Domestic Wire Transfer Fees

Advice about domestic wire transfer fees

Domestic wire transfer fees are incurred when transferring money between two bank accounts located in the same country. Obviously domestic wire transfers are a lot easier to organize and process because are in the same currency. Accordingly the wire transfer fees should also be less than for an international wire transfer.

With the ease of transferring money between accounts in the same country, the domestic wire transfer fees imposed by banks may make it a second or third choice, rather than the default first choice. Most banks via their online banking products allow customers to transfer money between their own accounts and other accounts within the same country with no fees, or fees substantially less than using a bank wire for the transfer.

Before you use the cheapest method though, it’s important to understand how the funds are to be received at the other end. If they are cleared funds, as is usually the case with a wire transfer, then the recipient can withdraw or otherwise use the money as soon as it appears in their account. If they are not cleared funds then it make take up to a few days before the money is available. If you are paying for goods and they won’t be shipped until the funds have been cleared, this can mean a delay in shipping.


Are you looking for an alternative to expensive wire transfers? Wise usually offers better rates than most bank wire transfer options. Everything can be done online and you can easily see each stage of the transaction. See all the options available to you at Wise.


In the end, you need to decided how much of a hurry you are in to get the money to the other party and whether you need them to access the funds straight away or can afford to wait a few days with the trade off usually being less fees on transfer.

Above all else, remember to check what the fees and charges will be because sometimes there is a minimum amount and they may also be based on a percentage of the amount transferred. Smart people will ensure they transfer the money in the most effective way, which might mean prepaying for something just to avoid having to make more than one payment and getting charged a minimum fee more than once.