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Guide to bank fees for wire transfers

With fees ranging from $0 to over $45, learn what major banks actually charge for wire transfers.

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Wise (TransferWise)

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  • Fair service fees and mid-market rates – a major market differentiator
  • Next-day delivery for most currencies
  • Easy-to-use app
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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.

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.

BankIncoming domestic wireOutgoing domestic wireIncoming international wireOutgoing international wire
Ally$0$20$0Not offered
Bank of America$15$30$16$45
Capital One Up to $15Up to $30Up to $15$40
Charles Schwab Bank$0$25N/AN/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.

Who is most likely to be researching bank wire fees?

Finder data suggests that men aged 35-44 are most likely to be researching this topic.

ResponseMale (%)Female (%)
65+5.29%3.17%
55-646.81%5.38%
45-549.80%6.81%
35-4415.27%8.85%
25-3414.32%9.85%
18-248.68%5.77%
Source: Finder sample of 2,305 visitors using demographics data from Google Analytics

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.

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 transferCash pickup transferMoney transfer service
Fee$30 + bank fees$3.99$10
Exchange rate1 USD = 1.449 AUD1 USD = 1.505 AUD1 USD = 1.498 AUD
Transfer speed2–5 daysMinutes1–2 days
Amount received1,406 AUD1,499 AUD1,483 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


Compare banks to independent money transfer services

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
1 - 12 of 12
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Cash App
Within minutes
From $0
With this peer-to-peer payment app make payments to your friends and family with no transfer fees within the US or from the US to the UK or EU.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
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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