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Wire Transfer Fees: What Banks Charge
Sending wire transfers can be an expensive way to move money from one bank account to another, with typical outgoing fees of $25 per transfer within the U.S. But if you’re sending a lot of money or need a transfer to happen quickly, it may be a good transfer option.
typical wire transfer fees
Here are the median wire transfer fees for the institutions we surveyed:
Many banks, including Chase and Wells Fargo, charge fees both for sending wire transfers (outgoing) and receiving them (incoming).
Cheaper ways to send money
Bank wire transfers aren't the only way to send money. For transfers within the U.S., consider nonbank providers that charge fewer fees. If you need to send money abroad, look for companies that offer better exchange rates, such as those listed in our roundup of the best ways to send money internationally.
Wire transfer fees by financial institution
This list only includes fees charged directly by banks and credit unions on their standard accounts. If intermediary banks help process a wire transfer, an additional fee may be charged. You can send wire transfers within the U.S. and to other countries; international transfers usually cost more.
Financial institution (click name for full review)
Incoming inter- national wire
Outgoing inter- national wire
$0 sent in foreign currency; $45 sent in U.S. dollars
Only available in-branch for eligible accounts
$15 ($0 if coming from Chase)
$25 online; $35 with banker assistance
$15 ($0 if coming from Chase)
$5 sent in foreign currency (or $0 for transfers of $5,000 or more); $40 (or $50, with banker assistance) sent in U.S. dollars
Up to 3% of amount in foreign currency; $0 sent in U.S. dollars
Varies; fee may be waived for eligible accounts
Varies; fee may be waived for eligible accounts
Varies; fee may be waived for eligible accounts
$15; fee may be waived for eligible accounts
$30; fee may be waived for eligible accounts
Varies; inquire with bank representative
At some banks that do not charge a fee, an intermediary bank may be used to facilitate the transfer, and that institution may charge a fee.
HSBC Bank also lets Premier account holders use a free global transfer service between HSBC accounts in other countries.
Wells Fargo also offers a remittance transfer service called ExpressSend, which mainly works with Latin American and Asian countries. Only certain foreign banks participate.
» Skip ahead to see details about how this information was gathered.
» Looking for savings accounts with high rates? Explore our list of best savings accounts
You can avoid a wire transfer fee by using free payment services such as Zelle or Popmoney to send money from an account at one bank to an account at another bank.
Some banks offer free wire transfers, and others waive fees for certain accounts. Fidelity, for example, offers free incoming and outgoing domestic and international wire transfers in U.S. dollars, and HSBC offers holders of Premier accounts a free transfer option.
Some banks charge a fee for the work required to receive incoming wire transfers or outgoing wire transfers. And when banks convert money for consumers, they charge a higher markup, which is a percentage of the amount being sent. If you require assistance from a teller, you might also pay a higher fee.
If your bank doesn’t convert your money for an international money transfer, then generally, a foreign bank will do it and charge a markup. The best way to avoid high markups when transferring money is to consider using a nonbank option.
Domestic vs. international fees
Domestic wire transfers tend to be cheaper and faster, since they can be completed through one payment system, such as that provided by the Federal Reserve.
International bank wire transfers involve more parties, including a U.S. bank, a foreign bank and wire processing systems in both countries.
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Additional costs for international wires
Banks charge other banks what’s called a midmarket — or interbank — rate for trading large amounts of foreign currency. But when banks convert money for consumers, they charge a higher markup. That markup is a percentage of the amount being sent. You can see how much more your bank is charging you above the midmarket rate by comparing rates on currency platforms such as Google, Bloomberg or Reuters.
If your bank doesn’t convert your money for an international money transfer, then a foreign bank will do it and usually charge its own markup. As noted above, the best way to avoid high markups is to consider using a nonbank option. (Compare international money transfer providers.)
Other ways to cut wire transfer costs
Arrange it yourself online: Requesting the transfer at a branch or on the phone can add $10 or more to your fee. Chase, for instance, charges $35 for domestic wire transfers set up for you by a banker and $25 for the same transfer if you do it yourself online.
