Wire Transfer Fees: What Banks Charge
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Sending wire transfers can be an expensive way to move money from one bank account to another, with typical outgoing fees of $25 per transfer within the U.S. But if youre sending a lot of money or need a transfer to happen quickly, it may be a good transfer option.
typical wire transfer fees
Here are the median wire transfer fees for the institutions we surveyed:
Many banks, including Chase and Wells Fargo, charge fees both for sending wire transfers and receiving them .
What Are Wells Fargo’s International Exchange Rates
Wells Fargo does provide exchange rates on their website, and theyre an indication of how much the beneficiary will receive when you send funds. Heres how they compare to the regular, base exchange rate.
Lets use an example of sending $1,000 USD to a beneficiary in France, who is receiving the funds in euros.
- The base exchange rate says that $1,000 USD is worth 888 euros
- If you send money through Wells Fargo, for $1,000 USD, the beneficiary will only get 846 euros
Thats 42 euros / $47 USD, or around five percent less than the base exchange rate. Add to that a $45 fee, and the total fees and exchange rates on the transaction would be $92, over nine percent of what youre sending! In comparison, a specialist money transfer provider might only charge total fees of between 0.5 and 1.5 percent.
Please note that these exchange rates are for buying and selling foreign currency, and they may not be the same exchange rates that you’ll get when making a transfer. You can check what those exchange rates are when you’re setting up an international wire transfer, so please take the figures above as guidelines only.
Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.
How Do I Send A Wire Transfer
Visit a branch office near you to initiate a wire transfer. Wire requests cannot be made via Security Service Online Banking or on our website.
Wire requests for $2,500.00 or less to your own account at the other financial institution may be accepted via phone at 557-1312
You may also email your signed written authorization to
You will need to provide complete wiring instructions to include:
- Your name and account number
- Daytime phone number
- Receiving Financial Institution and their ABA/routing number
- Corresponding or intermediary financial institution and routing number
Requests for domestic transfers must be received by 2:30 PM CST for same day processing. Requests received after 2:30, will be processed on the next business day. Wire transfers are not processed on weekends or federal holidays.
SSFCU has the ability to send international wire transfers in either USD or foreign currency.
International requests for USD to USD can be accepted Monday through Friday, 8:30 AM to 5:30 PM CST. For same day processing, wire requests must be received by 1:30 PM CST. Requests received after 1:30 PM CST will be held and processed until the next business day.
International requests for USD to foreign currency can only be accepted Monday through Friday, 8:30 AM to 1:30 PM CST. Due to fluctuating exchange rates, these requests must be processed the same day we receive the request and we will be unable to accept your request after the cut-off time of 1:30 PM CST.
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How To Contact Wells Fargo For Your Number
You can ask Wells Fargo in two ways: the first is from its official website. You will be requested to determine your account type and status. We pulled the numbers from this tool in the table above.
Suppose you do not remember which information you found when you first created the account and did not check. In that case, you may call Wells Fargo to request your ABA routing number from the customer care agent.
The phone number is 1-800-869-3557, and they are available 24 hours a day, seven days a week.
Wells Fargo: Foreign Currency Exchange International Wire Transfer & Atm Fees Explained
Travelling or sending money abroad? Discover Wells Fargo’s fees for international wire transfers, currency exchange and for using your credit or debit card abroad . You’ll learn how to save money and how to make smarter decisions about currency exchange.
Banks are usually super expensive ways to send money abroad.
They charge hidden fees in the currency exchange rate margin
Cheaper alternatives exist. You can save up to 90% in total transfer fees.
Monito is like a travel comparison site, but for currency exchange
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Wire Transfer Policies And Limits At Wells Fargo
Are there wire transfer limits at Wells Fargo? Yes, and they vary greatly. For example, if you are using the Wells Fargo ExpressSend option, there is a $25 minimum and a daily maximum of $5,000.
If youve decided to use Zelle , the transfer limit is currently up to $2,500 per day or up to $4,000 per month, depending on the bank limits you have for your specific account. There are no limits to how much money you can receive through Zelle.
In terms of policies and other things to know about Wells Fargo wire transfers, youll likely need to know certain information to complete the transfer, such as the banks SWIFT code, bank address, and more. Here is some helpful information:
- Bank Name: Wells Fargo
- Wells Fargo SWIFT code for incoming wires: WFBIUS6S
- Wells Fargo address:
420 Montgomery Street
San Francisco, CA 94104
Some wire transfers might ask for an IBAN, which is a set of numbers that create a code for transfer in Europe. The US doesnt currently participate in IBAN, which means no American bank will provide you with an IBAN code. If youre transferring money to an account in Europe that does use IBAN, you can usually find it by visiting their website or asking the recipient for the number.
