There is no single "best" bank for wire transfers—it depends on what costs you money and what matters most to you
The bank that works best for you depends on three things: how much you pay per transfer, whether the bank reaches the destination quickly, and whether you can actually send the wire through their website or app without calling. A bank that charges $15 per outgoing wire is cheaper than one charging $30, but if the cheaper bank takes three business days and the expensive one takes one, the math changes based on your situation. Some banks let you send wires online in minutes. Others require you to visit a branch or call a person. Start by knowing what you actually need, then compare the banks where you already have an account.
Key Takeaways
- Outgoing domestic wire fees range from $0 to $30 depending on the bank, and incoming wire fees are often free or charged by the receiving bank instead.
- Banks that offer online wire transfers through their website or app include Chase, Bank of America, Wells Fargo, Citibank, and most credit unions, though each has different speed and fee structures.
- Delivery speed varies: some banks promise next-business-day delivery for domestic wires, while others take two to three business days even when sent online.
- If you do not have a bank account or want to avoid bank fees entirely, wire transfer services like Western Union and MoneyGram charge differently but do not require a bank relationship.
- International wires cost more (typically $15 to $50), take longer (three to five business days), and may require you to provide the receiving bank's SWIFT code or IBAN number.
What you pay per wire transfer at major banks
Domestic outgoing wire transfer fees at the largest U.S. banks currently range from $0 to $30 per transfer. Chase charges $15 for online domestic wires and $20 for wires sent by phone or in branch. Bank of America charges $15 for online domestic wires. Wells Fargo charges $15 for online domestic wires. Citibank charges $15 for online domestic wires. Credit unions often charge $0 to $10 per outgoing wire, though this varies by institution.
Incoming wires are usually free to you—the sending bank or the sending person pays the fee instead. Some banks charge a small fee ($0 to $5) to receive a wire, but most do not. International outgoing wires cost more: expect $15 to $50 depending on the bank and the destination country. If you send multiple wires per month, the cost adds up quickly, so check whether your bank offers a monthly plan or waives fees for certain account types (some premium checking accounts include free wires).
Which banks let you send wires online without calling
Most large banks now offer online wire transfers through their website or mobile app, but the process and speed differ. Chase, Bank of America, Wells Fargo, and Citibank all allow you to initiate domestic wires online if you are logged into your account. You enter the recipient's name, bank routing number, and account number, then confirm the amount and delivery date. The wire usually processes the same day if sent before a cutoff time (typically 2 p.m. or 5 p.m. Eastern Time on a business day).
Credit unions vary widely. Some allow online wires through their website or app. Others require you to call or visit a branch. Before opening an account or switching banks, ask whether online wire transfers are available and whether there is a fee to use that channel. A bank that charges $15 to send a wire by phone but $0 to send it online is incentivizing you to use their system, which is usually faster anyway.
How long it takes for a wire to arrive
Domestic wires sent online before the bank's cutoff time typically arrive the same business day or the next business day. If you send a wire on Friday afternoon after the cutoff, it will not process until Monday, and the receiving bank may not credit the account until Tuesday. International wires take longer: three to five business days is standard, even when sent online, because the money passes through multiple banks and currency conversion may be involved.
The receiving bank's processing speed also matters. Some banks credit wires when ready upon receipt. Others hold the funds for 24 hours as a fraud check. You cannot control this, but you can ask the recipient which bank they use and whether they have experienced delays before. If speed is critical, call your bank before sending to confirm the expected delivery time for that specific destination.
Online-only banks and wire transfer services
Online-only banks like Ally, Charles Schwab, and Fidelity offer wire transfers, usually at lower fees than traditional banks. Ally charges $0 for outgoing domestic wires. Charles Schwab charges $0 for outgoing domestic wires. Fidelity charges $0 for outgoing domestic wires. The catch is that these banks may have longer processing times (two to three business days) or require you to have a minimum balance or account type to send wires at all.
If you do not have a bank account or want to avoid bank fees, wire transfer services like Western Union and MoneyGram let you send money in person or online. They charge a flat fee plus a percentage of the amount sent—typically $5 to $50 depending on the destination and amount. These services are slower (three to five business days for international transfers) and more expensive than banks, but they do not require a bank account and are available at thousands of locations.
What information you need before sending a wire
For a domestic wire, you need the recipient's full name, the receiving bank's routing number (a nine-digit code), and the recipient's account number. You can find the routing number on a check, on the bank's website, or by calling the bank directly. For an international wire, you also need the receiving bank's SWIFT code (an eight or eleven-character code) or IBAN (International Bank Account Number), which varies by country. Ask the recipient for these details before you initiate the wire—if you enter them wrong, the wire may go to the wrong account or be rejected.
Some banks require you to register a recipient before sending a wire, especially for international transfers. This means you provide the recipient's details once, and the bank verifies them before allowing you to send money. This takes a few business days but reduces the risk of sending money to the wrong place. If you are sending a wire for the first time, ask your bank whether registration is required and how long it takes.
Comparing banks side by side
| Bank | Domestic Wire Fee (Online) | International Wire Fee | Online Wire Available | Typical Delivery Time |
|---|---|---|---|---|
| Chase | $15 | $15–$50 | Yes | Same or next business day |
| Bank of America | $15 | $15–$50 | Yes | Same or next business day |
| Wells Fargo | $15 | $15–$50 | Yes | Same or next business day |
| Citibank | $15 | $15–$50 | Yes | Same or next business day |
| Ally Bank | $0 | $15–$50 | Yes | Two to three business days |
| Charles Schwab | $0 | $0 | Yes | Two to three business days |
| Credit Union (varies) | $0–$10 | $15–$50 | Sometimes | One to three business days |
Frequently Asked Questions
Can I cancel a wire transfer after I send it?
Once a wire leaves your bank, it is difficult or impossible to cancel. If the wire has not yet been delivered to the receiving bank, your bank may be able to recall it, but this takes time and is not may provide. If the wire has been delivered, the receiving bank must agree to return it, which they may refuse. Always double-check the recipient's details before you confirm the wire.
Why do some banks charge more for wires sent by phone than online?
Banks charge more for phone wires because a person has to process them manually, which costs the bank more money. Online wires are automated and cheaper to process. By charging less for online wires, banks encourage you to use their website or app, which is also faster and reduces errors.
What is the difference between a wire transfer and an ACH transfer?
A wire transfer moves money directly from one bank account to another and usually arrives within one business day. An ACH transfer is slower (three to five business days) but cheaper or free. Use a wire when speed matters. Use ACH when you can wait and want to save money.
Do I need to report a wire transfer to the IRS?
Banks report large wire transfers (over $10,000) to the IRS as part of anti-money-laundering rules. This does not mean you did anything wrong—it is a standard report. If you are sending a large wire for a legitimate reason (buying a house, paying a contractor), keep documentation of why you sent it.
Can I send a wire transfer to a savings account or only a checking account?
You can send a wire to either a savings or checking account. The account type does not matter—what matters is the routing number and account number. Ask the recipient which account they want the money in and get the routing number for that specific account.