Which Banks Offer Free Wire Transfers? - Crediful (2024)

If you’re sending or receiving a large sum of money, paying electronically via wire services can be the fastest, safest way to send money.

But this type of money transfer does come with fees. They’ll vary depending on whether they’re incoming, outgoing, domestic, or international. If you think you’ll frequently send money this way, a bank that lets you avoid wire transfer fees can help you save money.

17 Banks & Credit Unions That Offer Free Wire Transfers

If you frequently send money via wire, consider opting for a bank that provides wire transfers without added fees, either online or in-branch. Here list of banks that offer fee-free wire transfers in some form or another.

1. Ally Bank

  • Domestic wire transfer fees: $20 outgoing; incoming free
  • International wires: Outgoing not available; incoming free
  • Qualifications for free: All customers qualify

Those who need to receive, but rarely send, wire transfers might want to take a look at Ally Bank. Incoming wire transfers are free, whether they’re domestic or international.

Outgoing domestic wire transfers are only $20 per transaction. Note that Ally discontinued international outgoing wire transfers in 2013, so you’ll need to use a third-party source to send transfers from your bank account overseas.

2. Fidelity

  • Domestic wire transfer fees: Free
  • International wires: Free
  • Qualifications for free: Available to all Cash Management account holders regardless of balance

A Fidelity Cash Management account offers free domestic and international wires. However, like Ally, Fidelity won’t cover any fees charged by the receiving bank.

You can set up an account at Fidelity without an opening deposit. There are no account minimums, and you’ll earn 2.72% APY on your balance.

3. Charles Schwab Bank

Domestic wire transfer fees: $25 outgoing; incoming free

International wires: $25 outgoing; incoming free

Qualifications for free: All customers qualify

Charles Schwab Bank offers competitive wire transfer fees for its customers. Incoming domestic and international wire transfers are free for all clients. Domestic and international outgoing wire transfers both have a fee of $25 per transaction.

With free incoming international wires transfers and relatively low outgoing transfer fees, Schwab is a strong choice for individuals who frequently transfer funds.

4. Bank of America

  • Domestic wire transfer fees: $30 outgoing; $15 incoming
  • International wires: $45 outgoing; $16 incoming
  • Qualifications for free: Platinum or Diamond Tier account requires $50,000 for free incoming and $1 million balance to add two free outgoing transfers per statement period

To get free wire transfers with Bank of America, you’ll need to maintain a balance of at least $1 million. Only Diamond Tier members get free incoming and outgoing transfers. With outgoing transfers, though, you’ll be limited to two freebies per statement period.

However, if you mostly receive transfers, you may be able to get away with a $50,000 balance. You’ll get free incoming wire transfers with all Platinum Tier accounts.

5. Axos Bank

Domestic wire transfer fees: $35 outgoing; $0 incoming

International wires: Outgoing not available; incoming free

Qualifications for free: All account holders qualify

Axos Bank provides wire transfer services with free incoming transfers for all customers, whether domestic or international. Outgoing domestic wire transfers cost $35 per transaction. However, Axos Bank does not offer outgoing international wires.

6. Wells Fargo

  • Domestic wire transfer fees: $30 outgoing; $15 incoming
  • International wires: $40 outgoing; $16 incoming
  • Qualifications for free: Premier Checking account comes with a $25 per month service fee without a $250,000 balance

Wells Fargo waives wire transfer fees for its Premier Checking account members. You’ll need to make a $25 opening deposit, but there is no minimum daily balance to qualify for free transfers.

There is a monthly service fee of $25 on this account, but it will be waived if you maintain a $250,000 daily balance. If you have accounts linked to your Premier Checking account, a wire transfer fee will apply to any of those accounts, so you’ll need to be diligent to avoid fees.

7. Citibank

  • Domestic wire transfer fees: $17.50-$25 outgoing; $0-$15 incoming
  • International wires: $0-$35
  • Qualifications for free: Lowest minimum balance is $50,000

Citibank waives wire fees on certain accounts, including Private Client, Citi Alliance, and Citigold. But most of Citibank’s other accounts waive incoming domestic transfer fees, with fees for outgoing domestic transfers ranging from $17.50 to $35 per transaction.