Routing numbers and the beneficiary account number can all be found by accessing your Wells Fargo account online or via the Wells Fargo app. Here is a helpful guide on how to find your routing number with Wells Fargo.
What Is Wells Fargos Swift Code
If someone needs to send you money from abroad, theyll need a SWIFT Code for Wells Fargo. To receive an incoming wire transfer to your account, please provide the following information to the individual or business that is sending the wire:
- Your full account number
- The name on your account as it appears on your statement
- Receiving bank information such as name of bank, address of bank, and identifying numbers such as wire routing transit number and SWIFT codes
- Bank name: Wells Fargo Bank
- Bank address: 420 Montgomery Street, San Francisco, CA 94104
- For domestic wire: Wire routing transit number/ABA: 121000248
- For international wire sent in US dollars or if the currency the wire is being sent in is unknown: SWIFT Code: WFBIUS6S
- For international wire sent in a foreign currency from the initiating bank: SWIFT Code: WFBIUS6WFFX
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Incoming International Wire Transfer Instructions
To receive international wire transfer in your Wells Fargo bank account, please use the following wire instructions:
|Bank Name :|
|The name of your account as it appears on your statement|
|CHIPS Participant :||ABA 0509|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees. We recommend services like TransferWise for getting best conversion rates and lower wire transfer fees.
Wells Fargo Wiring Instructions
If you prefer to wire money anyway, there are just a few steps for getting started.³
After filling out all of your personal and banking information, you will also need information from the wire recipient in order to process the funds transfer.
This includes the recipients name, BAN , full address and banking information. There is also a section for intermediary banking details that can be filled in.
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Routing And Account Number Information For Your Wells Fargo
Wells Fargo & Company was created in the mid-1800s and had a lot of time to purchase other banks over the years. The major routing number of a bank is given depending on the location of its headquarters. Banks may acquire different routing numbers if required to maintain the appropriate routing of payments and collections.
Smaller banks and internet financial institutions usually utilize only one national routing number. For each state in which they operate, larger banks may have routing numbers.
In the list, you will note that many states share the same ABA routing number. It is nice to see banks relationships because you can often link them to their ABA routing number.
Usually, the exact routing number is close to the bottom of the cheque, where you can identify the financial institution in which it is designed. The check number, sometimes called the ABA number or SWIFT code, can manage an account and transfer money from one bank account to another.
This number is important to transfer money to other accounts or money to pals. As several financial institutions have various routing numbers, it is crucial to ensure that you use the correct number before starting a transaction.
Pros And Cons Of Sending Money With Wells Fargo
- Trusted bank. With a long history and an extensive list of awards to its name, Wells Fargo is a name you can trust in banking and international transfers.
- Transfer options. You can lodge your international money transfer online, over the phone or by visiting a Wells Fargo branch.
- Low minimum. With a minimum transfer amount of $25, Wells Fargos ExpressSend Service is great for those who only want to send small amounts of money.
- Send from your bank account. Funds are sent from your eligible Wells Fargo checking or savings account, meaning its quick and easy to start sending international money transfers.
|420 Montgomery Street, San Francisco, CA 94104||Beneficiarys name as it appears on the bank statement||Complete bank account number|
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How To Send Wells Fargo Wire Transfers Online
If you are going to initiate a wire transfer online through Wells Fargo, you simply need to first log in to your Wells Fargo account online or via the Wells Fargo app. Then, follow these steps:
- Select Send Money with Zelle or another transfer option such as Wire Money
- Follow the on-screen steps that will prompt you to enter the recipients information and select the account youre initiating the transfer from
Move Your Money How You Want To
Make sure your money is right where you need it for large purchases or when bills are due.
Schedule in advance
Pick the date that works for you, up to a year in the future.
Set up a savings or stock-purchase plan and stick to your goals by making transfers automatic.
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How To Wire Money With Wells Fargo
Wire transfers are one of the fastest ways to send and receive money internationally or within the US.
This is especially true when youre an American expat and want to send international wire transfers to friends and family overseas.
This post will guide you through each step of wire transfers with Wells Fargo.
