The average fee for a wire transfer runs anywhere from $5-$25 but can be as expensive as 2% of the transfer amount. I send around $10,000 of wire transfers per month for my business, and those fees can add up quickly. That’s why I sought out a business bank account with free wire transfers.
Several personal and business bank accounts offer free wire transfers. If you send a lot of wire transfers or they’re crucial to your business, this account perk is well worth looking into.
At BankBonus, we’ve reviewed hundreds of banks and individual accounts and zeroed in on the best banks with free wire transfers, noting the qualifications for each one.
13 Banks That Offer Free Wire Transfers
Several banks offer free wire transfer services, which can save you significant money when you need to transfer funds.
Some banks only offer free wire transfers to customers who open specific accounts or meet minimum requirements, while others are free for all customers.
- Citibank
- Chase
- CIT Bank
- Wells Fargo
- Bank of America
- Fidelity
- Mercury Business
- Schwab
- HSBC
- Eastern Bank
- Citizens Bank
- PNC
- Synchrony
1. Citibank
- Incoming wire transfer fee: $0-$15
- Outgoing wire transfer fee: $0-$25
Personal
Citibank waives its wire fees for several relationship bank accounts, including Citigold Private Client, Citi Alliance, and Citigold International, as well as the basic Citigold account. It also offers free wire transfers for Private Bank accounts.
Business
In terms of its business accounts, Citi waives some wire transfer fees for preferred program members. Here are the details and requirements for each:
- CitiBusiness Preferred Banking: Preferred accountholders get their first five incoming wires, the first two outgoing international wires, and the first two outgoing domestic wires free each month. To qualify, you need to pay a $40 monthly fee or maintain a $15,000 average daily balance.
- CitiBusiness Preferred Banking Plus: The Plus account gives you unlimited free incoming wires and four free international wires per month. The program has a $95 monthly fee, which can be waived with a $50,000 daily balance.
2. Chase
- Incoming wire transfer fee: $0-$15
- Outgoing wire transfer fee: $0-$50
Personal
Chase customers with the Sapphire Checking account pay no wire fees for incoming or outgoing wire transfers. The Sapphire Checking account requires a $25 monthly fee or a combined average daily balance of $75,000 in qualifying Chase banking and investment accounts.
Chase Private Client Checking also provides free wire transfers, with a monthly fee of $35 or a combined average daily balance of at least $150,000.
Customers with Enhanced Military Benefits also enjoy complimentary incoming and outgoing wire transfers. To qualify, active duty and reserve military members need to direct deposit their military base pay into a Chase account.
Business
Chase Performance Business Checking offers unlimited incoming wire transfers and covers your first two outgoing domestic wires per month. The account requires a $30 monthly fee, or a $35,000 combined average daily balance.
Meanwhile, the Chase Platinum Business Checking account offers unlimited incoming free wire transfers, plus your four most expensive outgoing wires per month. The Platinum account costs $90 per month unless you maintain a $100,000 combined average daily balance.
3. CIT Bank
- Incoming wire transfer fee: $0-$10
- Outgoing wire transfer fee: $0-$10
CIT customers with an eChecking, savings, or money market account get free incoming wire transfers. In addition, if your account has a balance of over $25,000, you’ll also get free outgoing wires. Otherwise, the fee is $10, which is lower than the average fee. We
CIT Bank doesn’t offer business checking accounts.
4. Wells Fargo
- Incoming wire transfer fee: $0-$16
- Outgoing wire transfer fee: $0-$45
Personal
Wells Fargo’s Prime Checking and Premier Checking accounts provide free incoming wire transfers, and the Premier Checking account offers unlimited free outgoing wire transfers, both domestic and international.
The Premier account has a $35 monthly fee you can waive with a balance of $250,000 or more across qualifying accounts.
Business
On the business side of the house, the Navigate Business Checking account covers your first two outgoing domestic wires per month and waives all incoming wire fees. While there’s a $25 monthly fee, you can waive it by meeting minimum balance requirements.
Meanwhile, Optimize Business Checking allows up to five free outgoing wires, with a $75 monthly account fee.
5. Bank of America
- Incoming wire transfer fee: $0-$15
- Outgoing wire transfer fee: $0-$45
Personal
Bank of America Relationship Checking account holders don’t pay fees for incoming domestic wire transfers, with a $25 monthly fee that can be waived with a daily balance of $20,000 or enrollment in Preferred Rewards.
Diamond Tier Preferred Rewards members (who have at least $1 million), can send two fee-free wires per month, while Diamond Honors members can send unlimited domestic and international wires. You need a 3-month average daily balance of $1 million to $10 million to qualify for Diamond status.