The best thing about Citibank is that even international transfer fees are waived on accounts that include it. But the problem is that the accounts with zero fees all require higher balances. Citi Alliance, for instance, has a minimum balance requirement of $50,000, while Citigold is only available for balances of $200,000 or more.

8. Chase

  • Domestic wire transfer fees: $15-$35 outgoing; $0-$15 incoming
  • International wires: $5-$45 outgoing; $0-$15 incoming
  • Qualifications for free: Sapphire Checking requires a $75,000 balance to waive the $25 monthly service fee

Chase doesn’t charge wire transfer fees for its Chase Sapphire Checking account. With Chase’s other checking options, wire fees cost $5 to $40.

Chase has a good deal for its other accounts, though. You’ll only pay $5 if you send your international payments in the currency of the receiving party. Incoming domestic and international fees are also waived if the payment is coming from an overseas Chase branch. You can also save on fees by launching your transfer online rather than visiting a physical branch.

9. CIT Bank

  • Domestic wire transfer fees: $0-$10 outgoing; free incoming
  • Fees for banks outside the U.S.: Not available
  • Qualifications for free: Free outgoing transfers require $25,000 balance

CIT Bank’s eChecking accounts, as well as its money market account and savings accounts, come with free incoming wire transfers. Outgoing domestic wires cost $10 per transaction unless you have a balance of $25,000 or more.

If you plan to conduct wire transfers internationally, CIT Bank might not be the best option. CIT only provides domestic wire services.

10. Alliant Credit Union

Domestic wire transfer fees: $25 outgoing; $0 incoming

International wires: $50 outgoing; $0 incoming

Qualifications for free: All members qualify

Alliant Credit Union offers free incoming wires for all members, whether they’re domestic or international. Outgoing domestic wires cost $25 per transaction, and outgoing international wire transfers are $50.

11. HSBC

Domestic transfer fees: $15 outgoing; incoming free

International wires: $35 outgoing; incoming free

Qualifications for free: All Premier account holders qualify for free transfers

HSBC is a solid choice for those who regularly engage in both domestic and international wires. Incoming wire transfers are free, regardless of their origin. Outgoing domestic transfers cost $15 per transaction, while international outgoing wire transfers are $35.

For customers with a Premier account, all incoming and outgoing wire transfers are free of charge, providing additional value to those who frequently send and receive money.

12. E·Trade

  • Domestic transfer fees: Outgoing free if initiated online; incoming free
  • Foreign transfers: Outgoing free if initiated online; incoming free
  • Qualifications for free: No opening deposit or minimum balance required

E·Trade specializes in online trading, but there’s also a checking account packed with perks. One of those perks is free incoming transfers from any overseas or US bank account.

For outgoing transfers, the fee will only be waived if you initiate the transfer online. Phone-requested wires cost $25 per transaction.

13. Synchrony Bank

Domestic transfer fees: $25 outgoing; incoming free

International wires: Not available

Qualifications for free: All customers qualify

Synchrony Bank provides wire transfer services for domestic transactions only. Incoming domestic wire transfers are free for all customers, while outgoing transfers cost $25 per transaction.

Synchrony does not offer international wires, so customers who need to send or receive funds overseas will need to consider an alternative method or bank.

14. Discover Bank

Domestic transfer fees: $30 outgoing; incoming free

International wires: Incoming free

Qualifications for free: All customers qualify

Discover Bank provides free incoming wire transfers to all its customers. Outgoing domestic wire transfers cost $30 per transaction. Discover Bank does not support international wires.

15. Connexus Credit Union

Domestic transfer fees: $20 outgoing; $0 incoming

International wires: Outgoing not available; $0 incoming

Qualifications for free: All members qualify for free incoming domestic transfers

Connexus Credit Union offers free incoming domestic wires for all members. Outgoing domestic wires cost $20 per transaction. Connexus Credit Union does not offer outgoing international wire transfer services. Incoming international wire transfers are free.

16. Navy Federal Credit Union

Domestic transfer fees: $14 outgoing; $0 incoming

International wires: $25 outgoing (USD) or $40 (foreign currency); $0 incoming

Qualifications for free: All members qualify

Navy Federal Credit Union provides wire transfer services with free incoming wires for all members, whether domestic or international. Outgoing domestic wires cost $14 per transaction. For outgoing international wires, the fees are $25 if sent in USD and $40 if sent in foreign currency.