Youll also learn how long it takes and the fees you can expect to pay when wiring money online.
|Table of contents|
Use Their Contact Information
If you have the email or U.S. mobile number of the recipient, you may be able to send money securely using an online service or app. For example, your bank’s app might include Zelle®, a fast, safe and easy way to send money to friends, family and others you trust, offered by most major U.S. banks. There is also a stand-alone Zelle app that friends can use with their debit cards if their banks don’t participate . You should only use an app like Zelle with friends or family, not with people you don’t know well, such as someone reselling concert tickets or doing another online transaction. This approach lets you easily send money to your loved ones, no matter where they bank in the U.S.
- Deliverytime is typically within minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.
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Can I Send Money From My Bank Account To Someones Paypal
Friends and family can send money to you by clicking on your personal account. You will need your bank account or credit/debit card to link your PayPal account. Go to the homepage after you have created an account. To transfer money to another PayPal account , choose Send & Request from the menu bar at the top.
What Will Wells Fargo Charge You
If you’re banking with an ordinary Consumer Account at Wells Fargo,you will pay an undisclosed fixed fee every time that you send money abroad. According to the bank, this fee will be disclosed at the moment you pay for your transfer, with the starting fee being US$30.00 per transfer.
If you’d like to find out how to make a bank wire transfer, take a look at our step-by-step guide here.
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Type In Their Account Number
If you have the recipients account number and transit routing number, you can use online banking or an app to transfer money into their account. You might do this with someone you regularly send money to, such as a family member. This is also a great way to transfer money between your own accounts.
- Fees depend on the bank, but it could be free.
- Delivery time may be immediate or may take two to four days.
Tip: A transit routing numberalso known as a check routing number, ABA number or routing transit number is a nine-digit code that identifies the bank, its branch and location. Bank of America customers can find their routing numbers by using the routing numbers FAQ page.
Wells Fargo Wire Transfer Fees And Instructions
At Cheese, its our goal to provide you with helpful, useful information that allows you to better navigate your financial life. So, weve developed resources that allow you to learn about monthly banking fees. Included in those fees? Wire transfer fees.
When it comes time to transfer cash to someone else, however, whether they live in the United States or are currently abroad, youll definitely need to understand how to navigate Wells Fargo online checking and services in order to send the cash. How much are Wells Fargos wire transfer fees and how do you send a wire transfer through Wells Fargo? Weve got the answers for you.
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International Wire Transfer Fees At Wells Fargo
Like every other major bank, initiating or receiving a Wells Fargo wire transfer incurs a fee. The Wells Fargo foreign wire transaction fee is:
- Incoming foreign wire transfers are $16 per transaction
- Outgoing foreign wire transfers are $30-45 per transaction
To successfully transfer the money, Wells Fargo wire transfer routing number, account number and swift code are needed.
Ways To Transfer Money Into Someone Elses Bank Account
If youve been living in the US for awhile, youre probably used to giving cash at weddings or sending checks to family members for their birthdays.
But getting money directly into someone elses bank account without any intervention on their part can be a whole new ballgame.
The good news is youre not stuck without options.
This article will cover your 3 main options in getting money to someone else:
|How to transfer money to another bank account?|
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Which Wells Fargo Routing Number Can You Use
Because of the nature of the transaction, the Wells Fargo routing number you will need will be determined by the nature of the transaction. To accept ACH transfers and to set up automated bill payments, it is conceivable that you may require two different phone numbers.
Although a bank may have various routing numbers, none are shared with other financial institutions, even though they are widely used. Your payment will be delivered to the correct recipient as a result of this step.
Wells Fargo’s Exchange Rates: Beware The Hidden Fees
The total amount you’ll be paying in fees when making an international wire with Wells Fargo doesn’t end with the above-mentioned transfer fees, however.
In addition, you’ll also be paying what’s known as an exchange rate margin on every international money transfer that you send into a foreign currency. In essence, this means that Wells Fargo will take a hidden cut of the money you transfer by charging you an exchange rate that’s inferior to the one used by banks to trade between one another, known as the mid-market exchange rate.
At Wells Fargo, these exchange rate margins vary from currency to currency, typically fluctuating between 4% and 10% above the mid-market rate and adding to the final amount you pay in fees.
These exchange rate margins are seldom disclosed in a fully transparent manner by banks. In the case of Wells Fargo, for example, while the bank is indeed significantly more forthcoming about this fee than are many banks in the US and abroad, the fact that you’ll be paying an exchange rate margin is not made quite as transparent as the fact that you’ll be paying a transfer fee.
To this end, Wells Fargo discloses the following information in its Terms and Conditions:
“Wells Fargo makes money when it converts one currency to another currency for you. The exchange rate provided to you is set by Wells Fargo in its sole discretion, and it includes a markup over Wells Fargos cost of sourcing the relevant currency or currencies.”
The bank adds further that:
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