US Bank is the 5th largest consumer bank in the United States, so naturally it offers wire transfer as a service. To make a wire transfer with US bank, you will need to submit the wire form by 3:30 PM, Monday through Friday.
US Bank you will keep you up to date on the status of your wire transfer via email. When you submit your form online, the bank will disclose the wire transfer fee.
Still, you will want to know the fee before making the transaction to make sure you are making the most cost-effective decision.
How Much Does US Bank Charge for a Wire Transfer in 2023?
US Bank will charge between $20.00 – $50.00 for a wire transfer for consumer accounts. This fee will vary based on whether the wire transfer is domestic or international, as well as if the wire transfer is incoming or outgoing.
In the table below, we examine how US Bank’s outgoing fees stack up against its major US competitors.
|Bank Name||Domestic Fee||International Fee USD||International Fee Foreign Currency|
|Bank of America||$30.00||$45.00||$0.00|
US Bank’s fees are slightly higher than its competitors overall, especially in the international market.
In addition to fees, limits and other policies can impact the cost of both domestic and international wire transfers.
How Much Is US Bank’s Domestic Wire Transfer Fee?
For domestic transactions, US Bank will charge its consumer bank account holders $20.00 for an incoming fee and $30.00 for an outgoing fee. In other words, if you are receiving a wire transfer you will be charged $20.00, and if you are sending money to another account, you will pay a $30.00 fee.
Wire transfers are limited to $2,500.00, so you can save money by limiting your transaction to $2,500.00 thereby not piling on fees for additional transfers.
For international transactions there are additional considerations that can impact cost, such as foreign exchange rate.
How Much Does US Bank Charge for a International Wire Transfer?
For international transactions, the incoming wire transfer fee is $25.00. Meanwhile the fee for sending an outgoing wire transfer fee to an international bank is $50.00. Foreign financial institutions may have additional fees, and international transactions in a foreign currency are subject to US Bank’s foreign exchange rate.
The foreign exchange rate will be determined by US Bank’s market rate and converted to US dollars prior to being deposited to the account. For optimal savings, consider comparing US Bank’s exchange rate with other institutions before initiating the wire in a foreign currency.
Fees for both international and domestic transfers can add up. Unfortunately, US Bank does not waive wire transfer fees, but they do suggest utilizing their partner application Zelle to transfer money without adding on fees.
See Also: Does Costco Have Western Union?
Can You Get US Bank’s Wire Transfer Fee Waived?
US Bank typically does not waive its wire transfer fee. Instead, it’s FAQ recommends using Zelle for transactions without fees. US Bank also does not charge for transfers between US Bank accounts.
Currently there are many other apps like Zelle which offer solutions for transferring money outside of the traditional banking system.
See Also: National Banks that Support Zelle
How to Avoid US Bank Wire Transfer Fee?
US Bank does not waive fees, so it is best to try and avoid wiring money in the traditional method altogether. To that end, non-bank financial services like Venmo, Paypal and Zelle may provide a solution.
For domestic transfers, there is a wide range of applications that can support this. Below is a list of key financial apps that can send money electronically for no fee.
• Cash App
For international transactions, Cash App has the best offer as it is available internationally and does not charge fees for making international transactions. PayPal also supports international transactions, but with a 5% fee, a large transfer would likely be more expensive than a wire transfer.
Ultimately, the best way to save money on bank-to-bank transactions can be to find an alternative outside of the traditional system.
How to Avoid US Bank Wire Transfer Fee?
US Bank’s wire transfer fees are slightly higher than its competitors nationally. As a result, if you need to wire money often, you will need to identify strategizes to save money in the long run.
Unfortunately, US Bank does not many savings in this regard, unless you are transferring money from accounts within the Us Bank network. As a result, the best way to save money is to use an app like Venmo
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.