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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.
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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.
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 |
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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
What are the two types of wire transfers?
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.
Who pays for wire transfer fees?
The sender has to pay a fee to send a wire transfer, and the receiver usually has to pay a fee to receive it.
How do I avoid a wire transfer fee?
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.
Personal Finance Reporter
Liz was a personal finance reporter at Insider. Before joining Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma. She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.
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Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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Now, delving into the content you provided about wire transfers and banking fees, let's break down the key concepts:
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Wire Transfers Overview: Wire transfers are a swift method of transferring money directly from one bank account to another. They offer immediate transactions but often come with associated fees. The fees can vary based on factors such as whether the transfer is domestic or international and the specific banks involved.
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Wire Transfer Fees:
- For outgoing transfers within the US, fees typically range between $15 and $30.
- Outgoing international wire transfer fees vary between $35 and $50.
- Incoming wire transfer fees for domestic transfers are generally around $15, but some banks may waive this fee.
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Bank-Specific Wire Transfer Fees: Here's a breakdown of incoming and outgoing wire transfer fees for several major banks:
- Bank of America: $15 for incoming, $15 for outgoing domestic, $30 for outgoing international.
- Capital One: $15 for both incoming and outgoing.
- Wells Fargo: Incoming fees range from $0 to $15, $15 for outgoing domestic, and variable fees for outgoing international.
- PNC Bank: No incoming fees, $25 to $30 for outgoing international.
- US Bank: $20 for incoming, $25 for incoming international, $30 for outgoing, $50 for outgoing international.
- TD Bank: No incoming fees, $15 for outgoing domestic, $15 for outgoing international.
- Chase: $15 for incoming, $15 for incoming international, $25 online/$35 in person for outgoing, $40 online/$50 in person for outgoing international.
- Citi: Incoming fees vary, $15 for incoming international, $25 for outgoing domestic, $35 for outgoing international.
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Saving Money on Wire Transfer Fees:
- Maintain a strong relationship with your bank to potentially benefit from fee waivers.
- Initiate wire transfers online to reduce fees at some banks.
- Student accounts may have incoming wire transfer fees waived.
- Consider using ACH transfers, which are often free but may take longer than wire transfers.
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Wire Transfer Fee FAQs:
- There are two types of wire transfers: domestic (within the US) and international.
- Both the sender and the receiver may be responsible for paying wire transfer fees.
- Higher-tier checking accounts may offer fee waivers, but they may have higher minimum balance requirements and monthly service fees.
In conclusion, understanding wire transfer fees and exploring strategies to minimize costs is crucial for anyone engaged in financial transactions. This knowledge empowers individuals to make informed decisions based on their specific banking needs and preferences.
