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
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
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.