Chase Bank offers free wire transfers for its customers, which is a great advantage. However, the associated costs should be taken into consideration before using the service. In particular, the foreign exchange rates offered by Chase Bank may not be the most competitive.
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)
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.
Typically, there are no fees for consumers to send or receive money with Zelle®. We recommend confirming with your bank or credit union that they do not charge fees for Zelle® transactions.
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.
Some Banks Offer Free Wire Transfers
Fidelity, for example, offers free incoming and outgoing domestic and international wire transfers in U.S. dollars; however, the recipient bank may charge a fee. Likewise, a bank like HSBC offers its Premier Account holders free wire transfers.
As a rule of thumb, PayPal is the best option to transfer money between bank accounts, MoneyGram or Xoom are usually cheaper for transferring money from a sender's debit or credit card to a recipient's bank account, and MoneyGram has no fee for international transfers.
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.
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.
A wire fee is not charged when you send a wire in foreign currency (FX) using Chase Mobile app or Chase.com to a bank outside the U.S. if the amount is equal to $5,000 USD or more; if less than $5,000 USD a $5 fee per transfer applies.
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.
Non-bank wire transfers do not require bank account numbers. One popular non-bank wire transfer company is Western Union, whose international money transfer service is available in more than 200 countries.
You can send money without a fee by using P2P payment apps such as Cash App, Google Pay, PayPal, Venmo and Zelle. Note that you may have to pay a fee if you fund your transfer with a credit card, and the recipient may have to pay a fee if they choose to receive the money instantly in their bank account or debit card.
Sometimes, the simplest way to absolve yourself of wire transfer fees is to ask the bank to waive them. After all, the institution itself is who sets those fees! If you're a customer in good standing or do significant business with the bank, waiving fees is a simple way for them to keep you happy and banking with them.
Overseas transfers through your bank are possible, but there are additional fees charged for sending the money. New apps like PayPal and Zelle make it easy to send money to friends and family in a matter of minutes, with no fees.
Zelle does not charge a fee, which means it offers both of these—and since payments happen via the app, you also don't need a checkout terminal. There is, however, an important consideration that may be a deal-breaker for some businesses.
The daily transfer limit allowed to be sent via the Zelle® feature is $500 per day. Transfers exceeding $500.00 can be made through our free Online Bill Pay service. There is no daily limit when using Member-To-Member transfers. Limits are set to protect you from fraudulent activity.
Bank Transfer
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
ACH transfers have a lower cost than wires and are often free. However, wire transfers can be sent domestically and internationally, while ACH transfers cannot.
For a lot of customers, the biggest difference is where you set up the transfer. Wire transfers tend to run through banks, while money transfers are facilitated by other providers.
OFX does not charge any fees, and the exchange rate is less than 1%, but all transfers must occur within bank accounts, and it typically takes two to four days for your recipient to get the money. The company can transfer money to over 170 countries or 50-plus currencies. The minimum amount of a transfer is $150.
Wire transfers are reliable and convenient for those with access to banking services. But customers do need to visit a bank or process the transfer during banking hours, which can be a limitation. In comparison, services like PayPal, Venmo, or other money transfer apps can offer ease of use and accessibility.