New apps like PayPal and Zelle make it easy to send money to friends and family in a matter of minutes, with no fees. Western Union and MoneyGram can be used to send money to a different city, state, or country for a fee.
Some banks may waive incoming and even outgoing domestic wire transfer fees for customers with specific (usually premium) accounts. Before initiating a wire transfer, it's a good idea to see if your bank or credit union offers discounts or will waive wire transfer fees, assuming your account is in good standing.
The Top 3 Cheapest Domestic Wire Transfers
Some of the most affordable domestic wires include: USAA ($20 per wire) Citibank ($25 per wire) Chase ($25 per wire)
In general, when it comes to wire transfers, you can expect fees in the region of $15 - $30. Yet there are exceptions, as some institutions offer fee-free wire transfers and others charge more than $30. But this is only half the story. A wire transfer can have more than one type of fee attached to it.
Zelle isn't considered a wire transfer. Wires are used for large payments between bank accounts, such as the down payment on a new home – and you can send a wire transfer in the US or overseas. In comparison, Zelle is an ACH.
Try a peer to peer payment service instead of a bank
Within the US providers like Venmo, Zelle and PayPal offer simple ways to send USD transfers, which can often have low fees — or no charges at all — depending on how you fund your transfer.
According to data from MyBankTracker, the national average for an incoming domestic wire transfer is $13, while the average outgoing fee is $29. The most expensive institution for outgoing transfers is currently Capital One, which charges up to $40 per transaction for some of their wires.
An ACH transfer is completed through a clearing house — a network of financial institutions — and is used most often for processing direct deposits or payments. A wire transfer is typically used for high-value transactions and is completed through a bank, which makes it faster, but it does have a fee.
"Using PayPal, Zelle, Venmo, Apple Pay and Block's Cash App are all no-cost options when sending money from your bank account to another's bank account."
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When it comes to costs, ACH is usually the cheapest option. Business owners who use ACH for direct deposit payments will also have to pay a small fee, but this is generally less than the cost of a wire transfer.
Ask the Bank to Waive the Fee
Some banks actually have public-facing fee waiving policies depending on the situation. For example, banks like Chase, TD Bank and Bank of America can all opt to waive wire transfer fees for domestic incoming wires if you have an account with them (in good standing).
Because wire transfers are typically irreversible, if you make a mistake or if you are tricked, you may not be able to get your money back.
Domestic Wire Transfer Fees: While Chase does not charge fees for domestic wire transfers, other banks may impose charges on incoming wire transfers. This can range from $10 to $35, depending on the bank. Customers should confirm with the receiving bank for any applicable fees.
If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes. If you're sending money to another country, however, it may take as many as five days for the recipient to receive their funds.
The sender's bank will charge the sender a fee for the payment orders, while the beneficiary pays the charges of any intermediary bank (and those of his / her own bank, if there are any). The intermediary bank fees are deducted from the amount transferred.
Bank urges clients to switch to the new BPI app and enjoy zero transfer fees. Good news from the Bank of the Philippine Islands (BPI). Clients using the new BPI app can now send money for free to all banks and e-wallets, as BPI forgoes the collection of online bank transfer fees for small transactions.
They can avoid these fees by paying with cash or debit instead. The best way to implement a surcharge program is through Nadapayments. Nadapayments eliminates the interchange rate, providing you with a one-stop-shop to process debit and credit card payments.
Typically, banks may not charge fees for online transfers, except for IMPS. IMPS transactions incur charges, as specified by the bank. Select the beneficiary, enter the transfer amount and a small description of the transfer. To add the beneficiary, you'd need their name, bank details, bank account number and IFSC.
Differences Between Electronic and Wire Transfers
Speed: One of the main differences between EFT and wire transfers is the speed. Electronic transfers are typically faster for domestic transactions, often processing within hours or the same day.
A PayPal international wire transfer can be a convenient payment option, but sometimes the fees and conversion spread can be high. The wire transfer fee can be between 0.3-2%, depending on the country. However, if you use a debit card or credit card, the fee can be much higher.