Wells Fargo is one of the largest consumer banks in the United States. Wells Fargo wire transfers can be completed online and will be sent the same business day, as long as the request is submitted prior to 5 pm Eastern Standard Time, 2 pm Pacific.
Customers can conveniently complete this transaction on the Wells Fargo online platform. However, wire transfers generally charge significant fees, so it is important to know the associated fees before completing a transaction.
How Much Does Wells Charge for a Wire Transfer in 2023?
Wells Fargo charge between $30 to $45 for a wire transfer depending on the nature of the transaction. For example, a standard domestic wire transfer that is processed online will cost $30, while the international fee is typically $45.00.
With an idea of the different factors that impact the cost of a wire transfer, the table below gives us a breakdown of the standard fees for wire transfers nationwide.
|Bank Name||Domestic Fee||International Fee USD||International Fee Foreign Currency|
|Bank of America||$30.00||$45.00||$0.00|
|Chase||$25.00 – $35.00||$40.00 – $50.00||$0.00 – $5.00|
Compared with other banks, Wells Fargo’s fees are comparable Bank of America, with the main difference being that Wells Fargo will charge an extra fee for exchanging currency in international transactions.
Many banks will also charge a fee for receiving a wire transfer. Before requesting a wire transfer, one must be aware of the fees and limits to ensure they are getting the best deal.
What is Wells Fargo’s Incoming Domestic Wire Transfer Fee?
Wells Fargo will charge its customers $15.00 to receive a wire transfer from another bank within the United States. This fee is comparable to other major banks, with other banks like Chase also charging $15.00 for incoming fees.
One way to save money on fees is to understand the daily wire transfer limit. At Wells Fargo, these limits can vary from $500-$5000, and will be explicitly stated in the online platform. If your transaction exceeds the daily limit you can go to a local branch to request a higher limit, thereby mitigating fees and consolidating the transaction.
What is Wells Fargo’s Outgoing Domestic Wire Transfer Fee?
Wells Fargo charges $30.00 per outgoing wire transfer for transactions that are scheduled online, which is about the average across banks in the United States. Like with incoming fees, the best way to save money on your wire transfer is to consolidate the transfer into as few transactions as possible.
In addition to domestic transfers, international wire transfers are a commonly needed financial service for those with family abroad. At Wells Fargo, the bank will charge an international wire transfer fee as well as an additional fee for converting your US dollars to local currency.
What is Wells Frago’s International Transfer Fee?
Wells Fargo charges $45.00 for an international wire transfer and a $30.00 foreign currency fee, adding up to as much as $75.00 for each international transaction. While this charge is much higher than other US banks, Wells Fargo partners with banks in many Asian and Latin American countries for remittance programs with lower fees.
Due to the additional currency fee, the cost of international transfers is relatively expensive. If you do not qualify for the remittance program, be sure to consolidate your transaction or request a higher limit for large wire transfers.
How to Avoid Wells Fargo’s Wire Transfer Fees?
Wells Fargo does not waive wire transfer fees, but there are other ways to cut costs to transfer money. For example, Wells Fargo suggests using the Zelle app to quickly and conveniently transfer money for no fee.
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 to wiring money altogether.
Cheapest Way to Wire Transfer Money in 2023
Overall, the cheapest way to transfer money will be to utilize a non-bank application like Venmo, the Cash App, or Zelle. If wire transfer is the approach you need to take to transfer money, be sure to request the highest possible transfer limit, especially for large transactions.
For international transactions, inquire if the country you are transferring to has a remittance program with Wells Fargo.
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.