Transfers sent in foreign currency can be cheaper: Some banks offer lower fees if you let them convert U.S. dollars into a foreign currency before transferring the funds rather than simply sending U.S. dollars abroad.
Recurring wires can be slightly cheaper: Some financial institutions, like Comerica, let you send a recurring wire transfer for a few dollars less per transfer. To save money on recurring transfers, though, using your bank’s bill pay or other transfer service is a better and cheaper option unless the transfer amount exceeds the maximum allowed by your bank. Wire transfers can handle larger amounts.
» Have time to spare? You might be able to save by transferring via ACH. Here's what ACH transfers cost at some major banks.
We looked at more than 40 financial institutions: the largest U.S. banks based on assets, debit card volume and internet search traffic; the nation’s largest credit unions with broad-based membership requirements; and other notable and/or emerging players in the industry. For calculating medians, financial institutions that don't provide domestic or international outgoing wire transfers were excluded from the relevant fee category. If there were two or more fees for a certain type of wire transfer, we chose the price that would apply to standard checking accounts. In the case of international wire transfers with different fees based on currency conversion or processing, we averaged each bank's fees first.
Details on how data for the chart was gathered: These are standard fees for one-time wire transfers based on each financial institution’s disclosures and policies. If there are multiple ways to perform a wire transfer, the price of the cheapest way, which is usually through online banking, is shown. If a bank asked for a ZIP code, we used the ZIP code for the bank's headquarters and compared with ZIP codes in different states to check for variations.
Transfer Money from the US to UK (clearly explained)
Author, Andrew Gibson
Below is a step-by-step guide on how to transfer money from the US to the UK – without paying high charges.
I’ll explain how it works, how long it takes, and how to get a better USD to GBP rate.
How to transfer money from US to UK (in 4 simple steps)
Transferring US Dollars to a UK bank account is a straightforward process that can be done in four steps.
1. ID check
Before anyone can send money from the US to the UK, they need an identification check.
It’s a legal obligation to verify the sender of money due to global anti-money laundering rules.
This check only applies to new customers.
Usually, this check is completed on the same working day.
2. Secure a USD to GBP exchange rate
The USD to GBP exchange rate is the most cost of your transfer.
A bank or a money transfer company will quote you their current rate.
You must give your permission to proceed.
If you are happy to go ahead with the exchange rate quoted, the bank or money transfer company will lock-in your rate at that point.
You will then receive an email confirming the details of your transaction – this will include the rate agreed, the amount of Dollars sold and the amount of Pounds bought.
3. Send in your US Dollars
Banks require your US Dollars upfront before they will agree an exchange rate.
However, a money transfer company will allow you to secure an exchange rate before you transfer the funds. You normally are given 1-2 working days to send in your US Dollars (via a regular bank transfer).
On your confirmation email, it will have the details of where to send your US Dollars (in the case of a money transfer company it will be a designated client bank account).
Being able to secure an exchange rate before funding your transfer can be an advantage if the GBP to USD rate is at a favourable level, and you don’t want to miss out on that rate.
4. Your US Dollars are converted to Pounds
Your bank or money transfer company will perform this step.
Once your US Dollars are received, they are converted into Pounds at the rate previously agreed with you.
Your bank or money transfer company will then send your money via the SWIFT global payment system to the UK bank account you have nominated.
How long does it take to send US Dollars to the UK?
In usually takes 2-4 working days to transfer US Dollars to a UK bank account.
Converting your US Dollars into Pounds takes only a few minutes.
The rest of the time is governed by the speed of the international banking system (SWIFT). Some banks are also more efficient than others at clearing funds into accounts.
Things like daily cut-off times, weekends, public holidays and time zone differences can also cause a variance in the overall time taken.
If you have a tight timeframe, I would suggest sending your US Dollars in before the currency conversion as it can make the end-to-end transfer process a little bit faster.
The true costs explained
When you transfer money from the US to UK, there are two charges to look out for:
- Transfer Fees
- Exchange Rates
The US banks charge their customers a flat fee every time they do an international transfer.
These fees can go by different names, but in the US, they tend to be called ‘international wire fees’ or ‘international transaction fees’.
