How much are wire transfer fees?

A wire transfer is a method of sending money to someone at another bank domestically, or internationally, through a service such as the Federal Reserve Wire Network.

Wires are one of the most expensive ways to transfer money, because banks generally charge outgoing wire transfer fees. Some banks and accounts may even charge for incoming wire transfers.

Domestic outgoing wire transfer fees average about $26 and outgoing international wire fees average $44. A domestic wire could arrive in a few hours, while international wires typically take one to two business days if the wire is sent before the bank’s deadline, according to Bank of America.

Making a down payment on a house, funding a brokerage account, settling tax bills or paying school tuition are all common situations for using a wire transfer. Read on to learn more about how much wire transfers cost, how you can save money and what other alternatives you can consider to avoid fees altogether.

Average wire transfer fees

Wire transfer fees have a wide range – from $0 to $50, depending on how and where you’re sending the money.

Domestic outgoing wire transfer fees typically range from $0 to $35, while international outgoing wire transfer fees are usually $35-50.

Average wire transfer fees by bank

Banks tend to charge similar fees for sending outgoing wire transfers, but they vary from bank to bank. Here’s a rundown of some of the fee ranges at some recognizable financial institutions.

Wire transfer fees by financial institution

*Includes the average of the highest fixed fee in each category at each bank. These could vary by account.

** There’s a fee of up to 3 percent of principal per wire request when dollars are converted to foreign currency.

*** Business accounts have a $75 fee.

Some banks have accounts that waive a wire transfer fee. And some banks will offer no fee or a lower fee for sending an international wire transfer using foreign currency.

How to avoid wire transfer fees

Here are some strategies for avoiding wire transfer fees:

• Select a financial institution or account that waives wire transfer fees.
• Use a payment or money transfer app such as Zelle to send money for free. This can be challenging with higher sums of money, though, as many banks have transaction limits that restrict the amount you can send with Zelle.
• Send a check (if time permits).
• Send money using online bill pay, possibly for free.
• Pay by debit or credit card, though there might also be fees for doing this (and a credit card may offer more protections than a debit card.)

Check with your bank to see what accounts you can wire money from. Not all accounts — including some checking accounts — allow wires. For instance, the Chase First Checking account doesn’t allow check writing or incoming or outgoing wire transfers.

Look for fee discounts

Chase and PNC Bank both offer discounts for sending wires online yourself, without the assistance of a customer service representative. With Chase, doing it on your own will save you $10 with a domestic wire, while PNC offers a $5 savings ($10 for international wires).

Shop for the lowest rate

Consumers who expect to send or receive wire transfers frequently should pay close attention to the fees a bank charges for them, and shop around for an account that charges low fees for these transactions.

Send international wires in the local currency

If you need to wire money to a bank account outside the U.S., some banks will offer steep discounts for sending in the local denomination (not U.S. dollars). For example, if you make an international wire transfer on your own with Chase in U.S. dollars, you’ll pay $40. If you send it in the foreign currency, you’ll pay just $5 ($0 if you’re sending at least $5,000).

Third-party money transfer services

These days, wire transfers aren’t the only fast way to send or transfer money. Your bank may offer Zelle, or you can use popular apps and services such as PayPal, Venmo, Wise, Western Union or MoneyGram. Generally, wire transfers are more expensive than using a service like PayPal, Venmo, Wise or Zelle. But wire transfers may send money faster than apps, transferring services or websites.

If you’re trying to decide between a third-party service and a wire transfer, the third-party option offers some advantages including low or no transaction fees and extended hours outside the traditional bank wire window. However, there are downsides, too, including transaction limits and potentially slow transfer times.

Free wire transfers

Some financial institutions or bank accounts do not charge for domestic wire transfers. Fidelity offers free wire transfers. Other banks offer discounts and waivers on wire transfer fees for clients with bigger financial portfolios. For example, Charles Schwab waives its wire fee on up to three domestic wire transfers initiated online per quarter for clients with $100,000 or more in household balances. Bank of America offers free incoming wires for all Preferred Rewards members and two waivers for outgoing wire transfers for Diamond members (the bank’s highest status, which requires at least $1 million in deposits and investments).

Wire transfer FAQs

• Which bank offers the lowest fees?

  Of the financial institutions we surveyed for this article, State Employees’ Credit Union charges one of the lowest fees, only $10 for sending a domestic wire and it doesn’t charge for incoming wire transfers.

  But there are thousands of banks and some accounts at banks may waive fees. For instance, the Chase Private Client Checking account doesn’t charge for outgoing wire transfers. But the account requires at least $150,000 with the bank for it to be linked to a Chase Platinum Business Checking account.

• Can I get a lower fee for online vs. in-person transfers?

  Yes. You can often save some money by initiating the wire transfer on your own online or in a bank’s app. For instance, at PNC Bank, a domestic wire initiated with a customer service representative is $30 and a domestic wire initiated on your own is $25.

• Does the recipient pay a fee?

  It depends on your bank and the account type. At Capital One, for example, there’s a $15 incoming wire transfer fee if you have a High-Yield checking account, an Essential Savings account or an Essential Checking account. But there isn’t an incoming wire transfer fee on all other accounts, according to the bank’s website.

Bottom line

Wiring money is often a quick and secure way to send funds — although it can be pricey, so anyone who uses this service frequently would benefit from shopping around for a bank with the lowest wire transfer fees. It can also pay to look into alternative money transfer options — such as Zelle, Venmo or PayPal, which may save you money and send it more quickly than a wire transfer.

–Freelance writer David McMillin updated this article.