Please note that Navy Federal Credit Union membership is open to members of the military, Department of Defense (DoD) civilian employees, veterans, and their family members.

17. BMO Harris Bank

Domestic transfer fees: $30 outgoing; $0 incoming

International wires: $50 outgoing; $0 incoming

Qualifications for free: All customers qualify

BMO Harris offers free incoming wires for all customers, whether domestic or international. Outgoing domestic wires cost $30 per transaction, and outgoing international wire transfers are $50.

Which Banks Offer Free Wire Transfers? - Crediful (1)

How much does it cost to send a wire transfer?

Sending money using wire services will typically come with a fee. Popular wire service Western Union charges on a sliding scale based on the amount of money and how you’re sending it. On the other hand, banks charge using a flat fee that can vary between account types.

If you have a bank account, though, you may want to compare its pricing against what third-party services charge. You’ll be charged a one-time transaction fee of usually no more than $50. If you wire money internationally, the fee will be the highest, while domestic incoming wire transfers tend to be the least expensive.

Why use wire transfer?

There are multiple ways to transfer money from one bank account to another. You can use peer-to-peer payment apps, request a cashier’s check, or use ACH. The latter is typically for ongoing payments like employee paychecks.

But each of those ways of transferring money can take time. You may pay fees anyway, and often the funds take a couple of days to make it through the system. If you set up a wire transfer online, it can be faster than other options, and typically the per-transaction limits are higher.

What fees should I expect?

Like money-transfer services, wire transfer fees are lowest for incoming domestic wires and most expensive for outgoing international wires. But there are a few other fees you’ll sometime see as well. Here’s a breakdown of the various fees financial institutions charge for transfers.

Incoming Wire Transfer Fees

The fastest, least expensive way to wire money is within the U.S. Domestic wires require fewer steps, so your financial institution may even offer the service for free. This is especially true of incoming wires since sender bank accounts typically absorb all costs.

If you’re receiving international transfers, though, you may see higher fees. An international wire transfer typically has to go through multiple banks before it gets to your account. Those intermediary banks will likely charge fees, and the stateside charges will probably be passed on to the recipient.

Outgoing Wire Transfer Fees

Higher fees will apply to outgoing wire transfers. This is the case when you send money internationally or within the U.S. Domestic outgoing wire transfer fees can range from a few dollars to $50, but it still won’t be as much as if you send money abroad.

International outgoing wire transfers will veer toward the higher end of that $0 to $50 range. That’s because banks charge fees along the way. Those banks have their own processing systems, and each of those systems comes with fees. No matter what transfer service you use, you’ll likely find sending money internationally costs more.

Expedited Service

Generally speaking, domestic wire transfers can be completed the same day. In some cases, money transfers are immediate. However, that’s not the case for international wires, which can take two to five days.

Banks will sometimes charge a fee for next business day service or same business day service. Before paying it, make sure you determine how long it will take without paying that fee. If a bank is advertising expedited international wires for a fee, find out exactly how many days you’re shaving off the delivery time before you pay.

Third-Party Transaction Fees

Many banks have fine print attached to their fee schedules. If you pull out your magnifying glass and read it, you’ll find that the discount doesn’t include fees charged by other financial institutions. You may see “free wire transfers” advertised, only to find that you’re stuck with fees charged by the sending or receiving bank.

Typically, the sender pays the fees when money is wired. But many banks charge a fee for sending and receiving money. You may find that third-party fees are tacked onto that, especially with transfers outside the U.S.

International Wire Transfers

Sending money from one country to another can be complicated. Banks on either end charge, but some banks also need an intermediary bank to move the funds. At each of those steps, fees will be charged, and those fees will be charged to each party as outgoing and incoming wire fees.

But the biggest difference between domestic and international wires is currency conversion. You’re used to dealing with U.S. dollars, but the bank on the other end will need to convert it to the local exchange rates. Typically, this comes with currency conversion fees that you’ll have to account for when you’re setting up the transfer.

Why do wire transfers cost so much?

Wire transfers aren’t just risky for consumers; banks are also at risk. Unlike ACH transactions, a wire transfer ensures funds are immediately available to the recipient. Consequently, more banks are offering lower fees or even complimentary services for incoming transactions. The outgoing bank deducts from its reserve to cover this service, and if something goes wrong, there’s no way to recall the funds.

