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How Much Does Wiring Money Cost
The traditional money wire can be one of the least expensive ways to transfer funds either between cash agents or between cooperating bank accounts. Offering an efficiency and geographic breadth that has transformed dramatically since its telegraph founding.
Sending Among Bank AccountsIn order to wire money from one bank account to the next, the customer-sender and the person receiving both will need to have active bank accounts.
Most of the larger banks charge between $20 and $30 for domestic wires, with U.S. Bank coming in at the low end. Outgoing wires are typically $35 to $80, a wide range indeed. The bank wire also entails a host of other factors and online discounts.
Fees structures for wires have held steady for many banks - typically which are subject only to occasional revision.
Cash AgentsOne of the major players for sending cash disbursements is MoneyGram. To wire a small amount like $50 within the United States will run near $5.00. The significantly larger amount of $1,000 will be $20.00. A closer examination of MoneyGram
Another major is PayPal. According to Federal Regulators, PayPal is not to be considered a bank. But they do offer sending funds at no fee, that is, when the transfer is coming from a PayPal balance (or bank account) within the United States. Though international is a charged for service, which goes to 3.9%. More on PayPal
Based in Meridian, Colorado, Western Union is another alternative for transferring money. Often Western Union has the tendency to charge the same fees for various sums being sent, for different hundreds-of-dollar increments. They give strong discounts for online transfers, to the tune of about 20% the lowest U.S. domestic transfer rates. Western Union
Virtually all banks offer wire transfers among their basic menu of services. Costs for ordering the wires though will differ substantially from one bank to the next, particularly when considering international transfers.