Taylor Scott
Wire transfers can be expensive, with domestic and international outgoing wires costing the average consumer $26 and $44, respectively. However, several banks offer free wire transfers, depending on the type of account. For example, Citibank waives wire transfer fees for several relationship bank accounts, including Citigold Private Client, Citi Alliance, and Citigold International. Chase customers with the Sapphire Checking account also pay no wire fees for incoming or outgoing wire transfers. Some credit unions, such as SFCU, NCSECU, and Navy Fed, have no incoming fees and low charges for outgoing domestic wire transfers.
| Characteristics | Values |
|---|---|
| Banks offering free wire transfers | Fidelity, Citibank, Chase, CIT Bank, Wells Fargo, Ally Financial, Brex, Interactive Brokers, HSBC, Marcus Bank, PNC Bank, TD Bank, Eastern Bank, ETrade, Citizens Bank, Evergreen Wealth, Schwab, Navy Fed, Morgan Stanley, and more |
| Types of transfers | Domestic, international, incoming, outgoing |
| Conditions | Premium accounts, minimum balance, online transfers, transfer limit, account type, membership criteria |
| Alternatives | Zelle, PayPal, Venmo, Wise, Western Union, MoneyGram, debit/credit card, check |
| Average cost | $5-$25, $26 (domestic), $44 (international) |
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What You'll Learn
Banks that offer free wire transfers
Wire transfers can be costly, with the average consumer paying $26 for domestic and $44 for international outgoing transfers. However, several banks offer free wire transfers, depending on the type of account and other conditions. Here are some examples of banks that provide free wire transfers:
Citibank
Citibank waives wire transfer fees for several relationship bank accounts, including Citigold Private Client, Citi Alliance, Citigold International, and the basic Citigold account. It also offers free wire transfers for Private Bank accounts. For business accounts, Citibank waives some wire transfer fees for preferred program members. The CitiBusiness Preferred Banking Plus account, for example, offers unlimited free incoming wires and four free international wires per month with a $95 monthly fee, which can be waived with a $50,000 daily balance.
Chase
Chase offers free wire transfers for customers with specific accounts and conditions. For instance, the Sapphire Checking account provides free incoming and outgoing wire transfers with a $25 monthly fee or a combined average daily balance of $75,000 in qualifying Chase accounts. The Chase Platinum Business Checking account offers unlimited incoming free wire transfers and covers the four most expensive outgoing wires per month with a $90 monthly fee, waived with a $100,000 combined average daily balance. Additionally, Chase Performance Business Checking offers unlimited incoming wire transfers and the first two outgoing domestic wires per month for a $30 monthly fee or a $35,000 combined average daily balance.
Wells Fargo
Wells Fargo provides free wire transfers for select accounts. The Premier Checking account offers free incoming and unlimited outgoing wire transfers, both domestic and international, with a $35 monthly fee waived with a balance of $250,000 or more across qualifying accounts. The Navigate business checking account allows two free outgoing domestic wires per month.
Fidelity
Fidelity offers free incoming and outgoing domestic and international wire transfers in US dollars.
HSBC
HSBC offers free domestic and international outgoing wire transfers for Premier/Jade customers, provided all account holders are Premier.
Other Banks
Several other banks offer free or discounted wire transfers under specific conditions:
- PNC Bank offers free outgoing domestic wires on select accounts, such as the Performance Select Checking account.
- Charles Schwab waives wire transfer fees for clients with larger financial portfolios.
- TD Bank offers reimbursement for one outgoing wire (domestic or international) per statement cycle.
- Interactive Brokers offers one free outgoing wire per month.
- Marcus Bank provides free outgoing domestic wires, but only to your account at another bank.
- Mercury business banking offers free outgoing domestic and international wires.
- Morgan Stanley offers free outgoing domestic wires on their CashPlus account.
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Waivers and discounts on wire transfer fees
Wire transfers can be expensive, with domestic outgoing wires costing the average consumer $26 and international wires $44. However, several banks offer waivers and discounts on wire transfer fees. Some banks offer free wire transfers depending on your account type. For example, Citibank waives wire transfer fees for several relationship bank accounts, including Citigold Private Client, Citi Alliance, and Citigold International. Similarly, Chase customers with the Sapphire Checking account pay no wire fees for incoming or outgoing wire transfers.
Some banks offer free wire transfers if you meet certain conditions, such as a wire transfer limit. For example, Chase offers free international wire transfers if you send $5000 or more online in a foreign currency. HSBC offers free domestic and international outgoing wire transfers for Premier/Jade customers if all account holders are Premier. PNC Bank and Chase only charge $5 for foreign currency wire transfers.
Some banks offer free wire transfers for customers with larger financial portfolios. For example, Charles Schwab waives its wire fee on up to three domestic wire transfers initiated online per quarter for clients with $100,000 or more in household balances. Similarly, Bank of America offers free incoming wires for all Preferred Rewards members and two waivers for outgoing wire transfers for Diamond members, which requires at least $1 million.
Credit unions are also worth considering as they often have no incoming fees and low outgoing fees. For example, SFCU, NCSECU, and Navy Fed have no incoming fees and charge between $10 and $15 for outgoing domestic wire transfers.
