Megan Brooks
Wire transfers are a fast and secure way to move money, especially large sums. Ally Bank allows customers to receive wire transfers from any bank, but outbound wire transfers are limited to U.S. banks. Ally Bank does not charge a fee to receive a wire transfer, but there is a $20 fee for each outgoing domestic wire transfer. This fee is refunded if the transfer is to an Ally Invest account. The bank also charges a $50 transfer fee for each partial or full Automated Customer Account Transfer Service (ACATS) transfer of securities or cash from any Ally Invest account to another firm.
| Characteristics | Values |
|---|---|
| Fee for receiving wire transfers | Free |
| Fee for domestic wire transfers | $20 |
| Fee for international wire transfers | Not available |
| Fee refund for wires sent to Ally Invest accounts | Yes |
| Fee for failed transactions | $30 |
| Fee for closing an Ally Invest Individual Retirement Account (IRA) | $25 |
| Fee for partial or full Automated Customer Account Transfer Service (ACATS) transfer of securities or cash from any Ally Invest account to another firm | $50 |
| Maximum number of withdrawals per statement cycle from a Savings Account | 10 |
| Account age requirement for wire transfers | 90 days |
| Maximum amount that can be wired before the account age requirement is met | $25,000 |
| Number to call for wire transfer requests | 1-866-608-2635 |
| Number to call for customer service | 1-877-247-2559 |
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What You'll Learn
Ally Bank does not charge for incoming wires
Ally Bank does not charge a fee for incoming wire transfers. However, it is important to note that Ally Bank only processes domestic wire transfers, and does not accept international wire transfers.
While Ally Bank does not charge for incoming wires, intermediary banks may apply fees. For example, if you are transferring money from a non-Ally Bank account to an Ally Bank account, the non-Ally Bank may charge a fee for sending the wire.
To receive a wire transfer to your Ally Bank account, you can submit a wire transfer request by using the online form or by logging into the mobile app and selecting "Wire Money" under "Transfer and Pay." You can also print and complete the Ally Bank Domestic Wire Transfer Form and fax it to 1-866-608-2635.
It is important to ensure that the account number of the beneficiary and the bank routing number of the beneficiary's bank are accurate to avoid any issues or additional costs.
Ally Bank offers a Status Tracker that allows you to track the progress of your wire transfer. They also provide email updates on the wire's progress.
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Outgoing domestic wire transfers cost $20
Outgoing domestic wire transfers with Ally Bank cost $20. This fee is refunded if you're wiring money from your Ally Bank account to your Ally Invest account. To send a wire transfer, you can use the online form or log in to the mobile app and select 'Wire Money' under 'Transfer and Pay'. You can also print and complete an Ally Bank Domestic Wire Transfer form and fax it to 1-866-608-2635.
It's important to note that wire transfers from your Savings Account will count as one of your ten allowed withdrawals per statement cycle. Additionally, Ally Bank does not process wire transfers on weekends or bank holidays. If you want same-day delivery, it's best to submit your request as early as possible, as all wires must be reviewed and verified before they are delivered. Wires are reviewed and verified by 3 pm ET and sent by 6 pm ET on the same day.
Ally Bank also has security procedures in place for wire transfers. They may verify that you authorised the payment by calling you to confirm that you initiated the request. This "callback" security procedure is standard and meets your security requirements.
While Ally Bank does not charge for incoming wires, intermediary banks may apply fees. To avoid wire transfer fees altogether, you can use free payment services such as Zelle or Venmo to transfer money between bank accounts.
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Ally Bank does not process international transfers
To submit a wire transfer request, you can use the online form or log in to the mobile app and select 'Wire Money' under 'Transfer and Pay'. You can also print and complete an Ally Bank Domestic Wire Transfer Form and fax it to 1-866-608-2635. For same-day delivery, it is recommended to submit the request as early as possible, as all wires are reviewed and verified before delivery. Wires must be reviewed before 3 pm ET and verified wires are sent by 6 pm ET. Wires that are not fully verified will be reviewed the next business day, as wires are not processed on weekends or bank holidays.
It is important to note that wire transfers are not the only way to send money. There are alternative methods such as Zelle, Venmo, Cash App, and other non-bank providers that may charge lower fees for domestic transfers. For international transfers, money transfer service providers like Wise, PayPal's Xoom, and others offer better exchange rates. These methods, however, may have limitations on the amount of money that can be sent.
