Wire transfers are a reliable way to send money quickly and securely. A wire transfer is an electronic transfer of money, whether you’re sending money to somebody abroad or closing on a home, wire transfers offer a safe way to send large amounts of money both domestic and international!
Because of their value and security, wire transfers come with their own costs. If you want to know what’s the average fee you’re going to pay for a wire transfer, keep reading below to find out more!
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Average Wire Transfer Fee
Wire Transfers are divided into four major categories from outbound domestic transfers or international transfers and inbound domestic transfers or international transfers. It’s important to remember that you also have to pay to be a recipient of a wire transfer.
The following fees show the average amount for the overall market:
|Inbound Domestic||Outbound Domestic||Inbound International||Outbound International|
|$6 per transfer||$23 per transfer||$8 per transfer||$43 per transfer|
Average Wire Transfer Bank Fees
Each bank or credit union has their own rules and regulations on sending and receiving wire transfers, but not all financial institutions offer both domestic and international transfers.
You can see below, some bank don’t offer international outbound wire transfers. This may be because of the costs of sending money through an international banking network. This limits your wire transfer options, both inbound and outbound.
|Bank||Outgoing (within U.S.)||Incoming (within U.S.)||Outgoing International||Incoming International|
|Bank of America||$30||$20||$45||$16|
|BMO Harris Bank||$25||$0||$45||$0|
* This list includes fees charged directly by banks and credit unions on their standard accounts. If intermediary bank help process a wire transfer, an additional fee may be charged.
You can also send wire transfers through companies like Western Union. So depending on your situation, those costs can run a bit high!
Also note that there are a couple of other things to keep in mind when it comes to bank-to-bank transfers! These prices reflect the lowest available price! Sending wires over the phone or in person will be more expensive.
Non-Bank Wire Transfer Fees
Non-bank money transfer services are another option for sending money to those at home and abroad. These companies are a good option for people who want to make sure the funds they send are available quickly.
So if you’re willing to pay a higher price, the money you transfer can be available to the recipient on the same day and often as quickly as 10 minutes. Another perk is that you can send money via credit card with these services. Just keep in mind that you will usually incur a higher fee for using a card.
|Service||$500 Within U.S.||$500 to Germany (Example)|
|Western Union||Using your bank account: $5
Using credit/debit card: $20
|Using bank account: $25
Using debit card: $35
Using credit card: $40
|RIA||Using bank account: $5
Using debit/credit card: $48
|Using bank account: $5
Using debit card $15
Using credit card: $35
TransferWise Wire Transfer Fees
They keep things simple by charging a flat 1% rate fee on all transfers up to $5,000 USD. TransferWise does not allow transfers between U.S. bank accounts now.
You can see, the fees for these services will be less cut and dry than with bank-to-bank transfers! The best way to make sure you’re saving money on fees would be to check the company website to see which one offers the lowest prices based on how you want to pay!
How to Save Money on Wire Transfers
- If you see yourself sending wire transfers on a regular basis, you’ll want to double check your bank’s transfer fees. You might be overpaying for wire transfers with you current bank, which means you can potentially switch to a bank with lower fees.
- You can explore new, non-traditional money transfer methods. There are a number of new apps that allow you to do this cheaply and quickly. It’s important to look at all of your options to find the best one for your needs and your wallet.
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Information Needed for A Wire Transfer
- To send a domestic wire transfer:
- You will need to know that ABA/Routing Number of the receiving bank, the name, address, or phone number of the receiving bank, and the recipient’s bank account number.
- For international wire transfer:
- You will also need to provide the country’s International Routing Code (IRC) and International Bank Account Number (IBAN). These last two can usually be easily found online.
So if you’re going to be sending or receiving wire transfers, you should analyze the services listed above to figure out which one makes the most sense to you! Finding a bank or other money transfer service with locations close to you, easy to use onlien interface, and low transfer fees will save you both money and time.
To learn more, see our list of the Best Bank Promotions and the Best Bank Rates! While you’re here on HMB, you should check out our Bank Guide for any additional questions or resources that might help you with banking!
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