By MyBankTracker  Tue Sep 28, 2010

Comparing Bank Wire Transfer Fees

(UPDATE: Here is the most recent list of bank wire transfer fees for Spring 2013.)

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.

 

Add Your 2 Cents

  • Amy

    Capital One just charged me $10 for an inbound domestic wire transfer.

  • http://www.mybanktracker.com/ MyBankTracker.com

    Hey Amy, thanks for sharing. We actually just updated the chart to match Capital One Banks branch fees. For online wire transfers they charge $5 less – $20 for outgoing & $10 for inbound.

  • Services

    any info on overseas transfers?

  • shoppingaround

    What about WSFS (Wilmington Savings Fund Society) Bank?  Do they charge for either wire service?

  • http://www.seo-forum.in/ best seo forums

    Its really an informative post. Keep up your work done..

  • Aerika

    This article was from 2010, do you have an updated list?  

  • leo

    Very useful, thanks!
    Do you have by any chance also such a comparison for outgoing (and ingoing) wires to and from overseas (europe)? I notices that PNC Bank asks 45$ for each transaction. Horror! (in Europe wiring is almost free)

    Thank you!

    leo

  • mauigal4698

    is there special fees for a large sum, over 1 million?

  • Camilleandcarl

    Bank of America according to https://sitekey.bankofamerica.com/cmsContent/en_US/eas-docs/help/help_sac.html#chap8d charges nothing for incoming, and as low as $3 for domestic outgoing.

    • http://www.mybanktracker.com Simon Zhen

      The transfers you speak of are ACH transfers, which require minimal involvement on the bank’s behalf. They are more efficient and less costly because they travel through a system that is used by most financial institutions — but they are slower. These are the types of transfers that tend to take 3 days.

      Wire transfers are a direct bank-to-bank transfer — which is must faster but cost more. It’s not surprising to see these transfers complete within minutes.

  • Consuela4

    Try PayPal! Set up an account in each country. It takes time (eg: 3-5 days between US and Canada) but it’s FREE! (Fees apply if you use credit or Debit to fund it, but it’s free if you choose eCheck). Withdrawing the received money from your foreign Paypal account can also take time but it’s free if over a certain minimum amount (eg for Canadian PayPal it’s free if you withdraw over $150). I’ve also used it for France but not recently so I don’t know current fees.

    • http://www.mybanktracker.com Simon Zhen

      PayPal is definitely another great way to send money. But, as you mentioned, PayPal payments can take several days while wire transfers may take just minutes. Many people who perform wire transfers often do so because of urgency and time constraints.

  • cancer

    How do you know ife a tranfer is good.and who pays the fee the person sending or reciving.

    • http://www.mybanktracker.com Simon Zhen

      Since wire transfers are very fast, you’ll receive your money within minutes — unlike checks, which may take several days to clear.

      Typically, the sender pays a wire transfer fee and, depending on the recipient’s financial institution, the recipient may pay a fee as well.

  • Vlad

    Nah… Wells fargo just charged me $35 today (Jan 15, 2013) for an outbound domestic wire transfer.

  • pxy

    Is there any limitation of amount for domestic wire transfer ?

    • http://www.mybanktracker.com Simon Zhen

      Banks may place limits on outgoing wire transfers. The limit varies by bank, account and account history.

      There are no limits on incoming wire transfers.

  • anonom

    your wrong with wellsfargo its 15 dollars on an inbound charge

    • http://www.mybanktracker.com Simon Zhen

      Please note the publish date of the article. We’ve published an updated piece, which is linked at the top of the post, with an accurate list of fees.

  • Chris

    Is there an updated fee schedule for international wire transfers (both incoming and outgoing) or should we continue to use the 2012 one listed below:

    http://www.mybanktracker.com/news/2012/02/13/wire-transfer-fees-banks/

    • http://www.mybanktracker.com Simon Zhen

      Please refer to the link at the top of the article to see the most updated list of fees.

  • Petter
  • James

    it’s at least $30 for sending money using TD, for under $9000