How to Avoid Wire Transfer Fees

Wire transfers are a reliable method for sending money, but they often come with high fees that impact both domestic and international transactions. 

Banks typically charge outgoing domestic wires around $30 and international wires up to $50 or more, which can hurt businesses and private users.

Fortunately, there are effective strategies to reduce or eliminate these costs, like the implementation of cryptocurrency payments to avoid wire transfer fees. 

Let’s take a closer look at how crypto payouts are changing the game, helping those who regularly send or receive international payments.

Key takeaways:

• Wire transfers can be expensive. Banks charge high fees for both domestic and international transfers, despite subpar performance, encouraging users to search for modern alternatives.
• Cryptocurrency transfers are cheaper and faster. Blockchain payments cut out intermediary banks, allowing money to be sent directly between digital wallets with transaction fees ranging from cents to a few dollars.
• Strategies to minimize wire transfer fees. To save money, users pick online banking instead of in-branch transfers, upgrade to premium accounts that waive fees, send international wires in foreign currency to avoid fees, or switch to a crypto-based system.
• Businesses are embracing crypto. As an alternative to wire transfers, crypto payments speed up and simplify money exchange. Common use cases include paying overseas vendors, issuing remote employee salaries, settling international contractor invoices, and handling cross-border B2B payments.

Quick Answer on Avoiding Wire Transfer Fees

When searching for solutions on how to avoid wire transfer fees, most modern companies switch to cryptocurrency for international and domestic payments. 

While traditional banking transfers work through a complex network of intermediary banks, crypto remittances eliminate middlemen and reduce costs to as little as $1–$5 per transaction, while settling payments a lot faster. 

As a hybrid solution, CoinGate’s crypto payment gateway reduces traditional banking fees through blockchain technology but maintains necessary banking connections for merchant settlements.

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Start using crypto and eliminate costly wire transfer fees. The first step is to sign up for CoinGate.

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Understanding Wire Transfer Fees

A wire transfer is an electronic method of sending money from one bank account to another. 

While payments are secure, after learning how much does it cost to wire money, many users seek out alternatives to speed up transactions and avoid fees. 

These fees can apply to both the sender and the recipient, and they vary depending on whether the transfer is domestic or international. Let’s take a closer look.

What Are Wire Transfer Fees?

A wire transfer begins when a sender provides their bank with the recipient’s banking information and initiates the transfer, after which the sending bank sends payment instructions through secure networks. The recipient’s bank then receives the information, deposits the funds into the correct account, and the two banking institutions settle the payment on the back end.

Senders usually pay a flat fee, while recipients may also be charged by their bank. Domestic transfers cost around $30 for outgoing and $15 for incoming wires, while international transfers can reach $45 or more plus additional charges for currency conversion.

How long does a wire transfer take to show up depends on transfer types. While domestic wire transfers are processed through the Federal Reserve’s Fedwire network and typically complete within one business day, international transfers use the SWIFT network and take two to five business days due to additional security requirements and potential currency conversions.

Why Do Banks Charge for Wire Transfers?

Banks incur a cost to wire money when processing transfers, like administrative expenses and fees from intermediary banks, especially for international transactions.

 International wire transfers are particularly costly, because intermediary banks, which enable global connectivity and compliance for international wires, also charge extra fees.

On top of that, banks often add a markup – the exchange rate when converting currencies, further increasing the cost, like adding spread on top of the mid-market rate during conversion, sometimes up to 5%. 

Given these substantial charges, it’s no wonder that many people are turning to alternative payment methods like cryptocurrencies, which can offer lower overhead costs and fewer additional expenses compared to traditional international wire transfers.

Breakdown of Common Wire Transfer Fees

Understanding how much a wire transfer costs can be a headache. Fees can vary significantly based on the provider, method of sending, and whether currency conversion is involved. Let’s break down the most common types of transfer fees.

Domestic Wire Transfer Fees

To break down how much a wire transfer costs for domestic payments, we must look at two types of separate fees: one for sending and one for receiving money. The sending fee generally runs around $30, while receiving banks usually charge about $15. These amounts are flat rates that don’t change based on the amount being transferred, but fees can vary depending on the bank, or whether the transfer is made online or in-branch.

Average International Wire Transfer Fees

As we analyze how much it costs to send money internationally, it’s not surprising that costs are higher with more processes involved. Incoming wire transfer fees typically do not exceed $25. For example, Wells Fargo charges $15 for international wire transfers, no matter the amount, as incoming fees require less processing, keeping them at typical flat rates.

Outgoing charges can vary significantly, with average wire transfer fees ranging from $5 to $75. The lowest fees apply to transfers made in foreign currency, while transfers in USD typically cost more. Chase Bank provides a clear example of this pricing structure, charging just $5 for transfers over $5,000 when sent in foreign currency, but increasing to $40-$50 for USD transfers.