Here are the international wire fees charged by the four largest US banks:
|Bank of America||$45|
|JP Morgan Chase||$45 branch, $40 online|
At first glance, these fees don’t seem too high.
But they can add up if you are transferring money on a regular basis or need to send a larger amount over several tranches.
Some money transfer companies, such as ourselves, are happy to waive these fees altogether.
There are no standard exchange rates.
A bank or a money transfer company set their own exchange rates.
And the exchange rate tends to improve the more money you send.
Our research found that the exchange rate margin charged by the big four US banks ranged between 4% and 5.5%.
It’s hard to be any more specific because the US banks will adjust the rate depending on your exact amount.
But it stands to reason that the banks will find it difficult to compete with money transfer specialists.
Banks have operating costs that run into the billions. Therefore, it won’t come as a surprise that you can find better exchange rates from the money transfer specialists.
I would encourage you to carry out a cost comparison.
Because exchange rates change every few seconds, you should try and make your comparison at roughly the same time.
One other thing to note is that I’ve spoken to plenty of customers that have found the big banks difficult to deal with.
That has manifested itself in the form of unexpected fees, payment delays or over the top security checks.
As money transfer companies are focused on international payments, they are usually more efficient at getting the job done in a quick and painless way.
Beware of daily limits imposed by US banks
The big US banks tend to have a daily limit on the size of a bank transfer from the USA to UK.
The limits are not required by law.
JP Morgan Chase, for example, has a $100,000 daily limit.
Wells Fargo and Bank of America also have daily limits, but it’s based on your account history – so I can’t be more specific.
The daily limits can be a frustration for customers looking to send a large amount of US Dollars to the UK.
If you exceed the limit, it may mean you need to make several transfers – which could cost you extra fees and more time and hassle.
Money transfer companies don’t have daily limits, so offer a more convenient and flexible solution to send money from the USA to the UK.
How to choose a money transfer company
While there are plenty of money transfer companies, not all are trustworthy.
Things like longevity, customer reviews and awards can help bring confidence.
And regulation should be an absolute must for any money transfer company you do business with.
The rules are more complicated in the US because financial regulation is set state by state.
In the UK, a company is Authorised by the Financial Conduct Authority (FCA) – the UK’s financial regulator.
UK Authorised firms are required to keep client money in a separate, safeguarded bank account.
To find out if a UK-based money transfer company is Authorised by the FCA, you can search their name on the FCA register.
Why you can’t trust online exchange rates
If you track the USD to GBP exchange rate, you have probably come across websites offering free exchange rates feeds.
Some of the more popular sites are XE, Oanda or DailyFX.
But there’s a catch to these.
A lot of the exchange rates you see online are not actually available to customers.
If you look closely at these sites, you will find a disclaimer somewhere saying “consumer clients can’t access these rates” or the more generic “for information purposes only”.
That’s because the rates you are seeing are ‘interbank exchange rates’.
Interbank rates are used by banks to trade with other banks.
Not even large corporations or money transfer companies, buy and sell currencies at interbank rates.
If you want to budget effectively, then I suggest you get a genuine exchange rate from a bank or money transfer specialist.
How to achieve a better US Dollar to Pound rate
When you transfer money from the US to UK, the exchange rate is usually the critical factor.
Getting a better exchange rate comes down to two things:
- A competitive rate
- Optimal timing
A lot of people focus on the first part and overlook the second.
If you’ve watched live exchange rates, you will have noticed that they move every few seconds.
Price patterns in exchange rates are always changing.
You can see peaks and troughs, uptrends, downtrends and trading ranges.
As currency brokers, part of our job is to watch rates very closely. It’s a key part of what we do.
If you are sending money from the US to the UK, even tiny moves in the rate can make a big financial difference.
As an example; if you were planning to transfer $75,000 to the UK, an intraday move of just 1% in the USD/GBP exchange rate would make a $750.
Moves of that size can be a daily event.
Over the course of a week or month, the swings can be substantially more – sometimes as much as 5% if markets are volatile. That’s when bad timing can cost you thousands.
By understanding your requirements, we can work with you to achieve a better exchange rate.
It could simply be a case of alerting you when there’s been a favourable move.
