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.
What is a wire transfer fee?
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.
Wire transfer features
Wire transfers are a way to send money quickly and securely to another bank account in the U.S. or a foreign country. Domestic wire transfers typically clear within 24 hours and international transfers can take between two to five days to become available. Since the funds are sent electronically, it's a safer method than sending a check or cash in the mail, which could be lost or stolen.
For international wire transfers, banks let the sender decide whether to use U.S. dollars or foreign currency.
Types of wire transfer fees
Banks tend to charge different fees for the following types of wire transfers:
- Outgoing domestic: Generally between $15 and $30, this fee is charged to the sender.
- Incoming domestic: Generally between $0 and $15, this fee is charged to the recipient.
- Outgoing international: Generally between $35 and $50, this fee is charged to the sender for a transfer going to a non-U.S. bank.
- Incoming international: Generally between $0 and $30, this fee is charged to the recipient of an incoming transfer from a non-U.S. bank.
Here's a list of several major banks, and the incoming and outgoing wire transfer fees each bank charges.
| Bank | Incoming domestic transfer fee | Incoming international wire transfer fee (USD) | Outgoing domestic transfer fee | Outgoing international wire transfer fee (USD) |
| Bank of America | $15 (fee waived for Preferred Rewards Platinum and Platinum Honors members) | $15 | $30 (Preferred Rewards Diamond members qualify for up to 2 international transfer fee waivers; Diamond Honors tier members qualify for unlimited waivers) | $45 |
| Capital One | $15 (Essential Checking, High-Yield Checking, and Essential Savings customers; fee waived for all other accounts) | $15 (Essential Checking, High-Yield Checking, Essential Savings; fee waived for all other accounts) | $30 online or by phone, or $40 in person | $30 online or by phone, or $40 in person |
| Wells Fargo | $0 | $0 | $25 online or $40 in person | $25 online or $40 in person |
| PNC Bank | $15 (fee waived for Performance Select Checking customers) | $15 | $25 (fee waived for Performance Select Checking customers) | $40 |
| U.S. Bank | $15 to $20 (Premium account customers receive 1 free wire transfer waiver per statement period; Pinnacle account customers receive unlimited free wire transfers) | $25 | $30 | $50 |
| TD Bank | $0 to $15 | $0 to $15 | $30 (Beyond Checking customers receive 1 outgoing wire transfer fee waiver per month) | $50 (Beyond Checking customers receive 1 outgoing wire transfer fee waiver per month) |
| Chase | $0 to $15 | $0 to $15 | $25 online, $35 in person or by phone | $40 online, $50 in person or by phone |
| Citi | $15 (fees waived for Citi Priority, Citigold, and Citigold Private Client customers) | $15 (fees waived for Citi Priority, Citigold, and Citigold Private Client customers) | $17.50 to $25 (fees waived for Citigold and Citigold Private Client customers) | $25 to $35 (fees waived for Citigold and Citigold Private Client customers) |
How to minimize wire transfer fees
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.
Make wire transfers with banks where you have an existing account
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.
Make wire transfers online
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.
Receive wire transfers from a student account
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.
Consider using an ACH transfer
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.
Third-party money transfer services
If your bank offers Zelle or you have an account with PayPal or Venmo, you can likely send or receive money for free.
These mobile, peer-to-peer payment apps link to your bank account and let you send or receive money at any time to other U.S. based and international users. However, they lack some of the protections of a bank-initiated wire transfer and it may take longer for funds to clear.
Wire transfer fees FAQs
Why are there fees for a wire transfer?
There are fees for a wire transfer to cover the cost of processing the transfer of funds for banks.
Can both the sender and the recipient be charged a fee?
Yes, both the sender and the recipient can be charged a fee for a wire transfer. Some banks charge a fee for both incoming and outgoing wire transfers.
Are wire transfer fees negotiable?
Wire transfer fees may be negotiable for private banking clients and businesses, depending on the bank and your relationship.
Is it cheaper to use online services for international wire transfers?
It may be cheaper to use online services, such as Western Union, for international wire transfers. They 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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