Key Takeaways
- Wire transfers are a swift, secure way to move money between financial institutions, either within the country or internationally.
- Financial institutions often charge fees for wire transfers, both incoming and outgoing.
- Fees range from $0 to $50 per transaction, depending on the institution, the type and amount of the wire, the account you hold and your account balance.
- While wire transfers allow for the movement of large sums of money, cheaper options exist for smaller transfer amounts.
What Are Wire Transfer Fees?
A wire transfer is a way to move money swiftly and securely from one financial institution to another, either within the country or internationally. You might use a wire transfer when you need to move large amounts of money quickly, for instance when making a down payment on a mortgage. Most large banks will offer wire transfer services for a price.
Financial institutions charge fees for outgoing and incoming wires — sometimes on both ends of the transfer. They usually tied the fee directly to a specific transaction. The exact cost of a wire transfer depends on several factors: the banks and countries involved in the transfer, the amount being sent or received, the speed of the transfer and the transfer service you choose.
The cost of wire transfers ranges from nothing to $50. The more you know about wire transfer fees, the better you’ll be able to minimize your costs and meet your personal financial goals.
Sending funds using a wire transfer is a convenient and secure way of sending funds from one institution to another. If you are transferring smaller amounts, there are online platforms that can be used to transfer funds with little to no fees.
Timothy Li, MBABusiness Finance Manager
Types of Wire Transfer Fees
The cost of your wire transfer will depend on the type of transfer you need. The first thing to consider is where the money is going. Domestic wire transfers (in which funds stay in the same country) are usually less expensive than international wire transfers. International transfers involve the extra step of converting the funds from one currency to another.
The size of the fee also depends on whether the money is outgoing (being sent) or incoming (being received). Incoming fees are typically cheaper than outgoing fees. If the sending bank does not have a pre-existing relationship with the receiving bank, an intermediary bank with links to both will complete the transaction, adding in another service fee and possibly a currency conversion fee.
Outgoing Fees
The outgoing fee is what you pay to initiate and send a wire transfer. Some financial institutions offer lower outgoing fees if you start the transfer online yourself than if you require a teller to start the process in a bank branch. Fees are typically higher for outgoing international wire transfers than for outgoing domestic wire transfers.
Incoming Fees
Many banks also charge fees for incoming wire transfers. They’re usually deducted from the amount sent, so the recipient receives less rather than receiving the total wire amount and then getting hit with the fee. Some institutions might not charge a fee on incoming wire transfers, depending on the type of service plan, the type of account you have or your account balance. Others will charge the fee, regardless. Again, fees are usually higher for international wire transfers than for domestic.
Average Wire Transfer Costs
Wire transfer fees vary. Each financial institution sets its own fee structure according to state regulations and pressure from competition. Some banks offer free or discounted wire transfers for specific account types or amounts. Others charge on a per-transaction basis.
Banks calculate wire fees by a flat dollar amount, as a percentage of the transfer amount or a combination of both. They also can set tiered fees by the amount transferred, with lower fees up to a certain amount and higher fees above that mark.
Depending on the countries involved in the transaction and the currency exchange rates that apply, fees for international wire transfers vary widely. It’s sometimes cheaper to convert currency before the transfer rather than after.
Average Wire Transfer Fees by Bank
| Bank | Incoming Fees (Per Transaction) |
Outgoing Fees (Per Transaction) |
Exceptions and Discounts |
|---|---|---|---|
| Bank of America | Domestic: $15 International: $16 |
Domestic: $30 International: $45 |
Interest Checking & Rewards Money Mart Savings accounts pay no fees on domestic incoming wires. |
| Capital One | Domestic: $0-$15 International: $0-$15 |
Domestic: $25-$30 International: $40-$50 |
Essential Checking, High-Yield Checking & Essential Savings accounts pay lower fees per transaction. |
| Chase | Domestic: $0-$15 International: $0-$15 |
Domestic: $25-$35 International: $0-$50 |
Incoming fees are waived if you initiate wires from a Chase bank or at chase.com Using chase.com saves you $10 on outgoing wires. International outgoing fees are waived if you initiate an online transfer of $5,000+. |
| Citibank | Domestic: $0-$15 International: $0-$15 |
Domestic: $0-$25 International: $0-$45 |
Wire fees are reduced or fully waived for City Priority, Citigold and Citygold Private accounts. |
| Marcus by Goldman Sachs | Domestic: $0 International: $0 |
Domestic: $0 International: $0 |
Online-only Marcus has a no-fee policy for wire transfers. |
| PNC | Domestic: $15 International: $15 |
Domestic: $25-$30 International: $40-$45 |
Self-service wire fees are $5 cheaper than assisted wires. |
| Wells Fargo | Domestic: $15 International: $30+ |
Domestic: $30 International: $30+ |
Fees can be waived or refunded depending on account type. |
How To Avoid and Minimize Wire Transfer Fees
Your account type or balance can reduce wire transfer fees. Many institutions offer reductions, refunds or waivers on fees for specific account types or balances. In addition, some accounts pay no service fees for any transactions so long as they maintain a high balance (usually $100,000 to $1 million).
Some financial institutions offer reduced rates for online or self-serve wire transfers. At Chase and PNC, for instance, it’s cheaper to initiate a wire transfer yourself than to have someone at the bank do it. Some banks offer lower fees for accounts that frequently send or receive wires. Check with your bank or credit union to learn the fee structure for your account.
Sending Money Other Ways
Traditional wire transfers are a safe and fast way to transfer large sums of money. You can usually complete a domestic wire transfer on the same day you send it before 2 p.m. International transfers take two to three business days. But wire transfers can also be expensive, especially if you don’t need to move large sums of money. The rapid development of modern financial technology means you now have several other options.
- Peer-to-Peer Payment Apps
- Online platforms like Cash App, PayPal, Venmo and Zelle let you send and receive money with minimal fees or no fees. You can transfer money using the recipient’s phone number, email address or in-app account name. You can set up these accounts to maintain a balance or link them to a credit card. With some apps, like PayPal, transfers can happen across currencies. Each app will have a limit for how much you can transfer in each transaction and over the course of a day.
- Automated Clearing House (ACH) Transfers
- Like wire transfers, ACH transfers are fast and secure and come with fees. With ACH transfers, fees are often paid on the receiving end, rather than by the sender. Western Union is an international service that uses ACH technology to transfer money. The upper limits for fund transfers are lower with ACH services, but they operate internationally and can be a more economical option.
- Prepaid Debit Cards
- Sold in many retail stores for a small activation fee, prepaid debit cards are an easy way to transfer money to another person. After purchasing, loading and activating a prepaid debit card, the recipient can use the card like cash until the funds run out.
Ways to Transfer Money
Fee Discounts
Many institutions offer discounted fees for wire transfers under certain circumstances. Business accounts that send regular wire transfers can often access lower wire transfer fees. And banks often discount personal wire transfers to student-held accounts.
If wire transfers are an important part of your financial process, discuss the potential for discounts with your bank or credit union to keep your banking business.
FAQs about Wire Transfer Fees
Financial institutions must disclose all service fees, including wire transfer fees. Because fees are publicly posted, it’s difficult to dispute them after the fact. However, depending on your account type or balance, you may have fees discounted or waived at the onset.
Wire transfers often come with both outgoing and incoming fees, so it’s possible for both senders and receivers to pay wire transfer fees. Many U.S. banks waive fees for incoming transfers, depending on the type of account receiving the transfer.
Yes, wire transfers can be free. Online bank Marcus by Goldman Sachs charges no fees for wire transfers, and other major financial institutions waive fees depending on the type of your account, your account balance or the amount of money you want to send.
