dollars however, the recipient bank may charge a fee. That said, some banks do have fine print that enable free wire transfers for certain accountholders.įidelity, for example, offers free incoming and outgoing domestic and international wire transfers in U.S. Few banks, if any, will advertise anything even remotely close to a free wire transfer. Some Banks Offer Free Wire Transfersīank wire transfer fees can vary significantly, from as low as $15-$20 per wire, to as high as $50-$60.

Asking the bank to waive the fee means asking them to eat the cost of moving money-a prospect they’ll generally avoid.

It costs banks money to move money, and that cost is typically passed on to customers in the form of a wire transfer fee. The one thing they all share, however, is the cost associated with executing a transfer through the SWIFT system. Each bank governs terms and fees, and has different approaches for executing wire transfers. When it comes to wire transfers, the first thing to understand is that every banking institution has its own stipulations. It begs the question: is there any way to get a free wire transfer? Why do Wire Transfers Cost Money? If your small business sends money around the world or across borders with any regularity, you know how quickly wire transfer fees can add up. Wire transfers aren’t cheap, and every dollar a business can save itself is one more dollar that goes toward breaking even and becoming profitable. In the case of something like a wire transfer, that cost savings can be a huge boon. For small businesses, anything that comes free means one less thing the business needs to pay for. Everyone loves to take advantage of free opportunities.

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