Wire money transferring is a service that is often used by people to send money to either friends or relatives either in another part of the country or even internationally.
Wire transfer services allow money to be sent and received over thousands of miles either in as little as a few hours, or in some cases a few short minutes. Sending money using wire transfer services is often preferred over websites such as PayPal, which can often take several days to make it into the account of the recipient.
The method used is electronic, and can be performed from one bank to another, or through popular companies such as Western Union and MoneyGram. While this may sound a lot like a direct deposit or bill pay transfer done by the Automated Clearing House (ACH), they are indeed two incredibly different systems.
The main difference is that ACH transfers are like the electronic equal of personal checks, while wire transfers are equal to cashier’s checks. Another major difference is that wire transfer are, once again, faster than ACH. Much like PayPal, ACH transfers can take several days to complete. Wire transfer service are often performed through banks, and this article will be taking a look at the transfer fees of three of the best banks to look into if you need to send some money electronically. For the record, the value of a bank transfer over a wire transfer from Western Union or MoneyGram depends on the size of the transfer. For example, Western Union charges a $12 fee for transferring $100, and $86 for a $1,000 transfer.
When it comes to the big banks, a smaller wire transfer would be more expensive, while larger transfers would actually be cheaper compared to MoneyGram.
For a domestic incoming wire transfer, Bank of America charges a fee of $15, and $25 for a domestic outgoing transfer. For a foreign incoming transfer, the fee is $16, while outgoing transfers will incur a hefty fee of $45. Go here for frequently asked questions on Bank of America wire transfers.
Chase Bank charges a $15 for domestic incoming wire transfers, and $30 for outgoing transfers. Foreign incoming transfers will be charged $15, while foreign outgoing transfers go for $45. Click this link to look at some FAQs for Chase Bank wire transfers.
As with Chase and Bank of America, Wells Fargo charges $15 for domestic incoming wire transfer. The fee for outgoing domestic transfers is $30. Foreign incoming transfers are charged a $16 fee, while the outgoing fee is $40. Follow this link for an FAQ on Wells Fargo money transfers.
Like any bank fees, wire transfer fees can fluctuate. For example, PNC Bank customers have seen the cost of outgoing domestic transfers go up from $25 to $30, as of May 10th, 2015. One of the more recent transfer fee increases happened with Citibank on May 5th, 2015, when all fees for Citibank transfer services became more expensive.