However, some banks also waive domestic incoming wire fees depending on the account you have with them. US Bank: $20 domestic $25 internationalīanks can waive monthly maintenance fees if you meet certain requirements.Citibank: $15 domestic $15 international.Wells Fargo: $15 domestic $16 international.Bank of America: $15 domestic $16 international.Major US Banks have the following incoming wire transfer fees: US Bank: $30 domestic $50 international.Citibank: $25 domestic $35 international.Chase: $25 domestic $5 international ($40 if sent in US dollars).Wells Fargo: $30 domestic $35 international ($45 if sent in US dollars).Bank of America: $30 domestic $35 international ($45 if sent in US dollars).Major US banks have the following outgoing wire transfer fees: Sometimes, you’ll also notice that you might get charged a fee if you’re sending money in a different currency. So, a wire transfer fee will vary depending on whether you’re sending or receiving it and whether or not it’s going to a domestic or international recipient. ‍ How Much Do Banks Charge for Wire Transfersīanks charge wire transfer fees according to different categories: Internationally, it’s one of the easiest ways to pay for something abroad or to even receive payment from a company outside of the United States. Instead of going to the bank to withdraw a large sum of physical cash, you can simply wire them the money straight to their account. Why do people send wire transfers? Domestically, people tend to send them because they’re a quick, easy way to send somebody money fast. Or, it can be done through a third-party money transfer service such as Western Union. Depending on the banks that both the sender and the recipient use, it’s possible to initiate a wire transfer via the bank itself. The wire transfer or “bank wire,” as some people call it, requires the sender to initiate the transaction, and it requires them to have sufficient funds in their account to complete the transaction.Ī sender, whether it’s an individual or a business, will typically include the name of the recipient, their bank name, account number, and pickup details. This means that (usually) no physical cash is involved. Whether you’re sending or receiving money, here’s everything you should know about wire transfer fees.Įssentially, a wire transfer is an electronic transfer of money.

Unfortunately, wire transfers, both domestic and international, can be quite costly if you’re not aware of the fees. Wire transfers are so common, in fact, that you’ve got plenty of options when it comes time to transfer cash from person to person or account to account. There are anywhere between 13 to 15 million wire transfers a month performed for various reasons such as sending money abroad, large real estate transactions and sending large sums of money to family members, amongst many other reasons.

Cost of wire transfer bank of america