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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.
We’ve gathered the wire transfer fees charged by 10 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 (online bank)||$0||$20||$0||Not offered|
|Bank of America||$15||$30||$16||$35–$45|
|Capital One 360 (online bank)||$0||$30||$0||Not offered|
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 10 US banks, these are the average fees you can expect for wire transfers:
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:
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.
|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|
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
Sign up for an account and pay no fees to send quick and easy money transfers to multiple beneficiaries.
Sigue offers speedy money transfers to 50+ countries, but you have to set up a transfer to see the transaction fees.
Join Boss Revolution with an email address and phone number, and send money within minutes.
Usend combines money transfers, bill pay and mobile phone reloading.
Paysend offers transfers to more than 70 countries through its app and online service.
Pairing international calls with money transfers makes Boxypay a unique choice.
Using international money orders to send money overseas? Learn about better options.
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We’ve unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe.
Learn about how TransferMate’s personal product works and what it can do for you.
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