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Wire transfers are an immediate way to move cash from one bank account to another. While they can be convenient, wire transfers can carry some high fees.
Most financial institutions charge a fee for a wire transfer. The fee you'll pay to send or receive a wire transfer will vary based on where you're sending it to, how much you're sending, and what bank or service you use.
Banks tend to charge different fees for the following types of wire transfers:
Here's a list of several major banks, and the incoming and outgoing wire transfer fees each bank charges.
Bank
Wire transfer fees can be high, but there are ways to bring the cost down a little bit. These methods depend on your bank, but you may be able to save a few dollars.
If you already have a strong relationship with a given bank, you may be able to save on wire transfer fees. For example, Chase offers free incoming wire transfers when sent from another Chase account.
Some higher-level Chase checking accounts, like Chase Private Client Checking and Chase Sapphire checking accounts, also offer free incoming and outgoing wire transfers. Citibank also waives transfer fees for customers with Citigold Private Client accounts.
Wire transfers made over the phone or in person can cost more at some banks. Making a wire transfer through the bank's website could lower your fees. For Chase Bank customers, for instance, initiating a wire transfer online can save $10.
Student bank accounts sometimes have wire transfer fees waived. Wells Fargo offers a refund for incoming wire transfer fees once per month for customers with Everyday Checking accounts linked to a Wells Fargo Campus Card, the bank's student checking account.
Many banks allow ACH transfers between bank accounts. If you don't need the money immediately, an ACH transfer could be an easy and free way to send money. An ACH transfer can often take several days, but these transfers generally don't require fees.
Why are there fees for a wire transfer? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Wire transfers cover the cost of processing the transfer of funds for banks.
How much does a typical wire transfer fee cost? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Fees range widely depending on the bank you use, the amount, the urgency, and the destination. Domestic outgoing wire transfers are generally cheaper than international wire transfers.
Can both the sender and the recipient be charged a fee? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, some banks charge a fee for both incoming and outgoing wire transfers.
Are wire transfer fees negotiable? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Private banking clients and businesses may be able to negotiate some bank fees, including wire transfer fees.
Is it cheaper to use online services for international wire transfers? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Online transfer services such as Western Union tend to charge lower fees and offer better exchange rates than banks, but you should always compare options for your situation.
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Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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