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How Much It Cost To Wire Money Through Banks
Most major banks have flat fees for executing the transfer of funds through wire transfers. Where the Electronic Funds Transfer (ETF) is initiatied from one bank account to another - each institution varies in the sums that it charges for sending and receiving transfers.
These institutions have the following typical fees:
- Bank of America - charges $25 for sending a domestic bank wire and $45 for an international wire. Receiving a domestic wire is $15 and receiving one from out of the country is $16 accordingly. B of A offers the option of sending internationally to be received in a foreign currency for $10 less or $35.
- Chase - will committ to the transfer for domestic sends: at $30 if done through a branch and $25 if done online. Similarly, going out of the country is $45 from the branch and $40 if done online at chase.com. Incoming wires are priced at $15. Of note is that there is a $25,000 limit on outgoing wires which are ordered online.
- Huntington - to send within the country is $25 while abroad is $75. Receiving the transfer is $15 either way.
- US Bank - charges a fee of $20 to both send and receive domestic wires and $35 for likewise services related with international
- Fifth Third - bank fees for wires to be sent domestically are $30 within the U.S.. To send international, is $50 to be received in a foreign currency or $85 for pickup in U.S. dollars. Incoming wires from both inside and outside the U.S. are $15.
Important to note is that some banks may waive or reduce certain transfer fees for account holders of a certain upgrade type. Also, the customer may pay an amount based on the exchange rate for amounts associated with foreign currencies.
The time it takes funds to clear will depend on geographic boundaries the wire is crossing. For domestic transfers within the U.S. the transfer can take place in as little as a few minutes. International bank wires, on the other hand, can take a period of days for settlement to occur.