How much do banks really charge for wire transfers? | finder.com
A woman looking at her cellphone screen

Guide to bank fees for wire transfers

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Consider the fees you could pay to make sure you’re not spending more than you need to on a bank wire transfer.

A wire transfer through your bank is an effective way to get money to and from friends, family members and merchants around the world. These transfers typically involve electronically transferring money from one bank to another. Though secure, the service does come at a cost — high fees.

Find the best provider for your transfer

Answer three quick questions and we'll give you an instant recommendation for a money transfer service based on your needs.

Question 1 of 2

Based on your answers, check out:

Compare more money transfer services

What kind of fees could 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.

Here are fees you can expect for wire transfers at your typical US bank:

  • Incoming domestic fee. For receiving money from another US bank account.
  • Outgoing domestic fee. For sending money to another US bank account.
  • Incoming international fee. For receiving money from an overseas bank account.
  • Outgoing international fee. For sending money to an overseas bank account.
  • Initiation fee. For conducting a wire transfer via a method other than online, for example in a branch location or over the phone.
  • Tracer fee. For requesting tracing services for a previous wire transfer.

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

Fees by major US bank

We’ve gathered the wire transfer fees charged by 10 major US banks. Before switching to a new bank for its lower wire transfer fees, consider its overall suite of financial products. You may also be subject to foreign transaction, minimum balance and other fees.

BankIncoming domesticOutgoing domesticIncoming internationalOutgoing international
Ally (online bank)$0$20$0Not offered
Bank of America$15 (waived for Interest Checking accounts, Advantage accounts, and Preferred Rewards customers)$30$16 (waived for Preferred Rewards customers — Platinum and Platinum Honors tiers only)$35 if sent in foreign currency;$45 if sent in US dollars
BB&T$15$30$18$65
Capital One 360 (online bank)$0$30$0Not offered
Chase$15 (waived for Premier Platinum accounts)$25 online;$35 in person$15 (waived for Premier Platinum accounts)$40 online;$50 in person
Citibank$15 for Citibank accounts (waived for Citigold, Citi Priority, Citi Global Executive, Citi Global Executive Preferred, Citigold Private and Citi Private accounts)$25 for Citibank accounts;$17.50 for Citi Priority accounts;$18.75 for accounts with International Personal Banking;$12.50 for Citigold International accounts;$18.75 for Citi Global Executive accounts(waived for Citi Global Executive Preferred, Citigold Private and Citi Private accounts)$15 for Citibank accounts (waived for Citigold, Citi Priority, Citi Global Executive, Citi Global Executive Preferred, Citigold Private and Citi Private accounts)$35 for Citibank accounts; $25 for Citigold accounts; $30 for Citi Priority accounts; $30 for accounts with International Personal Banking; $20 for Citigold International accounts; $30 for Citigold Executive accounts(waived for Citi Global Executive Preferred, Citigold Private and Citi Private accounts)
PNC Bank$15 (waived for Performance Select Checking accounts)$30 (waived for Performance Select Checking accounts)$15$45
TD Bank$15$25$15$40
US Bank$20$30$25$50
Wells Fargo$15$30$16$45

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 rate you’ll get.

|

Case study: Wiring $1,000 to Australia

You will pay more for an international wire transfer through your bank than you will using an international money transfer service, but you may find that the security and familiarity it offers is worth it. With a bank, you simply log into your existing online bank account to initiate the process, without handing your personal information over to a third party.

Take Jessica, for example, who wants to send $1,000 to her aunt in Australia. While she’s more comfortable with the idea of using her local Bank of America, where she holds an account, she decides to compare its rates and fees against a popular online money transfer service.

Here’s a breakdown of what Jessica could pay to transfer $1,000 to Australia.

Bank of AmericaOnline money transfer service
Transfer fee$35 (outgoing international fee)$5
Exchange rate1 USD = 1.28 AUD1 USD = 1.32 AUD
Transfer methodOnline depositOnline deposit
Transfer speed1–2 days1–2 days
Total AUD received1,280 AUD1,320 AUD

The biggest drawback here is the cost. Jessica’s bank not only charges an outrageously high transfer fee, but also offers a weaker exchange rate. By going with a money transfer service like OFX or World First, Jessica could save $30 in fees and send 40 more Australian dollars to her aunt.
How much will my recipient get? Calculate receive amounts


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.

Ultimately, you’ll need to compare your options to find the service that’s best for you.
Lea más sobre enviar dinero a México

Compare banks to these independent money transfer services

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 3 - 5 days USD 0.00 20.066 MXN 100,332 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1,000 1 day USD 0.00 20.056 MXN 100,281 No maximum limit, no fees and competitive exchange rates for 100+ currencies. Go to site Show details
USD 1 1 - 2 days USD 7.00 20.077 MXN
100,242
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 20.036 MXN 100,100 Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.
Go to site Show details
1 - 2 days USD 0.00 20.016 MXN 100,079 Get live quotes on exchange rates and take advantage of no transaction fees with no limits on transfers. Go to site Show details

Compare up to 4 providers

|

Frequently asked questions

Was this content helpful to you? No  Yes

US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First

No maximum limit, no fees and competitive exchange rates for 100+ currencies.

TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

6 Responses

  1. Default Gravatar
    SantinoDecember 4, 2018

    I reside and bank in Nigeria. I have currently placed a withdrawal order of €80 from my European bookmarker. I wish to know the likely charges that my bank might make. Will I be charged for the money to be converted to naira from Europe by my bank? Also, are there any other likely charges for a recipient of a foreign transaction in a foreign currency.

    • finder Customer Care
      JoshuaDecember 9, 2018Staff

      Hi Santino,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Everytime your money is converted to another currency, your bank gets a cut from it. To know the exact fee of currency conversion, you would need to directly get in touch with your bank.

      Typically, fees are paid by the sender and not the receiver. Again, please get in touch with your bank to obtain a more personalized answer.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    EkaOctober 6, 2018

    what is that cost of transfer?

    • Default Gravatar
      joelmarceloOctober 6, 2018

      Hi Eka,

      Thanks for leaving a question on finder.

      Cost of money transfer is typically different from each other. Banks offer a secure and familiar way to complete wire transfers. 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.

      Ultimately, you’ll need to compare your options to find the service that’s best for you when it comes to transfer speed, costs and conversion rates.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

  3. Default Gravatar
    BerniJune 4, 2018

    how do I tell if a real account exists or who could help with that informati on?

    • finder Customer Care
      JoshuaJune 5, 2018Staff

      Hi Bernie,

      Thanks for getting in touch with finder. I hope all is well for you. :)

      You can manually check an account’s existence manually. One of the ways you can do this is to directly get in touch with the bank. You can do this by calling their telephone representative and asking them to validate an account for you. You may also try auto account verification and follow the instruction if this is also available. You’ll need the account name and the account number.

      There are also account verification services available but most of them come with fees.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First

No maximum limit, no fees and competitive exchange rates for 100+ currencies.

TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

Go to site