Banks charge higher fees for USD transfers compared to foreign currency transfers because of how they process these transactions. When banks send USD internationally, they typically need to use correspondent banking networks and may require additional processing steps, which raises the fee. Of course, there are still exceptions, like Huntington Bank choosing to maintain a flat $75 fee for outgoing international wire transfers.

Intermediary Bank Fees

International transfers are more expensive due to the involvement of intermediary banks and currency conversion processes, so let’s take a closer look at their role in the cash flow. Each of these banks may deduct a fee, and the recipient’s bank can also apply additional handling charges.

Intermediary Bank Fees are charged by banks that help route international transfers and are later added to the total transfer costs. They can vary depending on the transfer route and intermediary banks involved.

By now you are probably wondering – so how can I avoid wire transfer fees and save money? The breakdown of the current rules of traditional banking will help us highlight the advantages of a cheap way to wire money internationally that utilizes modern technology, resulting in efficient free wire transfers.

Exchange Rate Markups

Banks profit by adding a markup to the mid-market exchange rate when converting currencies. Some banks offer reduced transfer fees in exchange for applying a higher exchange rate margin. However, this practice allows banks to generate revenue while potentially misleading customers – one of the key reasons why users aim to avoid wire transfer fees.

Common Wire Transfer Fees (US Banks)

Let’s break down the differences between common wire transfer fees across major US Banks which should help you understand how much it costs to wire money internationally and domestically.

Bank name	Incoming Domestic Wire transfer fee	Outgoing Domestic wire transfer fee	Incoming international transfer fee	Outgoing International transfer fee
Bank of America	$30	$25	$16, other banks may charge additional fees	$45 in US dollars, no fee for foreign currency transfers
Wells Fargo	$15	$25, $40 for in-branch wires	$15	$25 (digital, US dollars) $40 (in-branch, US dollars)$0 (digital, foreign currency) $40 (in-branch, foreign currency)
Chase	$15 ($0 for transfers between Chase accounts)	$25, $35 with banker assistance	$15	$5,$0 if the amount is equal to$5,000 USD or more
CitiBank	$15	$25	$15	$35 in US dollars, no fee for foreign currency transfers

Note: the data for this table was collected from the official websites of each bank and it’s used only for informational purposes only. While we aim to be accurate, it’s best to double-check with the bank’s official resources (Data as of April 2025)

How to Avoid International Wire Transfer Fees

Following technological advancement in other industries, the banking sector feels outdated, with regular inefficiencies and high fees, especially for international wires. Let’s take a closer look at modern alternatives to avoid wire transfer fees.

Try a Crypto-Based Transfer Option

Cryptocurrency offers a secure and efficient alternative to traditional wire transfers, especially for international transactions. By utilizing the modern technology of blockchain payments, users can bypass banks, avoid intermediary fees, and benefit from faster processing times with crypto transfers.

Why Crypto Transfers Are Superior to Traditional Wires

If we compare wire transfer vs blockchain, crypto payments seem like a superior choice from the first glance. Without the traditional banking infrastructure and third-party networks, transactions are processed 24/7, often within minutes, and fees are transparent.

For example, businesses can receive international payments in cryptocurrency with lower costs compared to traditional banks. Cryptocurrency payments move directly between digital wallets through blockchain networks, eliminating the need for excessive banking relationships and the associated fees.

Using stablecoins for these transfers eliminates the biggest fear of holding and transferring value via crypto assets. Pegged to the US dollar, these cryptos help avoid exchange rate fluctuations while using blockchain networks for enhanced security and traceability.

Common Crypto Cases for International Business Transfers

Modern businesses integrate international crypto transfers to speed up and simplify the money exchange. Here are their most common use cases:

• Paying overseas vendors. Crypto transfers avoid 3–5 day SWIFT delays by sending USDT or USDC stablecoins directly to a vendor’s wallet, settling payments within minutes without intermediary bank fees.
• Issuing remote employee salaries. Businesses stablecoin payouts via platforms like CoinGate, issuing employees full salaries and eliminating cross-border bank deductions or delays.
• Settling international contractor invoices. Blockchain networks enable instant invoice settlement using crypto addresses, which reduce reconciliation time, and allow vendors to avoid international transaction fees
• Paying manufacturing partners. Companies can pay manufacturers in stablecoins with transfers to factory-owned wallets, bypassing currency exchange issues.
• Disbursing affiliate commissions. Businesses can use crypto mass payments, filing all transactions into a single blockchain transaction batch, reducing per-recipient costs and avoiding wire thresholds.
• Handling cross-border B2B payments. Crypto unlocks the ability to move large sums globally via blockchain with transparent fees, skipping SWIFT codes, IBAN entry, and FX markup hassles.
• Sending royalties to international creators. Businesses that use crypto prevent income erosion from intermediary deductions, ensuring predictable payments.
• Funding international subsidiaries. Crypto payment solutions transfer operating funds across borders in hours, not days, using stablecoins instead of waiting for treasury settlement via bank channels.
• Paying out influencer partnerships. Cryptocurrencies let brands send promotional payments globally in stablecoins without requiring influencers to have a traditional bank account or pay wire receipt fees.
• Distributing funds to freelancers worldwide. Companies can use wallet-to-wallet transfers without banking infrastructure, making it easy to pay freelancers in regions with limited financial access.

