Bank transfer fees: what banks charge

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Sending wire transfers can be an expensive way to transfer money from one bank account to another, with a typical exit fee of $ 25 per wire transfer in the United States. a good transfer option.

Here are the median wire transfer fees for the institutions we surveyed:

Many banks, including Chase and Wells Fargo, charge a fee for both sending wire transfers (outgoing) and receiving them (inbound).

Bank transfers aren’t the only way to send money. For transfers within the United States, consider . If you need to send money overseas, look for companies that offer better exchange rates, such as those listed in our roundup of .

This list only includes fees charged directly by banks and credit unions to their standard accounts. If intermediary banks help process a wire transfer, additional fees may apply. You can send wire transfers to the United States and other countries; international transfers are generally more expensive.

»Looking for high rate savings accounts? Discover our list of

Domestic transfers tend to be cheaper and faster, because they can be supplemented by a payment system, such as that provided by the Federal Reserve.

International wire transfers involve more parties, including a U.S. bank, a foreign bank, and wire transfer processing systems in both countries.

Banks charge other banks what is called an intermediate market – or interbank – rate for trading large amounts of foreign currency. But when banks convert money for consumers, they charge a higher markup. This mark-up is a percentage of the amount sent. You can see how much more your bank charges you above the mid-market rate by comparing rates on forex platforms such as Google, Bloomberg, or Reuters.

If your bank doesn’t convert your money for an international money transfer, a foreign bank will and usually charge its own markup. As stated above, the best way to avoid high markups is to consider using a non-bank option. (Compare .)

” You have free time ? You may be able to save money by transferring through ACH. here is in some large banks.

We looked at over 40 financial institutions: America’s largest banks in terms of assets, debit card volume, and Internet search traffic; the largest credit unions in the country with broad membership requirements; and other notable and / or emerging industry players. For the calculation of the medians, financial institutions that do not provide outgoing domestic or international wire transfers have been excluded from the relevant fee category. If there were two or more charges for a certain type of wire transfer, we chose the price that would apply to standard checking accounts. In the case of international transfers with different fees depending on the conversion or handling of currencies, we first calculated the average fees of each bank.

Details on how the data for the graph was collected: These are standard fees for one-time wire transfers based on the disclosures and policies of each financial institution. If there are more than one ways to make a bank transfer, the price of the cheapest way, which is usually through online banking, is displayed. If a bank asked for a zip code, we would use the bank’s headquarters zip code and compare it to zip codes in different states to check for variations.


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