Wire Transfer Fees: Full Guide

Do you know what the domestic incoming wire fee is for your bank? What about international wire fees? Wire transfer fees can be quite confusing, as not all banks disclose this information transparently. As a result, you may end up paying more for your transfer than you expected.

Read our guide to learn about average wire transfer fees, as well as some useful tips on how you can reduce the cost of such transactions.

What Is the Cost of Wire Transfer Fees, and What Impacts Them?

Wire transfers are offered by banks when a person needs to send money inside the country or internationally. It’s an electronic method of moving money for whatever financial goals you may have. Yet, you will have to pay the bank wire transfer fees. The exact sum varies from one bank to another and depends on the methods used and the amount of funds you want to transfer.

How much can it cost to wire money? On average, the fees for incoming domestic operations vary from $0 to $50, with outgoing transactions priced at about $30–50. When it comes to international wire transfer fees, you’ll have to pay around $30 for incoming transfers and about $50 for outgoing ones.

Note: Those are average numbers and can significantly differ from one bank to another, or even inside one institution. A lot depends on the following factors:

• The wire transfer service fee of your bank;
• Your bank account type;
• Exchange rate markup;
• Third-party costs;
• How much money you intend to transfer.

You need to consider all these factors to be sure you do not overpay or to find a cheaper alternative for your wire transfers.

Here are a couple of examples of different fees charged by large banks:

As you can see, the two banks have a similar fee structure for domestic and international payments. Yet, Wells Fargo will be the better choice for international transactions, as its ExpressSend feature allows for faster payments with lower fees. Bank of America, on the other hand, will better suit those who don’t like to deal with paperwork.

Yet, both remain pretty expensive for an average user, so it’s always good advice to analyze different banks yourself to find the best fit.

Tips to Reduce Wire Transfer Fees

No one wants to pay a domestic or an international wire transfer fee. Yet, this is a fair compensation for the bank’s services. If the fee can’t be avoided, you should instead focus on reducing the possible expenses. Here are a few smart tips about how you can reduce wire transfer cost:

• Opt for peer-to-peer solutions. P2P is a very popular method of sending money, actively used by millions of people all around the world. The main benefits of the system are high processing speed and lower transaction fees. At times, there are no fees charged at all. The most popular options for 2P2 are Venmo, Cash App, and Zelle.
• Check all available options. You should understand that your bank is not the only provider of transfer services. There are hundreds of other banks out there, each offering unique benefits for their clients. Some banks offer regular discounts, waive some wire fees, or provide similar cost-cutting options. So, instead of sticking to the popular financial institutions, do your research and choose what is best for you.

Final Thoughts

Understanding bank transfer fees and factors that impact the cost of transferring funds is an important part of financial literacy. Be sure to check the options in your bank account and what other banks in your country have to offer. Perhaps you’ll find a better provider with lower fees or an exceptional service with no fees at all. Always be attentive and check the benefits so as not to miss out on new opportunities!