A significant reason for these high fees is international transactions. When sending money abroad, banks convert U.S. currency to the target foreign currency, dealing with daily fluctuating exchange rates. The charges banks face during these currency shifts result in international money transfer fees for customers.

What do you need to perform a wire transfer?

Before you log into your bank account or head to the bank, you’ll need to gather some information. In person, you’ll need a photo ID. You won’t need that with online transactions. In either case, you’ll probably also need your bank’s ABA routing number along with your own account number.

But the tricky part is gathering the recipient’s information. Your bank will need to know the full name, address, and phone number of the recipient. You’ll also need the recipient’s routing number, bank account number, and transit number.

Bottom Line

Online banks and credit unions often look for ways to compete with brick-and-mortar banks. If you find yourself wiring money often, it might be well worth it to open an account with a bank that waives fees on funds transfers. Incoming fee waivers are common, but finding a bank that charges nothing to wire money outside the U.S. can be tricky.

As an expert in personal finance and banking services, I can provide comprehensive insights into the concepts mentioned in the article about wire transfers and the associated fees. My expertise is grounded in a deep understanding of various banking institutions and their specific wire transfer offerings.

The article primarily covers the following key concepts:

  1. Wire Transfer Fees: The article emphasizes that wire transfers, while fast and secure, come with fees. These fees vary based on the type of transfer (incoming or outgoing) and whether it is domestic or international.

  2. Banks Offering Free Wire Transfers: The article lists several banks and credit unions that provide fee-free wire transfers, highlighting their specific fee structures for both domestic and international transactions.

    • Ally Bank: Offers free incoming wire transfers and charges $20 for outgoing domestic transfers. Discontinued international outgoing wire transfers in 2013.

    • Fidelity: Provides free domestic and international wire transfers for all Cash Management account holders.

    • Charles Schwab Bank: Offers free incoming domestic and international wire transfers. Charges $25 for outgoing domestic and international transfers.

    • Bank of America: Charges $30 for outgoing domestic transfers and $45 for outgoing international transfers. Offers free incoming transfers for Platinum or Diamond Tier account holders.

    • Axos Bank: Provides free incoming domestic and international wire transfers. Charges $35 for outgoing domestic transfers.

    • Wells Fargo: Waives wire transfer fees for Premier Checking account members, with conditions on balance requirements.

    • Citibank: Offers fee waivers on wire transfers for specific account types with varying minimum balance requirements.

    • Chase: Offers free wire transfers for Chase Sapphire Checking account holders and provides discounted fees for other accounts.

    • CIT Bank: Provides free incoming wire transfers and charges $10 for outgoing domestic transfers unless a $25,000 balance is maintained.

    • Alliant Credit Union, HSBC, E·Trade, Synchrony Bank, Discover Bank, Connexus Credit Union, Navy Federal Credit Union, and BMO Harris Bank: Each has its own fee structures for wire transfers.

  3. Factors Influencing Wire Transfer Costs:

    • Account Types: Some banks waive fees based on the type of account and the account holder's balance.

    • International Transfers: Typically cost more due to intermediary banks, currency conversion fees, and fluctuating exchange rates.

    • Expedited Services: Banks may charge extra for expedited or same-day wire transfers.

    • Third-Party Transaction Fees: Hidden fees from other financial institutions involved in the transfer process.

  4. Comparison with Other Money Transfer Methods: The article briefly mentions that wire transfers are one of several methods to transfer money and compares them with peer-to-peer payment apps, cashier’s checks, and ACH transfers.

  5. Why Wire Transfers Cost So Much: The article explains that wire transfers are immediate, and banks face risks, especially with international transactions involving currency conversion. These risks contribute to the relatively high fees associated with wire transfers.

  6. Requirements for Wire Transfers: The article outlines the information needed to perform a wire transfer, including personal identification, bank ABA routing number, account number, and recipient details such as name, address, and account information.

In summary, the article offers a comprehensive guide for individuals considering wire transfers, providing details on fees, bank options, and factors influencing the costs associated with this method of money transfer.

Which Banks Offer Free Wire Transfers? - Crediful (2024)

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