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Wire transfers are a relatively easy and secure way to transfer money electronically from one bank account to another. Although they can be convenient (and are often required in processes like buying a house), they are expensive compared to alternative ways of sending money. In this article, we’ll analyze average wire transfer costs, both domestic and international.
At a Glance: How Much Do Wire Transfers Cost?
Wire transfer fees vary by financial institution. While you can almost always count on paying a wire transfer fee to send money, you might also pay a fee to receive a wire transfer. Fees differ for domestic and international wire transfers.
We’ve compiled wire transfer data from 11 of the biggest banks in the US to calculate averages for each type of transaction. You can take a closer look at individual institutions’ fees further down in this article.
Average Wire Transfer Fees
- Incoming domestic wire transfers: $15.45
- Outgoing domestic wire transfers: $25.91
- Incoming international wire transfers: $14.70
- Outgoing international wire transfers: $41.50
Domestic Wire Transfers vs. International Wire Transfers
In general, domestic transfers tend to be cheaper than international transfers, especially when outgoing transfers are concerned.
Incoming Wire Transfers vs. Outgoing Wire Transfers
Incoming transfers refer to when someone is sending money from their account to yours. Some banks do not charge incoming wire transfer fees, though there may be intermediary banks or credit unions that are involved in the transfer process — and they might tack on fees for you .
Outgoing wire transfers refer to when you wire money to someone else. You should always anticipate paying more for this service.
Wire Transfer Fees Calculation
We calculated the average wire transfer fees above based on the highest number represented in the table below. For example, Citibank charges up to $15 for incoming domestic wire transfers, but certain premium accounts…
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