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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 — this type of transfer can send money immediately from your bank account. While they can be convenient, wire transfers can carry some high fees. The fee you’ll pay to wire money will vary based on where you’re sending it to, and what bank you use to send the money.
Wire transfer fees by bank
Wire transfer fees are generally between $15 and $30 for outgoing transfers to a bank account within the US, and between $35 and $50 for transfers going out of the US.
There might also be fees if you’re receiving money. Some banks don’t charge to receive incoming wired funds, but some banks do. When banks do charge fees to receive a wire transfer, it’s generally around $15.
Here’s a list of several major banks, and the incoming and outgoing wire transfer fees each bank charges.
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How to save money on 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
Wires transfers made over the phone or in-person can cost more at some banks. Making a wire transfer through the bank’s website online 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 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.
Wire transfer fee FAQs
Banks have domestic wire transfers and international wire transfers. A domestic wire transfer is for wiring money to another bank in the US. If you’re sending money internationally, you can make an international wire transfer.
The sender has to pay a fee to send a wire transfer, and the receiver usually has to pay a fee to receive it.
You can sometimes avoid a wire transfer fee if you have a higher-tier checking account at a bank that waives this fee as a perk. Higher-tier checking accounts may have higher minimum balance requirements and monthly service fees than standard checking accounts, though.
