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.
16 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 is a 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. 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.
5. 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.
6. 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.
7. PNC Bank
Domestic transfer fees: $0 outgoing, $0 incoming
International wires: $40-$50 outgoing; $15 incoming
Qualifications for free: Performance Select Checking account holders
PNC Bank provides free incoming and outgoing domestic wire transfers for customers with a Performance Select Checking account. This benefit also extends to some other account types, although specifics are not detailed. To utilize this service, transactions must be initiated in branch or via phone or the PNC app.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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.
15. 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.
16. 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.
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 send money internationally, the fee will be the highest, while domestic incoming wire transfers tend to be the least expensive.
Benefits of Using Wire Transfers
Wire transfers are one of the fastest ways to move money directly from one bank account to another. Unlike peer-to-peer payment apps, cashier’s checks, or ACH transfers, wire transfers are designed for speed and higher transaction limits.
While other payment methods may take several days to clear, a domestic wire transfer is often completed the same day. This makes it especially useful when you need funds delivered quickly—such as for real estate closings, large purchases, or emergency expenses.
Although wire transfers may come with fees, the convenience and reliability often outweigh the cost for time-sensitive transactions.
Common Wire Transfer Fees
Wire transfer costs vary based on whether the transfer is domestic or international, incoming or outgoing. Domestic incoming wires are usually the cheapest and often free, while international outgoing wires are typically the most expensive.
On top of standard bank charges, you may also encounter extra fees for expedited delivery, intermediary banks, or currency conversion. Here’s how the most common fees break down.
Incoming Wire Transfer Fees
Domestic incoming wires are often free because the sending bank usually covers the cost. If your bank does charge, it is generally a small flat fee.
International incoming wires are more expensive. These transfers often pass through one or more intermediary banks before reaching your account, and each step can add an extra charge. Those costs are usually deducted from the amount you receive.
Outgoing Wire Transfer Fees
Sending money out almost always costs more than receiving it. Domestic outgoing wire fees usually fall between $15 and $35, though some banks may go as high as $50.
International outgoing wires are the priciest because multiple banks may handle the transfer. Each institution charges for processing, which drives up the total.
Expedited Service
Most domestic wire transfers settle the same business day, and in some cases within hours. International wires usually take two to five business days.
Some banks offer expedited service for an additional fee. Before paying, confirm how much faster the transfer will actually arrive, as the improvement may be minimal compared to the standard timeline.
Third-Party Transaction Fees
Even if your bank advertises free or discounted wires, outside institutions can still add charges. Intermediary banks may deduct fees during the transfer process, especially on international wires.
These extra costs are often unavoidable and are typically taken directly out of the amount being sent or received, reducing the final balance that reaches the recipient.
International Wire Transfers
International wires include all the same charges as domestic transfers, plus added costs for crossing borders. Fees are applied by the sending bank, the receiving bank, and often intermediary banks in between.
Currency conversion is another factor. If you’re sending U.S. dollars to a foreign account, the recipient’s bank will convert the money into local currency, often at a marked-up exchange rate. This hidden cost can make international transfers significantly more expensive than domestic ones.
Why Wire Transfers Are Expensive
Wire transfers move money instantly, which creates both speed and risk. Once funds are sent, they can’t be reversed, so banks absorb more liability compared to slower methods like ACH. To offset that risk and the immediate liquidity they must provide, banks often charge higher fees, especially for outgoing transfers.
International wires add even more cost. Currency conversion, fluctuating exchange rates, and intermediary banks all create extra expenses that get passed on to customers. Even if your bank advertises free transfers, foreign banks or middlemen may still deduct fees before the money arrives.
Information Required for a Wire Transfer
To send a wire transfer, you’ll need to provide identification and your own account details, including your bank’s ABA routing number and your account number. If you’re initiating the transfer online, a photo ID may not be required, but the rest of the details will be.
You’ll also need complete information for the recipient. This includes their full name, address, phone number, bank account number, and routing or transit number. For international transfers, additional details such as a SWIFT code or IBAN may also be required. Having everything ready ensures your transfer goes through without delays.
Bottom Line
Wire transfers are fast, secure, and reliable, but they often come with higher costs than other payment methods. Domestic incoming wires may be free at many banks, but sending money—especially across borders—can get expensive once fees, exchange rates, and intermediary banks are factored in.
If you expect to use wire transfers often, it’s worth comparing banks and account types that reduce or eliminate fees. Choosing the right account can save you money while still giving you the speed and certainty of a wire transfer when you need it most.
