Banks charge wire transfer fees for sending and receiving money electronically, with international transfers being more expensive. It’s important to find a bank with reasonable rates, and recipients may charge a convenience fee to cover their own fees.
A wire transfer fee is a fee that is assessed by a bank or credit union for the service of sending money electronically. The fee may be collected by the bank or credit union that sends the wire transfer or the bank or credit union that accepts the wire transfer. In some cases, a bank transfer fee applies to both ends of the transaction. That’s why it’s important for people who send or receive wire transfers on a regular basis to look for a bank or credit union that offers reasonable rates on these types of transactions. The amount of money that is assessed as part of the fee often depends on whether the transfer is domestic or international, the latter being more expensive.
It is common for banks to charge their customers a wire transfer fee for sending wire transfers, as well as for receiving wire transfers. It’s usually less expensive to be on the receiving end of a wire transfer. For example, a bank may charge customers $25 or $30 US dollars (USD) to send a wire transfer, but only $10 or $12 USD to receive funds via wire transfer. People who receive payment for goods or services in the form of a wire transfer may charge an additional convenience fee to cover the fee charged to them. This type of convenience fee means that the person or organization sending the funds to them has to pay for the convenience of sending a wire transfer instead of a check or some other form of reimbursement that would not cause the recipient to pay the fees.
In almost all cases, it is more expensive to send a wire transfer internationally than it is to send a wire transfer domestically. For example, while an outgoing wire transfer fee might cost $25 to $35 USD, an outgoing wire transfer is likely to be 25 to 50 percent more expensive. Incoming international transfer fees are also more expensive. Sometimes the cost of an outgoing bank transfer fee will also be determined by the currency in which the funds are transferred. For example, an outgoing bank transfer that is sent in the same currency that it will be received in may be less expensive than an outgoing bank transfer that is converted to the local currency.
Smart Assets.
Protect your devices with Threat Protection by NordVPN
