Most domestic bank transfers between your own accounts are free, but transfers to other people's accounts, international moves, and wire transfers each have different costs

The cost of a bank transfer depends on what kind of transfer you are making. Moving money between two accounts you own at the same bank is almost always free. Sending money to someone else's account at your bank is usually free. But sending money to another bank, moving money internationally, or using a wire transfer can cost anywhere from nothing to $50 or more per transaction, depending on your bank and the method you choose.

The fees are not standardized — your bank sets its own prices. Two banks might charge $15 and $30 for the same wire transfer. Some banks waive fees for certain account types or if you maintain a minimum balance. The only way to know what you will actually pay is to check your bank's fee schedule or call and ask before you transfer.

Key Takeaways

  • Transfers between your own accounts at the same bank and transfers to other people at your bank are typically free.
  • Domestic transfers to another bank (ACH transfers) are usually free but can take one to three business days.
  • Wire transfers cost $15 to $50 and arrive the same day or next business day, but the money cannot be reversed once sent.
  • International transfers cost $15 to $50 plus a currency exchange markup, and the recipient's bank may charge a receiving fee on top of that.
  • Some banks waive transfer fees for premium accounts or customers with high balances, so check your account terms.

Transfers between your own accounts at the same bank

Moving money from one account to another account you own at the same bank costs nothing. This includes transfers between a checking and savings account, or between two checking accounts. The transfer is when ready or takes a few hours, depending on whether you do it during business hours.

This is true even if the accounts are in different states or different branches. The bank is moving its own money internally, so there is no cost to pass on to you.

Transfers to other people at your bank

Sending money to someone else who has an account at your same bank is free at most banks. The money usually arrives within hours or by the next business day. You will need the recipient's account number or the account holder's name and routing number, depending on how your bank's system works.

A few banks charge a small fee for this service, usually $1 to $3 per transfer, but this is uncommon. Check your bank's fee schedule to be sure, or ask a teller before you send the money.

Domestic transfers to another bank (ACH transfers)

An ACH transfer (Automated Clearing House) is the standard way to send money to someone at a different bank. It is free at most banks, though a small number charge $1 to $3. The transfer takes one to three business days because the banks have to clear the transaction through a central system.

ACH transfers are reversible if something goes wrong — if you send money to the wrong account, you can contact your bank and ask them to recall it. This makes them safer than wire transfers, which cannot be undone.

You can also receive ACH transfers for free. If someone sends you money this way, your bank will not charge you a fee to receive it.

Wire transfers (domestic)

A wire transfer moves money the same day or next business day, which is much faster than an ACH transfer. The cost is usually $15 to $30 for a domestic wire, though some banks charge up to $50. A few banks waive wire fees for customers with premium accounts or very high balances.

Wire transfers are final once they are sent. You cannot reverse a wire transfer the way you can reverse an ACH transfer. If you send money to the wrong account or the recipient does not exist, the money is gone and recovery is difficult and slow. For this reason, wire transfers are a common target for fraud — scammers often trick people into wiring money by posing as a trusted person or business.

The recipient's bank may also charge a receiving fee for a wire transfer, usually $10 to $15. This fee comes out of the money they receive, so if you wire $1,000 and the recipient's bank charges $15, they get $985.

International transfers

Sending money to another country costs more and involves more steps. Your bank will charge an outgoing wire fee, usually $25 to $50. On top of that, the bank will explore an exchange rate markup — this is how they make money on currency conversion. The markup is typically 1 to 3 percent above the real market rate, though some banks charge more.

The recipient's bank may also charge an incoming wire fee, usually $10 to $25. This fee is deducted from the amount the recipient receives. So if you send $1,000 internationally, you might pay $40 in your bank's fee plus a 2 percent markup on the exchange rate, and the recipient's bank might take another $15, meaning the recipient gets significantly less than $1,000.

International transfers take two to five business days. Some banks offer international transfer services through partners like Wise or OFX that may have lower fees and better exchange rates, but these are separate services and not all banks offer them.

How to find out what your bank charges

Your bank's fee schedule is public information and is usually available on their website under "Fees" or "Pricing." You can also call your bank's customer service line and ask what they charge for each type of transfer. Be specific — ask about ACH transfers, wire transfers, and international transfers separately, because the fees are different.

If you transfer money frequently, compare fees across banks before you open an account. Some banks are known for low or no transfer fees, while others charge for almost everything. Online banks often have lower fees than traditional banks because they have fewer physical branches to maintain.

Frequently Asked Questions

Do I get charged if someone sends me money?

No, you do not pay a fee to receive an ACH transfer or a domestic wire transfer. The sender pays the fee. However, the recipient's bank may charge a fee for receiving an international wire, which comes out of the money you receive.

Can I cancel a transfer after I send it?

ACH transfers can usually be recalled within one business day if you contact your bank right away. Wire transfers cannot be reversed once they are sent. If you made a mistake, contact your bank when ready, but do not expect to get the money back.

Why do some banks charge for transfers and others don't?

Banks set their own fees based on their costs and business model. Online banks often charge less because they have lower overhead. Premium accounts sometimes waive fees as a benefit. There is no regulation that requires banks to charge or not charge for transfers.

What is the difference between a wire transfer and an ACH transfer?

Wire transfers are faster (same day or next day) and cost $15 to $50, but cannot be reversed. ACH transfers take one to three days and are usually free, but can be recalled if there is a problem. Use ACH for routine payments and wire transfers only when speed is critical.

How much does it cost to send money internationally?

Your bank charges $25 to $50 for the outgoing wire, plus a currency markup of 1 to 3 percent. The recipient's bank may charge $10 to $25 to receive it. The total cost varies by bank and country, so ask your bank for a quote before you send.