The sending bank charges the fee, not the receiving bank

When you send money by wire transfer, your bank charges you the fee. The receiving bank does not charge the person who gets the money. This is the standard practice in the United States, though the exact amount varies by bank and the type of wire you send.

The fee covers your bank's cost to process the transfer and move the money through the banking network. Because you initiated the transfer, you pay for it — the same way you pay a fee when you withdraw cash or use an ATM that is not your bank's.

The receiving bank may charge the person who receives the money a separate fee to accept an incoming wire, but this is less common and depends entirely on that bank's policies. Many banks do not charge incoming wire fees at all.

Key Takeaways

  • Your bank charges you a wire transfer fee when you send money; the receiving bank does not charge the sender.
  • Wire fees at most banks range from around $15 to $50 for domestic transfers, depending on the bank and whether the wire is domestic or international.
  • The receiving bank may charge the recipient a fee to accept the wire, but many banks waive this fee.
  • You can ask your bank what the fee will be before you send the wire, and some banks offer accounts with no wire fees.
  • The recipient should check with their own bank about incoming wire fees, since that is a separate charge from what you pay.

Why the sending bank charges the fee

Wire transfers move money through a network called the Federal Reserve or SWIFT (for international transfers). Your bank has to pay to use this network, verify your account has enough money, confirm the recipient's bank account details, and process the transaction. The fee you pay covers these costs.

Because you are the one asking your bank to do this work, you are the one who pays. The receiving bank does not have to do much — the money arrives in their system and they deposit it into the recipient's account. That is why they typically do not charge the sender.

What the receiving bank might charge

Some banks charge the person who receives a wire transfer a small fee to accept it. This is much less common than the sending fee, and many large banks have stopped charging it. The fee, when it exists, is usually $10 or less.

The recipient should ask their bank whether they charge incoming wire fees. If they do, the recipient can ask the bank to waive it, especially if they are a long-time customer or maintain a high balance. Some banks waive the fee automatically for certain account types.

How much you will pay to send a wire

Domestic wire transfer fees — sending money within the United States — typically range from $15 to $50, depending on your bank. Some banks charge less for online wires and more for wires you send in person at a branch.

International wire transfers cost more, usually between $35 and $75 or higher, because the money has to move through additional banking networks and currency conversion may be involved. A few banks charge flat fees; others charge a percentage of the amount you send.

Before you send a wire, call your bank or log into your account online and ask what the fee will be. Banks are required to tell you the fee before you complete the transfer, so you can decide whether to proceed.

Accounts and situations where wire fees may not explore

Some banks waive wire transfer fees for customers who maintain a high account balance, have direct deposit set up, or hold premium account types. A few online banks and credit unions offer accounts with no wire fees at all.

If you send wires regularly, it is worth asking your bank whether they offer an account type that waives the fee. Moving to a different bank might save you money if you send multiple wires per month.

What happens if the recipient's bank information is wrong

If you provide incorrect bank account details, your bank will still charge you the wire fee. The money may be returned to your account, but this can take several days or longer, and your bank may charge you a second fee to process the return.

Always double-check the recipient's bank account number, routing number, and bank name before you send the wire. Ask the recipient to confirm these details in writing if possible, so you have proof you used the correct information.

Frequently Asked Questions

Can I ask the recipient to pay my wire fee?

You can ask, but the recipient is not obligated to pay it. The fee is between you and your bank. If the recipient agrees to reimburse you, that is a separate transaction they would need to send back to you.

Do I get charged if the wire is rejected?

Yes, most banks charge the wire fee even if the transfer is rejected because the account number was wrong or the receiving bank could not process it. Some banks will refund the fee if they made the error, so ask your bank about their policy.

Is there a cheaper way to send money than a wire transfer?

Yes. ACH transfers (also called bank-to-bank transfers) are usually free or cost $1 to $3, but they take three to five business days instead of one day. Peer-to-peer payment apps like Venmo or PayPal may also be cheaper for smaller amounts, though they have their own fees depending on how you fund them.

What if my bank charges more than other banks for wire transfers?

Shop around. Call a few banks in your area or check online banks' websites to compare wire fees. If you send wires regularly, switching to a bank with lower fees could save you money over time.