Or we can let you know when the USD/GBP rate hits a specific level.
Banks and most other money transfer companies don’t offer a pro-active service like ours.
If you would rather speak to someone than download an app, you might find our service a better way to transfer money from the US to UK.
- To transfer money from the US to the UK, you can use a bank or a money transfer company.
- It normally takes 2-4 working days.
- Money transfer companies are normally cheaper and more efficient.
- Some money transfer companies also offer guidance on exchange rates as part of their service.
Who are we?
Key Currency is an independent money transfer specialist.
Our exchange rates are highly competitive. There are no additional fees or hidden charges.
As part of our service, we will assist you will the details of your transfer and work with you to achieve a better exchange rate.
That sets us apart from a lot of other money transfer specialists that are really just online platforms or apps.
As a business, we are open and transparent.
We don’t hide behind a logo or generic mission statement.
Finance is about trust.
The names, faces and backgrounds of all our team are shown on our website.
We have attained a 5-Star “excellent” rating on the customer review site Trustpilot; the highest rating possible.
In terms of regulation, we are an Authorised Payment Institution (Financial Services Register register No. 753989).
Money transfers are conducted through fully safeguarded accounts.
To compare us to your bank or existing provider, simply request a free quote below.
FAQs about transferring funds into Thailand
Most overseas banks will need the following details:
- Your Bangkok Bank account number and account name
- Bangkok Bank’s name: Bangkok Bank
- Bangkok Bank’s SWIFT code: BKKBTHBK (This is required for sending funds via SWIFT to the beneficiary’s Bangkok Bank account)
A transfer instruction sent from overseas via SWIFT should reach the recipient’s Bangkok Bank account within 1-2 working days. If the Bank receives an incomplete payment instruction from abroad, the Bank will need to contact the sender’s bank to request the additional information. This may cause a delay in crediting funds to your account.
The fee is 0.25% of the total amount (minimum fee is 200 baht and maximum fee is 500 baht) per transaction.
However, if the funds from abroad have been sent through other banks before reaching Bangkok Bank, there may be an additional handling fee from another bank.
You can check your account details via Bangkok Bank Mobile Banking or Bualuang iBanking or call Bualuang Phone 1333 or (66) 0 2645 5555. You can also sign up for free to receive an automatic SMS Remittance Alert at any Bangkok Bank ATM nationwide. This will mean you get an immediate notification when the funds reach your account.
Bangkok Bank will apply its "Telegraphic Transfer Buying Rate" to convert foreign currency funds transfers into baht before crediting the funds.
There is no limit to the amount of funds that can be transferred from abroad into a Bangkok Bank account.
However, senders must specify the purpose of the money transfer for every transfer, as commercial banks are required to report this to the Bank of Thailand on the client’s behalf.
To guard against fraud and money laundering, the Bank of Thailand’s regulations state that all banks in Thailand must obtain specific reasons for funds transfers before they are credited into an account in Thailand. Transfer purposes may include paying for goods, buying a condominium, investing in a business or living expenses.
Bangkok Bank will report the purposes for all incoming funds transfers to the Bank of Thailand on your behalf.
If you have regular earnings, social security payments, income from provident or pension funds, or other types of remuneration from government agencies or private companies based in the US, you can easily transfer funds into your Bangkok Bank account in Thailand via Bangkok Bank‘s New York branch. This may help reduce your transfer fees and save some time, as you may previously have had to receive a US Treasury Cheque or Company Cheque via post.
If you have a US bank account, you may be able to transfer funds to a Bangkok Bank account in Thailand via your bank’s internet banking service, using Bangkok Bank’s New York branch’s 9-digit routing number.
If you are currently receiving payments such as pensions, annuities or payroll from UK government agencies or private organizations, you can arrange for your payments to be directly deposited into your account at Bangkok Bank in Thailand via Bangkok Bank's London branch.
No, you do not need a Bangkok Bank account. However, the sender should make sure to enter the correct name, address and telephone number of the recipient in Thailand in the payment instructions when transferring funds from overseas. If you are collecting funds from overseas, bringing your ID card or passport to the branch will enable you to collect your funds without delay.
