Wire transfer is the fastest and most secure way to transfer money from one bank account to another. The receiver of the funds gets the money on the same day. There are other safer ways to send money but in most cases it takes around 3 days for the money to reach the recipient. Having said that, the speed of wire transfer comes at a price – when other methods of payments are generally free or costs very little, wire transfer fees is quite high in comparison to those methods.
Most banks charge for both incoming and outgoing wire transfers. Here is the comparison of the fees charged by top banks in USA for domestic and international wire transfers. Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
|Wells Fargo Bank||$16||$30 to $45||$15||$30|
|Fifth Third Bank||$15||$50||$15||$30|