Wire Transfer Fees: What Banks Charge

Banks typically charge for outgoing and incoming wire transfers. Fees range from $0 to more than $40.

Spencer TierneyMar 25, 2021
Wire Transfers: A Guide to What Banks Charge
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Sending wire transfers can be an expensive way to move money from one bank account to another, with typical outgoing fees of $25 per transfer within the U.S. But if you’re sending a lot of money or need a transfer to happen quickly, it may be a good transfer option.

typical wire transfer fees

Here are the median wire transfer fees for the institutions we surveyed:

Domestic incoming

Domestic outgoing

International incoming

International outgoing

$15

$25

$15

$49

Many banks, including Chase and Wells Fargo, charge fees both for sending wire transfers (outgoing) and receiving them (incoming).

Cheaper ways to send money

Bank wire transfers aren't the only way to send money. For transfers within the U.S., consider nonbank providers that charge fewer fees.  If you need to send money abroad, look for companies that offer better exchange rates, such as those listed in our roundup of the best ways to send money internationally.

Wire transfer fees by financial institution

This list only includes fees charged directly by banks and credit unions on their standard accounts. If intermediary banks help process a wire transfer, an additional fee may be charged. You can send wire transfers within the U.S. and to other countries; international transfers usually cost more.

Financial institution (click name for full review)

Incoming domestic wire

Outgoing domestic wire

Incoming inter- national wire

Outgoing inter- national wire

$15

$30

$16

$0 sent in foreign currency; $45 sent in U.S. dollars

$0*

$30

$0

Only available in-branch for eligible accounts

$15 ($0 if coming from Chase)

$25 online; $35 with banker assistance

$15 ($0 if coming from Chase)

$5 sent in foreign currency (or $0 for transfers of $5,000 or more); $40 (or $50, with banker assistance) sent in U.S. dollars

$15

$25

$15

$35

$0*

$0*

$0*

Up to 3% of amount in foreign currency; $0 sent in U.S. dollars

$12

Varies; fee may be waived for eligible accounts

Varies; fee may be waived for eligible accounts

Varies; fee may be waived for eligible accounts

$15; fee may be waived for eligible accounts

$30; fee may be waived for eligible accounts

$15

$45

$0*

$20

$0*

$45

$20

$30

$25

$50

$15

$30

$16

Varies; inquire with bank representative

At some banks that do not charge a fee, an intermediary bank may be used to facilitate the transfer, and that institution may charge a fee.

HSBC Bank also lets Premier account holders use a free global transfer service between HSBC accounts in other countries.

Wells Fargo also offers a remittance transfer service called ExpressSend, which mainly works with Latin American and Asian countries. Only certain foreign banks participate.

$0*

$25

$0*

$50

$0*

$20

$0*

Not available

$15

$25-$28

$15

$45, $60 or $85; varies by processing method

$0*

$35

$0*

$45

$0*

Not available

$0*

Not available

BB&T

$15

$30

$65

$65

$15

$30

$15 ($10 in CA)

$45 ($55 in CA)

$0*

$30

$0*

$50

$0*

$25

$0*

$35

$0*

$25

Not available

Not available

$18-$28, based on how you receive wire notification

$30

$10 in foreign currency; $12 in U.S. dollars

$15 in foreign currency; $40 in U.S. dollars

Comerica Bank

$12

$27

$15

$48

$0

$20

$0

$50

$10

$25

Not available

Not available

$0*

$30

$0 (If received in a foreign currency, an intermediary bank may charge a $20 fee.)

$30

$15

$30

$15

$50 in foreign currency; $85 in U.S. dollars

$15 ($10 for wires between Huntington accounts)

$25

$15

$75

$20

$25

$20

$45

$16

$32

$16

$75

$0*

$14

$0*

$25

$0*

$25

$0*

$30

$15

$30

$18

$50

$13

$25

$13

$40 in U.S. dollars

$0*

$15

$0*

$61

$0*

$10

$0*

$25

SunTrust Bank

$15*

$25

$30*

$50

$15

$30

$15

$50

$0*

$25

$0*

$35 in U.S. dollars; $65 in foreign currency without currency exchange; $30 in foreign currency with currency exchange

$15

$20; $30 in-branch; $45 by phone

$15

Not available online for most customers.