Please note, Bangkok Bank will apply its "Buying Rate - TT" to funds transferred in a foreign currency, exchanging them into baht before making a cash payout at our counters.
Bangkok Bank charges a receiving fee of 0.25% of the transfer amount (minimum 200 baht, maximum 500 baht) plus a cash payout fee of 150 baht per transaction. You can also receive money via the Western Union Money Transfer Service at any Bangkok Bank branch or exchange booth across Thailand with no charges.
IBAN stands for "International Bank Account Number", a code offered to an individual or company in European and Middle East countries. Bangkok Bank doesn’t have IBAN and the remitter does not have to specify an IBAN in the payment instruction to Bangkok Bank. Remitters must specify Bangkok Bank’s SWIFT code: BKKBTHBK when sending funds to Thailand.
For buying a condominium in Thailand, you can transfer funds from an overseas bank via SWIFT to your Bangkok Bank Thai Baht account or Foreign Currency Deposit account (FCD). Please specify the purpose of your funds transfer instruction as "To purchase a condominium".
Upon receiving the funds, you can contact the Bangkok Bank branch where you maintain your account and request the documents you will need to present to the Department of Lands when registering ownership.
When transferring funds from abroad for buying a condominium in Thailand, you must have a bank account for depositing your funds. If you do not have an account with Bangkok Bank, you will need to transfer funds for buying a condominium to the account of the developer, or the account of a third party. However, we highly recommend that you open an account with Bangkok Bank if you are planning to buy a condominium in Thailand.
Yes, but you must remember to declare the cash for this purpose at Thai customs when you arrive. Thai customs will issue a document to present to Bangkok Bank when you exchange the foreign currency into baht. Banks do not accept a large amount of foreign currency cash unless there is a supporting documentation from Thai Customs.
What is a wire transfer? , openWhat is a Remittance transfer? , closedHow do I send a domestic or international wire transfer? , closedWhat should I do if I receive an error message that discusses exact fees from other banks? , closedAre there countries where I should only send USD and not the local/foreign currency? , closedDo business wires require exact fees to be known? , closedHow do I assert an error with my Remittance Transfer? , closedHow do I cancel a Remittance Transfer? , closedCan someone wire funds to my account at Bank of America? , closedAre there fees and limits for domestic and international wire transfers? , closedWhat else do I need to send a wire transfer? , closedWhat is a SWIFT Code? , closedWhich Bank of America SWIFT Code should I provide? , closedWhat is an IBAN number? , closedDoes Bank of America have an IBAN number? , closedHow should I obtain the IBAN numbers of another bank? , closedHow soon can an international recipient receive the funds from a wire transfer? , closed
A wire transfer is an electronic payment service for transferring funds by wire, for example through SWIFT, the Federal Reserve Wire Network or the Clearing House Interbank Payments System.
For Remittance Transfers, we're now required by law to inform you of the exact fees you will incur for international wires, including fees from other banks. For some requests, we won't have the exact fees from other banks and therefore will not be able to process it. If your request was in US dollars, you may try again in foreign currency –– this may help us determine the exact fees incurred for this transaction and enable us to send the wire request successfully.
Contact us at 877.337.8357 (or 302.781.6374 from outside of the U.S.).
You can also write to us at:
Bank of America, N.A.
PO Box 25118
Tampa, FL 33622-5118
For international wires initiated by a consumer primarily for personal, family or household purposes, you must contact us within 180 days of the date we indicated to you that funds would be made available to the recipient. Please have the following information handy:
Your name and address (or telephone number)
The problem with the transfer, and why you believe it's an error
The name of the person receiving the funds, and if you know it, his or her telephone number or address
The dollar amount of the transfer
The confirmation code (provided from the Transfer Receipt)
We'll determine whether an error occurred within 90 days after you contact us and we'll correct any error promptly. We'll tell you the results within 3 business days after completing our investigation. If we decide that there was no error, we'll send you a written explanation. You may ask for copies of any documents we used in our investigation.
Please note that in the event you provide an incorrect account number or institutional identifying number, and we are not able to recover the funds, you may lose the amount of the payment order.