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Premium accounts with free transfers
While standard bank accounts typically charge for incoming and outgoing wire transfers, some premium accounts offer free wire transfers. These premium accounts often require high minimum balance requirements or multiple accounts with the bank.
For example, Citibank waives wire transfer fees for several relationship bank accounts, including Citigold Private Client, Citi Alliance, Citigold International, and the basic Citigold account. Chase also offers free wire transfers for its Sapphire Checking account and Chase Private Client Checking account. Similarly, Wells Fargo's Premier Checking account provides unlimited free outgoing wire transfers, both domestic and international, for a $35 monthly fee that can be waived with a balance of $250,000 or more across qualifying accounts.
Some banks also offer discounts or waivers on wire transfer fees for clients with larger financial portfolios. For instance, Charles Schwab waives its wire fee on up to three domestic wire transfers initiated online per quarter for clients with $100,000 or more in household balances. Bank of America offers similar perks, including free incoming wires for all Preferred Rewards members and two waivers for outgoing wire transfers for Diamond members, which requires a minimum of $1 million.
Overall, while premium accounts with free transfers often come with certain requirements or conditions, they can provide significant value for individuals or businesses who frequently send or receive wire transfers.
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$439.99 $562.56
International wire transfer fees
When transferring money internationally, banks may charge a higher markup, a percentage of the amount being sent. This is especially common when banks convert money, and foreign banks will also charge a markup if the transfer is not in their local currency. To avoid these markups, consider using a non-bank option or a peer-to-peer app like Wise, which offers worldwide payments without exchange rate markups. Additionally, some banks offer accounts that waive wire transfer fees, such as Citibank's Citigold Private Client, Citi Alliance, and Citigold International accounts. Chase also offers free wire transfers for its Sapphire Checking and Private Client Checking accounts.
It is important to note that international wire transfers can take several business days or even longer to process. Some banks may offer promotions for new customers or those making their first international wire transfer. Online wire transfers are generally cheaper, as they do not cost as much to process. Domestic wire transfers are typically cheaper and faster than international ones, and some banks offer free domestic wire transfers, such as Fidelity and Charles Schwab for clients with larger financial portfolios.
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Non-bank money transfer options
Banks typically charge for wire transfers, with fees ranging from $0 to more than $50. International transfers usually cost more than domestic transfers. To avoid these fees, you can consider using a non-bank option. Here are some non-bank money transfer options:
Digital Payment Apps or Digital Wallets
Apps like Zelle, Venmo, PayPal, and Wise allow you to send and receive money without the need for a bank account. These apps often offer free transfers and are a convenient and fast way to transfer funds.
Money Transfer Services
Companies like Western Union, MoneyGram, and Walmart offer money transfer services that cater to both domestic and international transfers. They have physical locations where you can send or receive money, and they also offer online and app-based transfer options. These services usually charge fees based on the payment method and the recipient's location, and there may be transaction limits.
Prepaid Debit Cards, Gift Cards, and Money Orders
Prepaid debit cards, gift cards, and money orders can be used to transfer funds without a bank account. Prepaid debit cards can be loaded with funds and used to make purchases or withdraw cash. Gift cards can be purchased and given as gifts, and the recipient can use them at specific stores or redeem them for cash. Money orders are similar to cheques and can be purchased from financial institutions or stores for a small fee, typically under $5.
Community Development Financial Institutions (CDFIs)
CDFIs are credit unions, banks, or non-profit organizations that serve low-income and underserved communities. Juntos Avanzamos-designated institutions allow individuals to open a bank account without a U.S. ID, accepting alternative forms of identification such as a foreign passport.
Email Money Transfer
This method functions like an electronic check, where the transaction is initiated by email, and the recipient is notified by email that the funds are available. It usually comes with a nominal cost of a few dollars and is a reliable and fast option, typically taking a few days to arrive in the recipient's account.
When choosing a non-bank money transfer option, it is important to compare fees, transfer speeds, and the availability of the service in your area. Some options may also have transaction limits, so it is essential to consider the amount you need to transfer.
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Frequently asked questions
Yes, several banks offer free wire transfers, including Citibank, Chase, Fidelity, and Wells Fargo. However, these offers are often contingent on specific account types, minimum balances, or other criteria.
Some banks that offer free wire transfers with no apparent conditions include Fidelity, CIT Bank, and HSBC US. However, it's important to carefully review the terms and conditions of any bank account before opening an account.
Yes, there are several alternatives to bank wire transfers, such as Zelle, PayPal, Venmo, Wise, Western Union, and MoneyGram. These options often have lower fees or faster transfer speeds than traditional bank wire transfers.
To avoid wire transfer fees, consider the following strategies:
- Choose a bank or account that waives wire transfer fees, such as those mentioned above.
- Use a non-bank option like Zelle, PayPal, or Wise, which often have lower or no fees.
- Initiate outbound wire transfers yourself through online banking or mobile apps, as they are typically cheaper than using customer service.
- Take advantage of special promotions or discounts offered by banks for new customers or first-time transfers.
