Bank transfer fees: what banks charge

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Sending wire transfers can be an expensive way to transfer money from one bank account to another, with a typical exit fee of $ 25 per wire transfer in the United States. a good transfer option.

typical bank transfer fees

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

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

Cheaper Ways to Send Money

Transfer fees by financial institution

This list only includes fees charged directly by banks and credit unions to their standard accounts. If intermediary banks help process a wire transfer, additional fees may apply. You can send wire transfers to the United States and other countries; international transfers are generally more expensive.

Financial institution (click on the name for a full review)

Incoming international wire

Outgoing international wire

$ 0 sent in foreign currency; $ 45 sent in US dollars

Only available in branch for eligible accounts

$ 15 ($ 0 if coming from Chase)

$ 25 online; $ 35 with the help of a banker

$ 15 ($ 0 if coming from Chase)

$ 5 sent in foreign currency (or $ 0 for transfers of $ 5,000 or more); $ 40 (or $ 50, with the help of a banker) sent in US dollars

Up to 3% of the amount in foreign currency; $ 0 sent in US dollars

Varies; fees can be waived for qualifying accounts

Varies; fees can be waived for qualifying accounts

Varies; fees can be waived for qualifying accounts

$ 15; fees can be waived for qualifying accounts

$ 30; fees can be waived for qualifying accounts

Varies; inquire with the bank representative

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

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

Wells Fargo also offers a money transfer service called ExpressSend, which works primarily with countries in Latin America and Asia. Only some foreign banks participate.

Frequently Asked Questions

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

Some banks offer free bank transfers, while others waive fees for some accounts. Fidelity, for example, offers free inbound and outbound domestic and international wire transfers in US dollars, and HSBC offers Premier account holders a free wire transfer option.

Some banks charge a fee for the labor 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 sent. If you need the help of a cashier, you might pay a higher fee as well.

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

National fees vs international fees

Domestic transfers tend to be cheaper and faster, because they can be supplemented by a payment system, such as that provided by the Federal Reserve.

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

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Additional charges for international transfers

Banks charge other banks what is called an intermediate market – or interbank – rate for trading large amounts of foreign currency. But when banks convert money for consumers, they charge a higher markup. This mark-up is a percentage of the amount sent. You can see how much more your bank charges you above the mid-market rate by comparing rates on forex platforms such as Google, Bloomberg, or Reuters.

If your bank doesn’t convert your money for an international money transfer, a foreign bank will and usually charge their own markup. As stated above, the best way to avoid high markups is to consider using a non-bank option. (Compare international money transfer providers.)

Other Ways to Reduce Bank Transfer Costs

  • Organize it yourself online: Requesting the transfer at a branch or over the phone may add $ 10 or more to your fee. Chase, for example, charges $ 35 for domestic bank transfers set up for you by a banker and $ 25 for the same transfer if you do it yourself online.

  • Transfers sent in foreign currencies can be cheaper: Some banks offer lower fees if you let them convert US dollars to foreign currency before transferring the funds rather than just sending US dollars overseas.

  • Recurring threads may be slightly cheaper: Some financial institutions, like Comerica, allow you to send a recurring wire transfer for a few dollars less per wire transfer. However, to save money on recurring transfers, using bill payment from your bank or other transfer service is a better and cheaper option, unless the transfer amount exceeds the maximum allowed by your bank. Bank transfers can process larger amounts.

” You have free time ? You may be able to save money by transferring through ACH. Here is how much do ACH transfers cost in some large banks.

METHODOLOGY

We looked at over 40 financial institutions: America’s largest banks in terms of assets, debit card volume, and Internet search traffic; the largest credit unions in the country with broad membership requirements; and other notable and / or emerging industry players. For the calculation of the medians, financial institutions that do not provide outgoing domestic or international wire transfers have been excluded from the relevant fee category. If there were two or more charges for a certain type of wire transfer, we chose the price that would apply to standard checking accounts. In the case of international transfers with different fees depending on the conversion or handling of currencies, we first calculated the average fees of each bank.

Details on how the data for the graph was collected: These are standard fees for one-time wire transfers based on the disclosures and policies of each financial institution. If there are more than one ways to make a bank transfer, the price of the cheapest way, which is usually through online banking, is displayed. If a bank asked for a zip code, we would use the bank’s headquarters zip code and compare it to zip codes in different states to check for variations.



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Shanta Harris

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