Wire transfers are a relatively easy and secure way to transfer money electronically from one bank account to another.
In this article, well analyze average wire transfer costs, both domestic and international.
At a Glance: How Much Do Wire Transfers Cost?
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Wire transfer fees vary by financial institution.
Fees differ for domestic and international wire transfers.
you’re free to take a closer look at individual institutions fees further down in this article.
Incoming Wire Transfers vs.
Outgoing Wire Transfers
Incoming transfers refer to when someone is sending money from their account to yours.
Outgoing wire transfers refer to when you wire money to someone else.
You should always anticipate paying more for this service.
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When calculating overall averages, we used the $15 amount.
Some financial institutions waive the fee of incoming transfers if its coming from within their own bank.
Youll need a few things for a successful transfer.
Weve compiled answers to some of our readers most common questions.
Each bank has its own unique guidelines for determining fees.
Fidelity does not charge an outgoing domestic wire fee.
In general, an international wire transfer fee will be higher than a domestic wire.
Sometimes (like when closing on a house), wire transfers are inevitable.
But if you have the option to transfer money another way, it will typically be cheaper.
Yes, wiring money is a safe option, especially when you go through a bank or credit union.
However, never send money to someone you dont know.
Scammers can use wire transfers to make away with a lot of cash they dont deserve.
Before wiring money, read thisguidance from the Federal Trade Commission.
In general, you should always expect to pay outgoing wire transfer fees when you send money.
As the recipient, your bank may or may not charge you an incoming fee.
you might typically complete a domestic wire transfer online or using your banks mobile app.
To wire money internationally, you will likely need to go to a bank in person.
An international wire transfer fee is typically higher than a domestic one.
If possible, only wire domestically.
Fees tend to be cheaper when you initiate transfers online.
This is currently the case with Chase.
Simple mistakes by the sender can draw out the process, however.
Many banks only process transfers on business days, during business hours.
International wire transfers take longer than domestic transfers.
Anywhere from two to five business days is typical.
Most banks and credit unions offer domestic and international wires, and they are the safer route to go.
However, bank accounts are not a prerequisite to wiring money.
Companies like Western Union offer cash transfers as well.
Contributor Timothy Moore is a writer and editor in Cincinnati, Ohio.
He focuses on banks, loans and insurance for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
