Every Money Transfer And Remittance Term You Need To Know: Letter W

Last updated: October 05, 2022

Wire Fee

When you make a wire transfer (either domestic or international), your bank will charge a fee for the wire transfer transaction. This fee is called a wire fee or wire transfer fee.

Wire Fees can tend to be pretty high, sometimes up to USD 30-50 per wire transfer.

Also known as: Wire Transfer Fee
Also see: Currency Conversion Fee, Domestic Wire Transfer, FedWire, Free Money Transfer, FX Fee, International Bank Transfer, International Wire Transfer, SWIFT, SWIFT Code, Wire Transfer
Further reading: How Do International Wire Transfers Work?
The Top 7 Best US Banks for International Wire Transfers
The Ins and Outs of International Wire Transfer Services

Wire Transfer

A wire transfer is a financial transaction that involves sending money directly from one bank account to another. Wire transfers can be local (domestic) or international depending on whether participating bank accounts are located in the same country or separate ones.

The SWIFT payments network is the most popular settlement system to facilitate wire transfers both domestically and internationally.

Also see: Domestic Wire Transfer, FedWire, International Bank Transfer, International Wire Transfer, SWIFT, SWIFT Code, Wire Fee, Wire Transfer Fee
Further reading: How Do International Wire Transfers Work?
The Top 7 Best US Banks for International Wire Transfers
The Ins and Outs of International Wire Transfer Services

Wire Transfer Fee

When you make a wire transfer using your bank, you will need to pay a fee called the wire transfer fee. This fee not only covers your bank's operation expenses to move the money, but also generates a profit for them.

In fact, it is not uncommon for banks to charge high fees ranging from USD 30-50 on international wire transfers. Domestic wire transfers get charged at lower fees, but are still not an insignificant amount.

Also known as: Wire Fee
Also see: Currency Conversion Fee, Domestic Wire Transfer, FedWire, Free Money Transfer, FX Fee, International Bank Transfer, International Wire Transfer, SWIFT, SWIFT Code
Further reading: How Do International Wire Transfers Work?
The Top 7 Best US Banks for International Wire Transfers
The Ins and Outs of International Wire Transfer Services