While Ally Bank does not charge a fee to receive a wire transfer, the bank sending the wire or an intermediary bank may charge a fee. To avoid any issues or delays, it is crucial to ensure that the account number of the beneficiary and the bank routing number of the beneficiary's bank are accurate. Additionally, for security purposes, Ally Bank may verify that you authorized the payment by calling you to confirm the request.
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Intermediary banks may apply fees
Ally Bank does not charge a fee for incoming wire transfers, but there is a $20 fee for each outgoing domestic wire transfer. This fee is refunded if you are wiring money from your Ally Bank account to your Ally Invest account. However, intermediary banks may apply fees.
Intermediary banks, also known as correspondent banks, are financial institutions that facilitate wire transfers between the sending and receiving banks. They act as middlemen when the sending and receiving banks do not have a direct relationship or agreement with each other. In the context of wire transfers, intermediary banks play a crucial role in ensuring the smooth and secure transfer of funds.
When initiating a wire transfer through Ally Bank, it is important to understand that intermediary banks may charge additional fees for their services. These fees are separate from the fees charged by Ally Bank for outgoing wire transfers. The intermediary bank's fee structure can vary depending on factors such as the amount being transferred, the type of transfer (domestic or international), and the specific policies of the intermediary bank.
As a customer, it is your responsibility to be aware of any potential fees that may be incurred by using an intermediary bank. While Ally Bank does not have control over the fees charged by intermediary banks, they provide transparency by informing customers about the possibility of additional charges. It is always a good idea to review the terms and conditions of your wire transfer, including any fees that may be applied by intermediary banks, before initiating the transaction.
To avoid unexpected charges, it is recommended to contact the intermediary bank directly or refer to their website to understand their fee structure and any other applicable charges. By doing so, you can make an informed decision and budget accordingly when sending or receiving wire transfers that involve intermediary banks.
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Transfers between Ally Bank and Ally Invest accounts are free
Ally Bank offers a range of transfer options, including standard and expedited transfers between Ally Bank and Ally Invest accounts, which are free of charge. This means that customers can transfer funds between their Ally Bank and Ally Invest accounts without incurring any fees, providing a seamless and cost-effective way to manage their finances across these accounts.
It's important to note that while transfers between Ally Bank and Ally Invest accounts are free, there may be fees associated with other types of transfers. For example, Ally Bank charges a $20 fee for each outgoing domestic wire transfer to non-Ally accounts. However, if you're transferring funds from your Ally Bank account to your Ally Invest account, this fee is refunded within two business days, making it essentially free for transfers within the Ally ecosystem.
To initiate a wire transfer, customers can use the online form or log in to the mobile app and select "Wire Money" under "Transfer and Pay." Alternatively, they can complete and submit the Ally Bank Domestic Wire Transfer Form. It's worth noting that Ally Bank does not process international wire transfers, and all transfers are subject to review and verification by the bank to ensure security and accuracy.
While transfers between Ally Bank and Ally Invest accounts are free, there are other fees associated with Ally Invest accounts. For example, Ally Invest charges a $50 transfer fee for each partial or full Automated Customer Account Transfer Service (ACATS) transfer of securities or cash to another firm. Additionally, there is a $25 closing fee when an Ally Invest Individual Retirement Account (IRA) is closed upon full distribution of IRA funds.
In summary, transfers between Ally Bank and Ally Invest accounts are free, providing a convenient way for customers to manage their funds across these accounts. However, fees may apply for other types of transfers and transactions, and it's important for customers to review the terms and conditions to understand any potential charges associated with their specific transactions.
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Frequently asked questions
Ally Bank does not charge a fee to receive a wire transfer. However, there is a $20 fee for each outgoing domestic wire transfer. This fee is refunded if you're wiring money from your Ally Bank account to your Ally Invest account.
You can submit a wire transfer request by using the online form or by logging in to the mobile app and selecting "Wire Money" under "Transfer and Pay". You can also print and complete an Ally Bank Domestic Wire Transfer Form and fax it to 1-866-608-2635.
No, Ally Bank does not currently process international wire transfers.