International wire transfers initiated by a consumer primarily for personal, family or household purposes may be cancelled within 30 minutes of confirmation for a full refund, including any fees. We'll refund your money within 3 business days of your request to cancel a transfer as long as the funds have not already been picked up or deposited into the recipient's account.
If you initiated the international wire transfer through Online Banking, the best way to cancel is to Sign in to Online Banking; select the Transfer tab and then select Send money to someone using their account number at another bank from the dropdown menu. You can also call us at 877.337.8357. From outside of the U.S., call us collect at 302.781.6374.
If you initiated the international wire transfer at a banking center, you can get the transfer canceled by going to the nearest banking center or by calling us at 877.337.8357 (or 302.781.6374 from outside the U.S.).
Yes, someone with your account information can wire funds directly to your Bank of America account. You will need to provide your account number and wire transfer routing number. For incoming international wires, you will also need to provide the appropriate SWIFT Code.
Bank of America's SWIFT code BOFAUS3N should be used for incoming wires in U.S. dollars.
Bank of America's SWIFT code BOFAUS6S should be used for incoming wires in foreign currency.
If you do not know or are unsure of the type of currency being received please use BOFAUS3N.
To find your account number and wire transfer routing number, Sign in to Online Banking, select your desired account and then select the Information & Services tab.
Fees and limits may apply, depending on your account type and the type of wire. You will be able to review any fees and limits before completing your wire transfer in Online Banking. Latest transfer limits are also available in our Online Banking service agreement. For Remittance Transfers, we're required by law to inform you of the exact fees you will incur for international wires, including fees from other banks. For some requests, we won't have the exact fees from other banks and therefore will not be able to process it. If your request was in US dollars, you may try again in foreign currency –– this may help us determine the exact fees incurred for this transaction and enable us to send the wire request successfully.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is a unique identification code that may be required by some banks, broker-dealers and investment managers for the completion of international wire transfers.
Bank of America’s SWIFT code BOFAUS3N should be used for incoming wires in U.S. dollars.
Bank of America’s SWIFT code BOFAUS6S should be used for incoming wires in foreign currency.
If you do not know or are unsure of the type of currency being received please use BOFAUS3N.
Someone sending an incoming international wire to you may also ask for Bank of America’s address. The address to provide is as follows:
BOFAUS3N (for incoming wires in US dollars or unknown currency)
Bank of America, NA
New York, New York 10038
BOFAUS6S (for incoming payments in foreign currency)
Bank of America, NA
555 California St
San Francisco, CA 94104
The International Bank Account Number (IBAN) is the international standard for identifying international bank accounts across national borders.
The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe and a maximum of 34 outside of Europe (German IBAN: 22 characters). At present, the United States does not participate in IBAN. Therefore, Bank of America does not have an IBAN number.
When sending wire transfers to countries that have IBAN numbers, we recommend including those numbers in your wire transfer documentation. According to the European Directive, only the account-keeping bank may calculate the IBAN / check digits. To obtain the IBAN numbers of another bank, please visit that banks website or contact them directly to obtain that information.
If you are transferring funds to an international account, your account will be debited the same day and Bank of America will send the payment out immediately. The beneficiary's bank will generally receive the funds 1 to 2 days later. The funds will usually be credited to the beneficiary within 2 days. However, there are a number of factors which could delay the credit to the beneficiary. These include, but are not limited to: local bank holidays, delays by an intermediary bank or other local conditions. Note, too, that some countries have been designated as slow-to-pay layer countries. Transfers made to or from a slow-to-pay country may experience delays in crediting the beneficiary's account.
List of Slow-to-Pay Countries
- Bosnia and Herzegovina
- Burkina Faso
- Central African Republic
- Congo, The Democratic Republic of
- Gambia, The
- Iran, Islamic Republic of
- Korea, Democratic People's Republic of (North Korea)
- Korea, Republic of (South Korea)
- Libyan Arab Jamahiriya
- North Korea
- Russian Federation
- Sierra Leone
- South Korea
- Sri Lanka
- Syrian Arab Republic
- Tanzania, United Republic of
- The Gambia
- Viet Nam