Personal Finance Banking Checking Account
Written by Sophia Acevedo; edited by Sarah Silbert
- What is a wire transfer fee?
- Types of wire transfer fees
- How to minimize fees
- FAQs
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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.
Bank | Incoming domestic transfer fee | Incoming international wire transfer fee (USD) | Outgoing domestic transfer fee | Outgoing international wire transfer fee (USD) |
Bank of America | $15 (fee waived for Preferred Rewards Platinum and Platinum Honors members) | $15 | $30 (Preferred Rewards Diamond members qualify for up to 2 international transfer fee waivers; Diamond Honors tier members qualify for unlimited waivers) | $45 |
Capital One | $15 | $15 | $30 | $40 |
Wells Fargo | $0 to $15 | $15 | $25 to $40 | $0 to $40 |
PNC Bank | $0 | $25 to $30 | $15 | $5 to $50 |
US Bank | $20 | $25 | $30 | $50 |
TD Bank | $0 to $15 | $0 to $15 | $30 (Beyond Checking customers receive 1 outgoing wire transfer fee waiver per month) | $50 (Beyond Checking customers receive 1 outgoing wire transfer fee waiver per month) |
Chase | $0 to $15 | $0 to $15 | $25 online, $35 in person or by phone | $40 online, $50 in person or by phone |
Citi | $0 to $15, depending on account | $0 to $15, depending on account | $0 to $25, depending on account | $0 to $35, depending on account |
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
Why are there fees for a wire transfer?
Wire transfers cover the cost of processing the transfer of funds for banks.
How much does a typical wire transfer fee cost?
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.
Can both the sender and the recipient be charged a fee?
Yes, some banks charge a fee for both incoming and outgoing wire transfers.
Are wire transfer fees negotiable?
Private banking clients and businesses may be able to negotiate some bank fees, including wire transfer fees.
Is it cheaper to use online services for international wire transfers?
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.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
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