Business
Similarly, Bank of America offers free incoming wires to Business Advantage Relationship Banking account holders, with a waivable $29.95 monthly fee.
6. Fidelity
- Incoming wire transfer fee: $0
- Outgoing wire transfer fee: $0
As an investment brokerage, Fidelity doesn’t have a wealth of accounts like some of the banks on the list, but its cash management account does offer fee-free wires.
Fidelity doesn’t charge wire fees when you transfer money to or from your cash management account. However, the brokerage states that the receiving or sending bank may charge a fee, so you should check on both sides.
7. Mercury Business
- Incoming wire transfer fee: $0
- Outgoing wire transfer fee: $0-1%
Mercury Business has one bank account, and it includes free wire transfers for domestic and international transfers. However, there’s an optional $15 add-on if you want to cover your recipient’s fees.
Additionally, Mercury charges a 1% currency exchange fee for all non-USD wires.
8. Schwab
- Incoming wire transfer fee: $0
- Outgoing wire transfer fee: $0-$25
Schwab is another brokerage that allows some free wire transfers to and from its cash management accounts. Schwab doesn’t charge a fee for incoming wire transfers for individual investor accounts.
While there is a $25 fee for outgoing transfers (or $15 for transfers initiated online), if you have a balance of at least $100,000, you’ll get three free domestic outgoing wires per quarter.
9. HSBC
- Incoming wire transfer fee: $0-$10
- Outgoing wire transfer fee: $0-$30
Personal
HSBC customers don’t pay wire transfer fees with an HSBC Premier account. However, like other banks, HSBC notes that you could incur charges from the other bank when you receive a wire. HSBC also notes that it will refund you if it accidentally charges any wire fees.
The Premier account comes with a $50 monthly fee, which you can waive with several actions.
Business
HSBC provides fewer details on its business accounts than its personal accounts. However, the bank’s service fee schedule shows that the Traditional business checking account charges $10 for incoming fund transfers and $15 for outgoing fund transfers, with no clear free option.
10. Eastern Bank
- Incoming wire transfer fee: $0-$12
- Outgoing wire transfer fee: $0-$70
Personal
At Eastern Bank, Premier Checking customers get free wire transfers. That includes incoming wires, domestic outgoing wires, and international outgoing wires in both US and foreign currencies, while Standard account holders could be on the hook for $45-$70 fees for international wires.
To qualify for Premier account perks, you need an opening deposit of at least $500 and a $25,000 combined monthly balance.
Business
Eastern Bank doesn’t offer free wire transfers with its business accounts, with incoming wires costing $12 and outgoing wires costing $12-$30. However, you can pay a reduced $20 rate if your business makes repetitive wires each month.
11. Citizens Bank
- Incoming wire transfer fee: $0-$28
- Outgoing wire transfer fee: $0-$35
Personal
Citizens Bank offers free incoming and outgoing wire transfers with its Quest Checking account. To be eligible, you need to pay a $25 monthly fee, receive $5,000 of monthly deposits, or have a combined monthly balance of $25,000 across your investment and deposit accounts.
Business
Citizens Bank doesn’t waive wire transfer fees for any of its three business checking accounts, charging up to $30 for outgoing domestic wires and $35 for outgoing international wires.
12. PNC
- Incoming wire transfer fee: $0-$15
- Outgoing wire transfer fee: $0-$45; $70-$135 for business accounts
Personal
PNC Bank offers free incoming and outgoing domestic wires with its Performance Checking account. However, there’s a fee for both incoming and outgoing international wires.
To be eligible for the account, you need to pay a $25 monthly fee, keep a combined monthly balance of $5,000 across linked PNC consumer checking accounts, maintain a $25,000 balance across linked PNC deposit and investment accounts, or receive $5,000 of qualifying direct deposits to the account each month.
Business
PNC isn’t the best option for businesses looking to save money on wire transfers. According to its fee breakdown, the bank has a reasonable $15 fee for incoming wire transfers but charges $95 for domestic outgoing wires and $110-$135 for outgoing international transfers from its business checking accounts.
13. Synchrony
- Incoming wire transfer fee: $0
- Outgoing wire transfer fee: $0-$25
Synchrony typically charges $25 for outgoing wire transfers, but if you’re a member of the Perks Reward program with Diamond status, you can send three free wire transfers per statement cycle. Incoming wire transfers are always free.
To reach Diamond status, you need to have at least a $250,000 balance across your Synchrony accounts or have banked with Synchrony for at least five years.
How to Choose the Right Provider to Wire Money
Typically you should choose your current bank to wire money, but if you’re in the market for a new bank or establishment to wire funds for free, consider the following:
- Does the bank send both domestic and international wires?
