Are There Charges to Transfer Money from a Bank Account?

The type of charges to transfer money from a bank account varies depending on the bank you use. Customers should not worry when sending money to their family or friends using wire transfer given that they will not incur unnecessary costs from their banks. However, it is important to compare these charges before partnering with any one of them.

Finding Out the Charges to Transfer Money from a Bank Account

All the financial institutions have various fee structures meaning that customers may have to comply with the terms and conditions of their service provider when sending money abroad. Customers sending money internationally may incur approximately 5% while conducting business with some of the major banks in the country. The person receiving the money may be charged $15 to $30. Customers can also use Payoneer, PayPal, MPESA, and Payza to send their funds and the charges start from $1.

Checking Accounts Providers

56f2b1720000ff00058a8c55Loading TrustPilot
Read this MoneyLion review about the financial app’s key features, from investing and direct deposits to rebuilding your credit score.
5c87e59ee271f70001babbf9Loading TrustPilot
Aspiration offers socially-conscious and sustainable cash management services and investment products, so you can make money while making the world a better place.
5ad89d32b9098d0001b0a9daLoading TrustPilot
Discover Current mobile banking app offering transparent banking on the go, convenient access and high yield savings.

Automated clearing house payments (ACH), wire, electronic, direct deposits, and echecks are examples of money transfer options that are readily available to customers. Wire transfer involves the transfer of money from one account to another. Customers can transfer funds between accounts with the same financial institution and the process is easy as long they have enough funds in their account. They are also required to provide certain information when transferring funds to a person in another country such as SWIFT code, bank account number, full names and other details including the routing code.

Customers can choose to partner with any bank that meets their demands. We have provided you a link to help you compare the different money bank transfer options.

The Cost to Send a Wire Transfer

The wire transfer charges imposed by the banks depend on two factors whether they are incoming or outgoing, versus whether they are domestic or international transactions. Incoming domestic wire transfer charges for most banks start at $15 and go up to $60. Wire transfer option is popular given that customers can send their funds quickly. This option of transferring money is divided into four types such as outbound domestic, outbound international, inbound domestic and inbound international, with charges ranging from $23, $43, $6 and $8 respectively. Customers affiliated with Chase and Bank of America may be required to pay between $0 to $50 for both domestic and international wire transfers. Wire transfer is the best option for customers who are sending large amounts of money as the charges to transfer money from a bank account on smaller amounts would not be justifiable.

Checking Accounts Providers

56f2b1720000ff00058a8c55Loading TrustPilot
Read this MoneyLion review about the financial app’s key features, from investing and direct deposits to rebuilding your credit score.
5c87e59ee271f70001babbf9Loading TrustPilot
Aspiration offers socially-conscious and sustainable cash management services and investment products, so you can make money while making the world a better place.
5ad89d32b9098d0001b0a9daLoading TrustPilot
Discover Current mobile banking app offering transparent banking on the go, convenient access and high yield savings.

Customers are not charged for using their ATMs, transferring money using their mobile. The charges for transferring money through wire transfer depend on whether they are using their mobile application or the internet. However, they may be charged for transferring funds from one bank to another, for example, EUR 5 or more.

There are numerous tools that can be used to help customers to choose the most suitable bank to partner with. This is necessary given that they may want to transfer money through wire transfer in the future. Using the tool below, they will know what to look for when searching for such banks to save their money.

You may also like

Don’t want to wait for a debit card to arrive? Get an instant virtual debit card instead. We’ll share how to get it and why you should.
Read more

Advertisement Disclosure

Product name, logo, brands, and other trademarks featured or referred to within Banks.com are the property of their respective trademark holders. This site may be compensated through third party advertisers. The offers that may appear on Banks.com’s website are from companies from which Banks.com may receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. However, this compensation also facilitates the provision by Banks.com of certain services to you at no charge. The website does not include all financial services companies or all of their available product and service offerings.