Guide to bank fees for wire transfers

Your local bank branch offers an easy way to send money overseas straight out of your account, but often there are high fees attached to this convenience. We’ve researched the wire transfer fees of some of the top banks in the US to show how they compare against one another and against independent money transfer services.

Wire transfer fees for top US banks

We’ve gathered the wire transfer fees charged by 11 major US banks. You may also be subject to foreign transaction, minimum balance and other fees — and some banks waive fees depending on your account status.

Bank	Incoming domestic wire	Outgoing domestic wire	Incoming international wire	Outgoing international wire
Ally	$0	$20	$0	Not offered
Bank of America	$15	$30	$16	$45
Capital One	Up to $15	Up to $30	Up to $15	$40
Charles Schwab Bank	$0	$25	N/A	N/A
Chase	$15	$25	$15	$40
Citibank	$17.50	$25	$0	$15
Fidelity	$0	$0	$0	$0
PNC Bank	$15	$25	$15	$45
TD Bank	$15	$30	$15	$50
Truist Bank	$15	$30	$20	$65
U.S. Bank	$20	$30	$25	$50
Wells Fargo	$15	$30	$16	$45

What fees should I expect?

The fees your bank charges depend on whether you’re sending or receiving the money, as well as whether the recipient or sender is overseas. Some banks charge more depending on how you initiate the wire transfer — for example, online or in person.

Generally, it’s cheaper to send money domestically because fewer financial systems are involved. International transfers involve banks and wire processing services for each country — and with more banks come more fees.

Based on our research from 11 US banks, these are the average fees you can expect for wire transfers:

• Incoming domestic fee. $15 to $20 for receiving money from another US bank account.
• Outgoing domestic fee. $20 to $25 for sending money to another US bank account.
• Incoming international fee. $15 to $20 for receiving money from an overseas bank account.
• Outgoing international fee. $35 to $65 for sending money to an overseas bank account — if it’s offered at all.
• Initiation fee. $10 to $35 that depends on how you make your transfer, for example, in a branch or over the phone.
• Tracer fee. Up to $15 for requesting tracing services for a previous wire transfer.

How can I compare these bank fees?

To make your decisions a bit easier, we’ve gathered wire transfer fees for several US banks below.

When assessing these fees, how much you’ll pay depends on where you’re sending money to and other elements like:

• Incoming vs. outgoing. Incoming wire transfers tend to be cheaper than outgoing wire transfers. This is because the sender usually bears the brunt of the costs associated with the wire transfer.
• Domestic vs. international. Because domestic wire transfers involve less processing, they tend to be cheaper than international wire transfers. International wire transfers typically involve multiple banking systems and operators between the two countries.
• Recurring vs. one-time fees. Some banks offer savings of a few dollars per transfer when you set up recurring wire transfers.
• Initiation fees. Your bank could charge a fee for requesting the wire transfer in a branch or over the phone, instead of online.
• Tracer fees. If your recipient hasn’t received your transfer as scheduled, you may need to trace it. This could incur more fees.
• Exchange rates. An exchange rate shows how much one currency is worth in another currency. Nearly all banks skew the published exchange rate for a profit, and they aren’t always forthcoming about the margin they add. You may need to call your bank or initiate a transfer online to see the best exchange rate offered.

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How can I beat the banks and reduce what I pay in fees?

Many providers give a break on fees if you send more money each time you use its service. Some smaller banks even give you a break on transfers to and from student accounts. This helps parents or guardians avoid being double charged if they’re funding both accounts.

Case study: Wiring $1,000 to Australia

	Bank transfer	Cash pickup transfer	Money transfer service
Fee	$30 + bank fees	$3.99	$10
Exchange rate	1 USD = 1.449 AUD	1 USD = 1.505 AUD	1 USD = 1.498 AUD
Transfer speed	2–5 days	Minutes	1–2 days
Amount received	1,406 AUD	1,499 AUD	1,483 AUD
Verdict	Slowest and most expensive	Fastest and best value	Better than a bank transfer

The bank ends up being both the slowest and most expensive option, resulting in the least amount of money delivered among the three. Using a bank transfer would cost 93 AUD more than other, faster options.

How much will my recipient get? Calculate receive amounts

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Compare banks to independent money transfer services

Bottom line

Banks offer a secure and familiar way to complete wire transfers with friends, family members and merchants. However, you can expect to pay high transfer fees on top of weaker exchange rates than you would get by using an online money transfer service. There are more ways than just your bank to send money domestically and internationally, so be sure to compare your options before paying high fees.

Frequently asked questions

• What information do I need to send a wire transfer?

  To send a wire transfer, you’ll need your recipient’s full personal and banking information, including their bank’s name and SWIFT code (if international) and their routing and account number.

• What is a SWIFT code?

  Short for Society for Worldwide Interbank Financial Telecommunication, a SWIFT code is an international bank code used for incoming transfers. Every bank has a unique SWIFT code that can be used to identify it in a global financial transaction such as a money transfer.

• Should I wire money in US dollars or foreign currency?

  For international money transfers, it’s better to send money in your recipient’s currency. This takes the burden of converting the currency off of your recipient. Often times it is cheaper to wire in a foreign currency, too.

• How long does a wire transfer take?

  The processing time for a wire transfer varies from bank to bank and depends on several factors, such as whether the wire transfer is domestic or international. Some wire transfers can be processed within the same day if requested before the bank’s cutoff time. Others can take up to five business days.

• Do banks offer special programs to reduce the cost of wire transfers?

  Yes. One such program is Wells Fargo’s ExpressSend. Through ExpressSend, you can send money to 13 countries throughout Latin America and Asia at competitive exchange rates for lower transfer fees than that of the bank’s regular wire transfer service.