- What is the timeframe for the wire transfer?
- Are there limits to how much you can transfer or receive?
A few options to transfer money include:
- Banks: This is the most common way to wire funds. If you have a bank account at one of the banks listed above, you may wire funds for free.
- Money transfer company: You can use companies like Western Union to wire funds, but they typically cost more than bank wires.
- Mobile payment services: You may also find mobile payment services to wire funds domestically, but not internationally.
What Are Wire Transfers?
Wire transfers are the electronic transfer of money from one account to another, usually at different banks. They’re often reserved for emergency or immediate transfers, such as real estate transactions or sending money internationally.
The main drawback of wire transfers is the cost. It costs banks money to move money, and this expense is often passed onto the customer.
While you won’t always pay for an incoming wire, on average, you’ll pay up to $25 for an outgoing wire, unless you locate banks that offer free wire transfers.
What Do You Need to Send a Wire Transfer?
You don’t need much to send a wire transfer. You can usually complete these transfers in person at the bank, on the phone, or online.
You’ll need the recipient bank’s name, address, and routing number to send a wire. You’ll also need their account number and the bank’s SWIFT code (for international transfers).
Receiving a Bank Wire Transfer
To receive a bank wire transfer, you must provide the payor with the following details:
- Your full name as it appears on your account
- The name and address of your bank
- The full account and routing number for your bank account
It’s usually free to receive a bank wire transfer domestically, but some banks charge fees, so always read the fine print.
Domestic vs. International Wire Transfer
A domestic transfer refers to the transfer of funds from one domestic bank to another, while international transfers move funds from banks around the world.
There are obvious concerns with transferring money internationally, including security concerns, currency conversion, and money delays.
The recipient doesn’t always receive the total amount wired with foreign wire transfers, and the cost on the receiver’s end could be as much as $65 depending on the bank.
The amount banks charge depends on how you initiated the transfer (in-person or online), the currency it was sent in, and any correspondent fees.
Beware of Wire Transfer Scams
Wire transfer scams are common among hackers, who act under the pretense of claiming you’ll win money or by trying to buy goods from you. It’s best not to accept wire transfers from anyone you don’t know.
When scammers promise you won a prize but must pay the processing fees, you won’t receive anything. They’ll take your money and run.
With the buyer scam, hackers will send you a check for an amount that’s larger than the purchase price. When you tell them, they’ll ask you to wire the difference. The only problem is the check they wrote is usually bad, so it bounces. However, you won’t know until after you’ve wired the funds.
Unfortunately, you typically can’t get wired funds back, so you lose money on both deals.
Frequently Asked Questions
Wire transfers are a great way to get money across the country or world fast, but there are things you should know before doing so.
How do you complete a wire transfer online?
Here are a few simple steps to send a wire transfer online:
- Log in to your online banking platform
- Gather the recipient’s name and bank details
- Follow the prompt to send a wire transfer
- Enter the recipient’s information and transfer amount
- Carefully review the information provided
- Submit and keep records of the transfer
Who pays the fee for a wire transfer?
The person sending the wire usually pays the fee for a wire transfer. However, the receiving bank sometimes charges fees, too, especially for international wires. These funds sometimes come from the amount sent, leaving the recipient with less than the total amount.
Why do wire transfers cost so much?
Wire transfers cost money because banks have to pay a fee to transfer the funds. Plus, they make the funds immediately available, which isn’t the case for other deposits, such as checks. Rather than processing deposits in batches and saving money, banks process wires individually, incurring higher costs.
Banks take a risk in wiring funds because there’s no way to get the money back, even if the bank made a processing error.
Do banks report wire transfers to the IRS?
According to the IRS, banks must report wire transfers over $10,000. The recipients of bank transfers over $10,000 must complete IRS Form 8300.
Is it better to wire or transfer money?
Transferring funds is safer, but it can take a few days to clear. It depends on the bank and its policies. However, transfers are safer because there’s less risk of bouncing funds. It’s also cheaper to transfer versus wire funds. It’s best to reserve wiring funds for emergencies or real estate transactions that require wired funds.
The Bottom Line
Wire transfers have their time and place. If you think you’ll need to wire funds, find a bank that offers free wire transfers and see if you qualify for the account.
There are several options for sending and receiving free wire transfers to your personal or business accounts. It can be worth the requirements if you wire funds often.
Our Methodology
To compile our list, we analyzed dozens of banks to find the ones that offer free wire transfers. We then scoped out the terms of each account’s wire transfer fees and outlined the requirements.
From there, we organized our list based on the number of accounts with free wire transfers, prioritizing the banks that offer free wires with multiple accounts.
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