How much are wire transfer fees?

A wire transfer is a method of sending money from one bank account to another, whether it’s to yourself or someone else. Wire transfers can be sent domestically or internationally but they are one of the most expensive ways to transfer money. Outgoing domestic wire transfers, for example, typically cost $25 or $30. 

But wire transfers are sometimes a good option, especially for moving large amounts of money. It’s common to use wire transfers to make a down payment on a house, fund a brokerage account, settle a tax bill or pay school tuition.

How much does a wire transfer typically cost?

Domestic outgoing wire transfer fees typically cost $25 to $30, while outgoing international wire fees often cost upwards of $50. That said, you can find a bank with lower (or no) fees.

Wire transfer fees: What online wire transfers cost at some banks

Wire transfer fees vary from bank to bank, and banks often charge lower fees for customers who have higher deposit balances and utilize private banking services. Here’s a rundown of the fee ranges for sending a wire transfer online at some recognizable financial institutions.

How to avoid wire transfer fees

Here are some strategies for avoiding wire transfer fees.

Find an institution with free wire transfers

Some financial institutions, especially online banks, do not charge for domestic wire transfers. Ally and Alliant Credit Union, for example, offer free incoming domestic wire transfers. Marcus by Goldman Sachs and Fidelity don’t charge fees on incoming or outgoing wire transfers. 

Use third-party money transfer services

These days, wire transfers aren’t the only fast way to send or transfer money. Third-party companies such as Wise, Western Union or MoneyGram also offer money transfer services. But wire transfers may be still be quicker in some cases. 

If you’re paying a friend or family member, consider using a peer-to-peer payment service such as Zelle, which is offered through banks, or other stand-alone apps like PayPal and Venmo. But note that these apps may have much smaller transaction limits than wire transfers. Zelle limits at top banks, for example, may be as low as just $600. Wire transfers tend to be better for sending large sums of money.

Pros

• Extended hours outside traditional bank wire window

Cons

• Lower transaction limits
• Potentially slower transfer times

Look for fee discounts

Some banks will offer discounts on wire transfers based on which account you have or how you send the wire. For example, 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).

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 discounts for sending in the local denomination (not U.S. dollars). For example, the Chase international wire transfer fee for sending in U.S. dollars is $40 (if you send it yourself). But the fee for sending it in a foreign currency is just $5 ($0 if you’re sending at least $5,000).

FAQs on wire transfers

• Which bank offers the lowest wire transfer fees?

  There are some banks that won’t charge you a fee for certain kinds of wire transfers. A few examples include Marcus by Goldman Sachs and Fidelity, neither of which charge fees for sending or receiving a wire.

• 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?

  Whether the recipient pays a fee to receive a wire transfer 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.

• Can you transfer money from one bank to another without a wire transfer?

  Most banks allow you to initiate bank-to-bank transfers using the automated clearinghouse (ACH) system, which is usually free. You can usually do this online via your bank’s website or its mobile app. To set up this feature, you may need to verify a few trial deposits sent from your bank. And once the external account is confirmed, transfers could take three to five days to hit your account or they could be nearly instant if your bank uses the Fednow service. Or you could use a third-party payment app, like Venmo, Zelle or PayPal, to move funds between accounts.

• Do wire transfers over $10,000 get reported to the IRS?

  Yes. If you receive a wire transfer for more than $10,000, you’ll likely need to file Form 8300 with the IRS. Your bank will likely file a currency transaction report as well, which is designed to help combat money laundering.

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.