Bank Wire Transfer Fees

[jeffmem]

Hi guys,

I am wondering if anyone has compiled or knows somewhere that we can find a full list of many banks in the US and what they charge for domestic and international wires.

Thanks

[boosami]

My Chase account offers free incoming wires (domestic and foreign). Outgoing wires are $20-25 (domestic) and $40-45 (foreign). Most banks have a level of account that offer free incoming wires. Are you looking to send or receive, or both?

[jeffmem]

Both, so I would like to get a general idea across the country what it costs. It does not have to be from a big bank.

[boosami]

I don't know of any list that compares them across the board between different banks, but the Chase fees seem pretty standard for National US banks.

[jeffmem]

Me either, that's why I asked. hahaha I am guessing that there probably is not. And probably they will be close, I only want to the list to compare to my current bank, and if they are higher to show them the info.

[atomicrc11]

Citibank Wire transfer fees

I use Citi and here is what they offer. The first listed price is for regular accounts, the second for Citigold which requires $100kn in combined balances to avoid monthly fees.

Wire Transfer
Incoming Domestic and International
$10.00
WAIVED
Outgoing Online Domestic
$18.75
$12.50**
Outgoing Domestic
$25.00
$25.00
Outgoing Online International
$30.00
$20.00**
Outgoing International
$40.00
$40.00
Outgoing International Remittance
Varies

** This fee will be waived for Citigold Accounts that had a combined average balance of $500,000 or more for the monthly period that was two calendar months before the date of the transaction.
Varies

[southerndoc]

Do you need to wire the money, or can you use automated clearing house (ACH) transfers? ACH is much cheaper, and most banks don't charge for incoming ACH transactions. They do have limits on ACH transactions though. Bank of America limits it to $10,000/month, while Schwab Bank's investor checking limits it to $100,000 per day.

[jeffmem]

Thanks atomicrc11, I am assuming the two international transfer figures are one for slow, 4-5 days and one for fast 1-2 days? or is that based on the type of account you have with them, is that what you were getting at?

ACH does not work if the account is not your account, and ACH cannot be used for international transfers.

[minnie1928]

I'm gonna take a stab that the 2 prices represent whether the wire was originated online vs. in person/branch/etc.

I worked in a bank's wire department for 10 years (until last year), if you post what your current bank's pricing is, I can tell you if it's reasonable. Are you looking to do wires internationally with a sense of urgency? The reason I ask is that we usually told our customers that it could take a week or more for the beneficiary to receive the money if it was international. It really depended on the receiving bank and how many middlemen were involved in getting it there.

[jeffmem]

Hi Minnie,

My bank now charges me $20 for a domestic and $50 for an international. This is sending only. They do not charge for recieving.

Until last year the domestic was only $10.

The international wire I feel is high, but I do have to say that the first transfer I made was wired and recieved all within 8 hours. I sent it morning US time and it was recieved at 10am local time where I am. The person I sent it to called me and said they were shocked. But I still think $50 a little excessive.

[minnie1928]

Hi Minnie,

My bank now charges me $20 for a domestic and $50 for an international. This is sending only. They do not charge for recieving.

Until last year the domestic was only $10.

The international wire I feel is high, but I do have to say that the first transfer I made was wired and received all within 8 hours. I sent it morning US time and it was recieved at 10am local time where I am. The person I sent it to called me and said they were shocked. But I still think $50 a little excessive.

$20 for domestic is reasonable, and while the $50 seems a little high the fact that it went through so quickly...that's really good. The bank I worked at charged for both outgoing AND incoming, so you could rationalize that as a "benefit" that you are not being charged for incoming. Also, international wires do require more work than a domestic wire which is another reason for the price point difference.

We used a correspondent bank (larger bank) to route our international wires. They charged us $25 to do the wire through them, so we made squat off international wires because of their fee. We basically passed on our costs to our customer and "ate" the cost of our employee's time to conduct the wire. I hope this helps

[jeffmem]

Hi again Minnie,

Yes, I agree.

Usually I get nailed from the cooresponding bank going out and in, and I have to tell my customers they need to pay that fee, which is usually around $25. I hate the whole banking system.

Thanks, it does help, though I expected pretty much what you were going to say, but at least it seems pretty standard across the board. Thanks

[puck36]

Page 56 will list the fees for WellsFargo Wire Transfers

https://www.wellsfargo.com/downloads/pdf/online_disclosures/FEE/EN/FII-SD-EN.pdf

[noppenbd]

USAA charges $20/35 for outgoing domestic/intl, and incoming are free.

[lemarquis]

I don't know of any across the board list, but I think you won't find much variation. Most banks charge around 15-20 dollars for domestic wires.