to go. However, bank accounts are not a prerequisite to wiring money. Companies like Western Union offer cash transfers as well.
Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.