Wire Transfer Fees: How Much Banks Charge (2024)

Wire transfers allow customers to move money electronically from an account at one bank or credit union to an account somewhere else — usually for a price. These generally safe and speedy transactions, which are done without cash changing hands, can be carried out between financial institutions within the U.S., or with institutions in other countries.

Wire transfers are ideal for quickly sending large amounts of cash. For instance, you might use a wire transfer to send as much as $500,000 from your bank account to a title company’s account when you’re closing on the purchase of a home. Financial institutions normally charge wire transfer fees to complete these transactions, and if you make a habit of moving your money around, the costs can add up.

What Are the Rules on Wire Transfer Fees?

Financial institutions decide how much to charge for wire transfers, based in part on any state laws that apply. Federal law does not put a cap on U.S. wire transfer fees. A bank or credit union must disclose the dollar amounts of wire transfer fees and other charges when you set up your account.

The fees vary based on the financial institution, the amount of money you’re transferring and where the money is going. You usually must pay a fee to send or receive a wire transfer, and those costs can be stacked: A financial institution receiving a wire transfer from one of your accounts might charge its own transfer fee on top of what you paid your bank to send the money.

Typically, you can initiate a wire transfer either at a bank branch, online or by phone.

Who’s Responsible for Wire Transfers?

In 2021, the Federal Reserve handled nearly 204.5 million domestic wire transfers valued at more than $991 trillion. Other processors of wire transfers include the private-sector, U.S.-based Clearing House Interbank Payments System (CHIPS) and the Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT was thrust into the news in 2022 as some Russian banks were banned from the system because of the war in Ukraine.

Median Wire Transfer Fees

The cost of a wire transfer can range from free on up what you might pay for half a tank of gas. Here are the median wire transfer fees for the institutions we surveyed:

Wire Transfer Fees by Institution

These are wire transfer fees for 12 major financial institutions in the U.S.

Domestic vs. International Wire Transfer Fees

International wire transfers typically cost more than domestic wire transfers. For instance, U.S. Bank charges a $20 fee for an incoming domestic wire transfer, but a $25 fee for an incoming international wire transfer. Meanwhile, the bank charges $30 for an outgoing domestic wire transfer, but $50 for an outgoing international wire transfer.

Why the higher fees? Because international wire transfers are more complicated than domestic ones. An international wire transfer from the U.S. must go through a U.S. clearinghouse and at least one processing system in another country, adding to the time it takes from an international transfer to reach its final destination. Plus, a financial institution may tack on a currency conversion fee.

A domestic wire transfer may take one or two business days to complete, while financial institutions say an international wire transfer can take up to seven business days to go through.

Other Ways to Send Money

You may be able to avoid wire transfer fees by doing business with a financial institution that waives them for certain customers or doesn’t charge them at all. Or, you might look into these cheap or free alternatives to wire transfers:

• Cashier’s check. An official check drawn directly from a financial institution’s own account can be more economical than a wire transfer, though it may not be an ideal option if you need to send money quickly. To give an example: Wells Fargo charges a $10 fee for a cashier’s check. If you order your cashier’s check online, it must be delivered to a U.S. address, for which the bank charges an additional $8.
• ACH transfer. An electronic payment through the Automated Clearing House (ACH) network of financial institutions is usually free and often takes less than a day. At one time, the payments were seen as less convenient than wire transfers because of ACH transaction limits, but the cap on same-day ACH transfers was boosted in 2022 to $1 million, from the previous $100,000. Note that ACH payments may be used only for domestic transactions, not international transfers.
• Zelle. This payment app lets you send or receive money without being charged a fee.
• PayPal. A consumer can use the online payments system PayPal to make a domestic transfer without paying a fee But international transfers trigger a 5% fee as well as a flat fee of 99 cents to $4.99.
• Venmo. This payment app enables you to send money for free from a Venmo balance, a debit card or a bank account.

Bottom Line

A wire transfer can be a fast, secure way to send money. In fact, some businesses prefer to receive money via wire transfer: Title companies often urge homebuyers to send money for a home purchase via wire transfer rather than use a cashier’s check.

Keep in mind, though, that many financial institutions charge wire transfer fees. When you’re transferring money, carefully consider your options. An alternative, like a payment app, may allow you to send or receive money at no charge — and keep a little more money in your pocket.