For wire via "Direct Access" phone instructions: $35-$65, depending on method

» Looking for savings accounts with high rates? Explore our list of best savings accounts

Frequently asked questions

You can avoid a wire transfer fee by using free payment services such as Zelle or Popmoney to send money from an account at one bank to an account at another bank.

Some banks offer free wire transfers, and others waive fees for certain accounts. Fidelity, for example, offers free incoming and outgoing domestic and international wire transfers in U.S. dollars, and HSBC offers holders of Premier accounts a free transfer option.

Some banks charge a fee for the work required to receive incoming wire transfers or outgoing wire transfers. And when banks convert money for consumers, they charge a higher markup, which is a percentage of the amount being sent. If you require assistance from a teller, you might also pay a higher fee.

If your bank doesn’t convert your money for an international money transfer, then generally, a foreign bank will do it and charge a markup. The best way to avoid high markups when transferring money is to consider using a nonbank option.

Domestic vs. international fees

Domestic wire transfers tend to be cheaper and faster, since they can be completed through one payment system, such as that provided by the Federal Reserve.

International bank wire transfers involve more parties, including a U.S. bank, a foreign bank and wire processing systems in both countries.

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Additional costs for international wires

Banks charge other banks what’s called a midmarket — or interbank — rate for trading large amounts of foreign currency. But when banks convert money for consumers, they charge a higher markup. That markup is a percentage of the amount being sent. You can see how much more your bank is charging you above the midmarket rate by comparing rates on currency platforms such as Google, Bloomberg or Reuters.

If your bank doesn’t convert your money for an international money transfer, then a foreign bank will do it and usually charge its own markup. As noted above, the best way to avoid high markups is to consider using a nonbank option. (Compare international money transfer providers.)

Other ways to cut wire transfer costs

  • Arrange it yourself online: Requesting the transfer at a branch or on the phone can add $10 or more to your fee. Chase, for instance, charges $35 for domestic wire transfers set up for you by a banker and $25 for the same transfer if you do it yourself online.

  • Transfers sent in foreign currency can be cheaper: Some banks offer lower fees if you let them convert U.S. dollars into a foreign currency before transferring the funds rather than simply sending U.S. dollars abroad.

  • Recurring wires can be slightly cheaper: Some financial institutions, like Comerica, let you send a recurring wire transfer for a few dollars less per transfer. To save money on recurring transfers, though, using your bank’s bill pay or other transfer service is a better and cheaper option unless the transfer amount exceeds the maximum allowed by your bank. Wire transfers can handle larger amounts.

» Have time to spare? You might be able to save by transferring via ACH. Here's what ACH transfers cost at some major banks.


METHODOLOGY

We looked at more than 40 financial institutions: the largest U.S. banks based on assets, debit card volume and internet search traffic; the nation’s largest credit unions with broad-based membership requirements; and other notable and/or emerging players in the industry. For calculating medians, financial institutions that don't provide domestic or international outgoing wire transfers were excluded from the relevant fee category. If there were two or more fees for a certain type of wire transfer, we chose the price that would apply to standard checking accounts. In the case of international wire transfers with different fees based on currency conversion or processing, we averaged each bank's fees first.

Details on how data for the chart was gathered: These are standard fees for one-time wire transfers based on each financial institution’s disclosures and policies. If there are multiple ways to perform a wire transfer, the price of the cheapest way, which is usually through online banking, is shown. If a bank asked for a ZIP code, we used the ZIP code for the bank's headquarters and compared with ZIP codes in different states to check for variations.

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