When you need to send or receive money fast, you may consider a wire transfer. Sending money from one bank account to another sounds like it should be free, but it isn’t. So you don’t get surprised with fees, here’s the average cost of wire transfers for various financial institutions.
Incoming vs. Outgoing
Banks separate their fees based on whether the wire transfer is incoming or outgoing. An incoming domestic wire transfer is when you send funds from a bank account to another financial institution within the United States; an outgoing domestic wire transfer is when you send money from your account to a person in the United States. Most banks allow you to send internationally as well, although it’s more expensive.
Many banks don’t charge for an incoming domestic wire, but some do such as SunTrust, U.S. Bank, and Wells Fargo. The charges are $15 or $20, according to each bank's breakdown of service schedule. Other financial institutions charge fees unless you’re enrolled in a particular account, such as Bank of America which charges varying amounts for a domestic wire transfer unless you’re a member of Interest Checking and Advantage accounts.
Sending money to someone that doesn’t have a bank account with the branch is an outgoing wire transfer, which costs more than an incoming wire—outgoing domestic wires vary based on which financial institution you use. On average, the price is between $25 and $30, according to NerdWallet. Again, some banks choose to waive their fees if you’re a member with a specific account.
Transferring money internationally can cost more than domestic. Some banks still allow you to make international incoming wire transfers for free, but most financial institutions choose to charge. Thankfully, the charges aren’t much more expensive. For example, U.S. Bank charges $25 for all incoming international wire transfers.
Outgoing international wire transfers can be significantly more expensive—nearly every bank charges for an international outgoing wire transfer. According to NerdWallet, banks charge on average $25 to $50 per transfer. Some banks have different fees depending on which method you choose to pay—foreign currency or U.S. dollars. Smaller banks may not have the ability to make international outgoing wire transfers, such as Ally, Capital One 360, and Simple Bank. The best way to determine what your bank fees are for wire transfers is to examine your fee schedule, which you can usually find online.