![]() May require consumers to sign up for another service instead of using existing bank services. ![]() May be slower than sending money via a wire transfer. Third-party services do have some downsides compared with wire transfers: Transfers with third-party services can often take place anytime, unlike many bank wire transfers that are limited to certain hours on certain days. May transfer money more quickly than a wire transfer. May be easier to use than going into a bank branch to make a wire transfer. Third-party services offer these benefits over wire transfers: Seeing the fees should help you decide whether this option is less costly than sending a bank wire. Western Union’s website, for instance, lets you see an estimated quote of the fees being charged for a potential transfer. But wire transfers may send money faster than apps, transferring services or websites. Generally, wire transfers are more expensive than using a service like PayPal, Venmo, Wise or Zelle. Compare such fees with wire transfer fees. Some of these services do not charge for sending and receiving money, while others charge a fee. Your bank may offer Zelle, or you can go with popular apps and services such as PayPal, Venmo Wise, Western Union or MoneyGram. These days, wire transfers aren’t the only fast way to send or transfer money. Shop for the lowest rateĬonsumers who expect to send or receive wire transfers frequently should pay close attention to the fees a bank charges for them, and shop around for an account that charges low fees for these transactions. Look for fee discountsĬhase and PNC Bank both offer discounts for sending wires online yourself, without the assistance of a customer service representative. For instance, the Chase First Checking account doesn’t allow check writing or incoming or outgoing wire transfers. ![]() Not all accounts - including some checking accounts - allow wires. Pay by debit or credit card, though there might also be fees for doing this (and a credit card may offer more protections than a debit card.)Ĭheck with your bank to see what accounts you can wire money from. Send money using online bill pay, possibly for free. Postal Service (USPS) mailboxes, according to USPS. But be careful with this option because there was an increase in high volume mail theft incidents from mail receptacles, which includes blue U.S. Use a payment or money transfer app, such as Zelle or Venmo to send money for free. Select a financial institution or account that waives wire transfer fees. Here are some strategies for avoiding wire transfer fees: Ranges that exist in the above table can be due to factors such as whether a wire transfer is made online or with a teller. International wires typically take one to two business days if the wire is sent before the bank’s deadline, according to Bank of America, but they could take longer. Also, providing incorrect information for the wire transfer can cause delays. Sending a wire on a weekend or a weekday after the daily cut-off deadline can affect the speed of a wire. ![]() But wire transfer fees are also a source of revenue for banks, similar to the monthly maintenance fees charged on checking and savings accounts.Ī domestic wire could arrive in a few hours or a few days. Wire transfer fees exist in part because there’s a cost to send money between banks. What you need to know about wire transfer fees The fee can vary among financial institutions, and a bank may charge a different amount for sending wire transfers than it does for receiving them. The service is usually quick and convenient, although many banks will charge you a fee for sending money this way. You’re essentially transferring the money electronically from your bank account to the bank account of your intended recipient. What are wire transfer fees?Ī wire transfer is a convenient way of sending money to another party without the need to hand over cash or write a check. Some banks and accounts may even charge for incoming wire transfers.ĭomestic outgoing wire transfer fees average about $26 and outgoing international wire fees average $44. Wires are one of the most expensive ways to transfer money, because banks generally charge outgoing wire transfer fees. It can cost less to initiate an outbound wire transfer on your own, rather than sending a wire with a customer service representative.Ī wire transfer is a method of sending money to someone at another bank domestically or internationally through a service such as the Federal Reserve Wire Network. Your bank might charge you for incoming wire transfers. But domestic wire transfers initiated before the bank's daily deadline generally are received quickly. ![]() Wire transfers can be an expensive way to send money. ![]()
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