![]() These methods are good for international transfers, since you can buy them directly in the currency of the nation you’re sending the money to. You can buy these at most financial institutions, certain retailers, post offices and places like Western Union. If you want to stick to more old school methods of transferring money, you can look into money orders or bank drafts. However, Venmo does offer the exact security that a wire transfer can offer. You can easily send any amount of money to your recipient, no matter where they are in the world. You’ll also face a fee for sending money abroad.Īnother electronic alternative is Venmo. If you pay with a debit or credit card, you’ll pay a fee of 2.9% plus $0.30 USD. for free as long as you use your bank account and/or PayPal balance. It can be used to send money domestically and abroad, making it a solid alternative to wire transfers. You can also take advantage of one of the most widely used money services, PayPal. The funds may be available even sooner with this method than through a wire transfer. For one, if the recipient’s bank has a location nearby, you can deposit the amount in cash right into her account at that location. While wire transfers help in long-distance situations, you still have other options. Luckily, if you’re not keen on sending wire transfers, there are other ways to transfer money. This can help you save on fees, especially if you find yourself sending wire transfers often and for the same reason. You may also want to look into simply setting up recurring transfers that are not wires. For example, PNC Bank waives its $30 outbound and $15 inbound domestic transfer fees for customers with a Performance Select Checking account. Of course, if you need a bank employee’s help to send the wire, you’ll want to visit a branch to avoid any mistakes.Īnother way to snag lower or waived wire transfer fees (among other fees) is to open a more “exclusive” checking account. This offers an easier and more convenient way to send a wire transfer and save money at the same time. For example, you can save $10 by sending an online domestic wire through Chase instead of sending it in person. Instead, the bank will do the conversion for you, making the transfer process a little easier on you.ĭifferent financial institutions can offer their own ways to save on wire transfers. To do so, you won’t need to have the foreign currency in-hand. ![]() Choosing this method could help you lessen, or even avoid, a wire transfer fee. Many banks allow customers to wire money in a foreign currency instead of USD. Diamond members get three free wires/month Free for Citi Private Bank, Citigold® Private Client and Citi Global Executive Preferred accounts Free if processed online and in foreign currency worth at least $5,000 USD Three free transfers per quarter for customers with $100,000 or more in household balances. Free for Platinum and Platinum Honors Preferred Rewards customers. Wire Transfer Feesįree for Interest Checking/Advantage accounts and Preferred Rewards customers. bank account could cost you as much as $20 in fees and take up to six days to process. Those costs can run a bit high though, depending on your situation. You can also send wire transfers through companies like Western Union. And naturally this limits your wire transfer options, both inbound and outbound. This may be because of the costs of sending money through an international banking network. Not all financial institutions offer both domestic and international transfers, though.Īs you’ll see below, a number of banks don’t offer international outbound wire transfers. Inbound international wire transfers: $8 per transferĮach bank or credit union has their own rules and regulations on sending and receiving wire transfers.Inbound domestic wire transfers: $6 per transfer.Outbound international wire transfers: $43 per transfer.Outbound domestic wire transfers: $23 per transfer.These amounts are based on SmartAsset’s analysis of 30 banks and credit unions. The following wire fees represent the average amount for the overall market. Many banks will waive the fee on wires if it is coming from another account at the same financial institution. These transfers are divided into four major categories: “outbound domestic transfers,” “outbound international transfers,” “inbound domestic transfers” and “inbound international transfers.” It’s important to note that you also have to pay to be a recipient of a wire transfer. Wire transfers are a great way to send money safely and quickly.
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