How Much Are Wire Transfer Fees?

How Much Are Wire Transfer Fees?

Wire transfer fees vary depending on the transfer type, the financial institutions involved and how the transfer is initiated. Generally, fees range from $0 to $60 per transaction.

Banks typically charge four types of wire transfer fees:

• Incoming domestic: Charged when you receive money from within the U.S. Usually up to $15.
• Outgoing domestic: Charged when you send money within the U.S. Typically up to $30.
• Incoming international: Charged when you receive money from a foreign country. Usually up to $25.
• Outgoing international: Charged for sending funds to a recipient in another country. Usually up to $60.

Learn more: What Is a Wire Transfer?

Domestic vs. International Transfers

Domestic transfers are sent in U.S. dollars between U.S. banks. They tend to be faster, settling the same day they're sent if it's before the bank's cutoff time. They're also less expensive, with fewer parties involved.

International transfers are sent between banks in different countries. These typically cost more and take longer because funds have to pass through more third parties, who may charge handling fees which are often passed along to the customer.

International transfers also often involve taxes and currency conversions. Banks set their own exchange rates and may include a margin to cover costs and profit. This is separate from the wire transfer fee and can significantly increase the total cost.

Wire Transfer Fees by Bank

Wire transfer fees widely by bank and account type. Here's a quick look at what some major U.S. banks charge:

How to Avoid Wire Transfer Fees

There are some ways you can avoid or limit the amount of wire transfer fees you pay.

• Choose a bank that waives wire transfer fees. Some banks waive wire transfer fees for premium accounts or certain transaction types. Check with your bank to learn whether your account qualifies for a fee waiver.
• Make an online transfer. With many banks, initiating a transfer online or through the mobile app is usually cheaper than working with a banker in person or over the phone.
• Make an ACH transfer. If you're sending money to someone in the U.S., you can use an automated clearing house (ACH) transfer, which is often free or low-cost. These usually take one to three business days but can be sent the same day in some cases.
• Send in foreign currency. With international transfers, you may get better rates and lower fees by converting funds to the recipient's currency before initiating the transfer. This allows you to avoid the fee or the exchange rate markup depending on the bank.

Alternatives to Wire Transfers

If you're looking for cheaper or more convenient ways to send money, consider other money transfer services as an alternative.

• Peer-to-peer payment apps: You can use a P2P app like Zelle, Venmo, Cash App, PayPal for small domestic payments. Standard transfers are usually fast and free, but fees may apply for credit card-funded payments or expedited transfers.
• Money order: These are low cost and can be made without a bank account, but require physical delivery and can take several days or weeks. For international money orders, it's important to make sure the money order provider is accepted in that country.
• Check: These are often free with checking accounts. Similar to money orders, they require physical delivery and it may take several days for the funds to become available in your bank account.

Learn more: Ways to Deposit Cash Into Someone Else's Account

Frequently Asked Questions

The Bottom Line

Wire transfers are secure and fast, but they're not always cheap. Understanding fees and exploring alternatives can help you keep more money in your pocket. Check with your bank to compare options and avoid paying unnecessary fees.