(UPDATE: Here is the most recent list of bank wire transfer fees for Spring 2013.)
(UPDATE: MyBankTracker has compiled an updated list of bank wire transfer fees in early 2012.)
With customers opening multiple accounts at more than one bank, the use of ACH transfers has become even more popular. The bonus to ACH transfers is that neither bank charges you a fee as long as your name is on both accounts. The other way to receive money electronically is through wire transfers.
Unlike ACH transfers, this can get expensive quickly. To give you an idea of how banks price this feature, we reviewed large, small and online banks that seem to be popular among our users.
After review, we found that $20 or $25 seems to be the standard fee for outbound transfers. To our surprise, TD Bank, with locations along the east coast, only charges $15. We also found that institutions such as Hudson City Bank offer a number of free outbound wire transfers for certain accounts as long as minimum deposits are met (i.e. $10,000).
When we looked at inbound wire transfers, we noticed a larger discrepancy, especially when comparing online banks to traditional banks. For those that did charge, the average fee was around $10 with Chase a little higher at $15. Online banks such as Ally, Discover and Everbank, did not apply a fee to anyone receiving a wire transfer.
If you are someone who uses wire transfers on a regular basis, it may be time to consider finding a bank that can save you money.
The costs below are for sending and receiving domestic wire transfers:
UPDATE: Capital One now reflects bank branch fees.
Comparing Wire Transfer Costs
| Bank | Outbound — Domestic | Inbound — Domestic |
|---|---|---|
| Discover Bank | $20 | $0 |
| Bank of America | $25 | $12 |
| Chase Bank | $25 | $15 |
| Wells Fargo/Wachovia | $20 | $10 |
| Everbank | $25 | $0 |
| Citibank | $25 | $10 |
| KeyBank | $25 | $5 |
| Hudson City Bank | $20 | $10 |
| TD Bank | $15 | $0 |
| Citizens Bank | $20 | $0 |
| Capital One | $25 | $15 |
| M&T Bank | $20 | $12 |
| Stonebridge Bank | $20 | $0 |
| National Bank of Kansas City | $20 | $12 |
| Ally Bank | $20 | $0 |
Others
One bank that is not on our list worth mentioning is ING Direct. Standing by its mission to avoid charging fees when possible, ING Direct does not offer wire transfers. Instead the bank has its own payment option, called Person2Person Payment.
This feature allows you to send money securely to anyone’s bank account – for free. The entire process is handled through the ING Direct online platform. All you need is your contact’s Account and Wire numbers. Check out a demo of ING DIRECT’s transfer service.
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