Other Ways To Minimise or Avoid Fees

While crypto integration is one of the most popular ways to save time and excessive transfer fees, there are other common ways to bypass these charges.

Use an Alternative Payment Method

If you want to save money and avoid wire transfer fees, look for cheaper alternatives. For example, ACH (Automated Clearing House) payments are often free or low-cost for domestic payments. 

Some international ACH options are also available, but they may be limited by varying country participation in standardized payment messaging protocols and inconsistent SWIFT network integration.

Compare Exchange Rates Before Sending

Always check exchange rates across multiple banks or providers before sending a wire in foreign currency. Banks add a markup to the rate, acting as a hidden fee, so make sure to stick to learning which rates are closest to the mid-market to ensure you’re getting the best deal.

Use Online Transfers When Possible

To not lag behind, the banks themselves include alternatives to help users save money, but does it show how I can avoid transfer wire fees altogether? 

Sending a wire online is often cheaper or even free than transferring in-branch or by phone. Banks like Chase, Citibank, and Wells Fargo may waive or reduce fees for online transfers made in a foreign currency.

Look for Discounts and Promotions

Some banks offer reduced or waived wire fees based on transfer amount or customer status. As shown in our common fee comparison table above, Chase is one of those options, offering free transfers over $5,000 in foreign currency. 

For extra safety, make sure to clarify these details with your bank representative to avoid unexpected deductions.

Consider a Premium Bank Account

An upgrade to a premium bank account is a good strategy on how to avoid bank transfer fees for those who constantly send money because they often include free domestic or international wires. Accounts like Citigold or Chase Premier Plus offer many additional benefits, but it is still a paid subscription.

Peer-to-Peer Apps for Domestic Transfers

For those who don’t need the cheapest way to wire money internationally, services like Venmo, Zelle, and PayPal are low-cost domestic options for quick transfers. These platforms often have no fees when linked to a bank account and are ideal for small or frequent transfers in USD.

Foreign Currency Accounts for Regular Transfers

If you frequently send money abroad, setting up a multi-currency or foreign currency account can significantly reduce your costs. These accounts allow you to hold and send funds in the recipient’s local currency, helping you avoid repeated exchange rate markups on every transfer.

Change How Your Business Transacts Globally

Traditional international transfers are slow, expensive, and full of hidden fees. At CoinGate, we offer a better way. Our cryptocurrency-based payout solutions give businesses the ability to send low-cost, instant global payments with full transparency.

Whether you’re paying remote employees, settling vendor invoices, or distributing affiliate earnings, CoinGate enables quick international crypto transfers with fewer steps and lower costs. 

Transactions run 24/7, settle in minutes, and rely on stablecoins or other cryptocurrencies to eliminate volatility and avoid exchange markups. 

Sign up today for a modern and cost-effective integration of cryptocurrency transfers with Coingate!

Still Have Questions? Let’s Clear Them Up

With the help of experts at CoinGate, we’ve answered the most common questions about international fees, and the use of crypto payments as an effective alternative for money transfers.

How fast are crypto transfers compared to international wires?

Cryptocurrency transfers typically settle within minutes, even across borders, while international wires can take 1–5 business days due to intermediary banks and manual approvals.

What businesses benefit from CoinGate’s international payments?

Any business that sends payments across borders—whether for salaries, vendor bills, or commissions—can benefit from faster settlement and lower fees brought by crypto solutions.

Can I transact in crypto with someone without a wallet?

Yes. CoinGate allows payouts to email addresses or creates wallets for recipients who don’t already have one, simplifying onboarding for new crypto users.

Can I use CoinGate for one-time international payments?

Absolutely! Our platform supports both one-time and recurring payments, so you can settle a single invoice or schedule regular transfers based on your needs.

What’s the cheapest way to wire money internationally?

In most cases, crypto payments with stablecoins like USDT or USDC are the cheapest, fastest, and most reliable way to move money across borders, as transfer charges rarely exceed bank fees or currency exchange markups.