HSBC = fee of $15.00 for an incoming wire transfer. Wachovia = fee ranging from $15.00 to $50.00 for each international incoming wire transfer. ShoreBank = fee to receive the wire is $5.
bittul said: Anyone know of a bank that has FREE incoming international wires?Quite often it is not just about the bank but about your relationship with the bank. BOA's Advantage customers, for instance, automatically receive free incoming wire transfers. I am a Premier customer with BOA, so my rep waives all my outgoing wire charges as well.
A while ago WAMU's free checking account also came with free incoming and outgoing wires (including outgoing international wires). I've used it for outgoing international wires before but haven't done it recently (I just used BOA instead) and have no idea whether they still do it.
CycloneFW
Senior Member
posted: Jun. 9, 2008 @ 4:50p
bittul said: So far I got the following replies:
HSBC = fee of $15.00 for an incoming wire transfer. Wachovia = fee ranging from $15.00 to $50.00 for each international incoming wire transfer. ShoreBank = fee to receive the wire is $5.
I do not get charged for incoming domestic & international wires on my Wachovia accounts. For outgoing, I do not get charged for domestic wires (the computer automatically waives it even if the person doesn't). For international outgoing, the rep does actually has to selected "waive", and thus, I send all international wires from my rep so I never get accidentally charged the fee.
CycloneFW said: bittul said: So far I got the following replies:
HSBC = fee of $15.00 for an incoming wire transfer. Wachovia = fee ranging from $15.00 to $50.00 for each international incoming wire transfer. ShoreBank = fee to receive the wire is $5.
I do not get charged for incoming domestic & international wires on my Wachovia accounts. For outgoing, I do not get charged for domestic wires (the computer automatically waives it even if the person doesn't). For international outgoing, the rep does actually has to selected "waive", and thus, I send all international wires from my rep so I never get accidentally charged the fee.
Thanks for the input.
Intersting though, the rep I spoke to said the fee was a minimum of $15 for incoming international, and that it was "non-negotiable". Will try calling again.
geo123 said: bittul said: Anyone know of a bank that has FREE incoming international wires?Quite often it is not just about the bank but about your relationship with the bank. BOA's Advantage customers, for instance, automatically receive free incoming wire transfers. I am a Premier customer with BOA, so my rep waives all my outgoing wire charges as well.
A while ago WAMU's free checking account also came with free incoming and outgoing wires (including outgoing international wires). I've used it for outgoing international wires before but haven't done it recently (I just used BOA instead) and have no idea whether they still do it.
Interesting point. For me it's just a one-time transfer from Australia, but for future reference, it's good to know.
Just spoke to another CSR at Etrade, she said that the initiating bank must make the conversion to USD prior to sending the wire. (so there's no ForEx charge on their end)
Is this the case with other banks as well?
singexpat
New Member
posted: Jun. 25, 2008 @ 1:12p
Another question is which bank(s) allow international wire transfer without visiting their branch. The other thread touches on the issue but I did not see an answer. Basically, I'll be working in Singapore for a couple of years. I understand that I can transfer money from Sing to an US account by paying fees. However, what bank(s) allow me to transfer money from an US account to a Sing account while I am not in the US in case I need to? Could you recommend some setup that works? Thanks in advance.
cityjanefm
Happy Member
posted: Jun. 25, 2008 @ 1:35p
Great timing! I just noticed that Chase has raised their wire fees, so as of July 1 this is what you will pay:
I got this notice on both of my Chase business accounts, so I'm assuming it's across the board. I do know that if you have a Chase Merchant account these fees are usually lower, but there are other higher bank related fees.
What really sucks is that Chase has a super easy online WT system for both domestic and international transfers. We have used it for transfers to every part of the globe with very few problems, plus no trips to the bank and fairly helpful online / phone staff when you do run into problems.
I did some quick checking on other options and I believe Citibank's fees are lower, but I have heard mixed reviews of their online system. Any one want to confirm that?
mryan
Member
posted: Jun. 25, 2008 @ 2:24p
I am a contractor in Chicago for a London Based company and I get paid by wire. I use WAMU and they seem to be a day faster then my co-workers banks as far as receiving the payment. I pay the $10 incoming fee, but what sucks is the additional $25 fee that is take by another bank that is helping move the money. Of course, I charge this back to my client since they have no other method of getting money to me
thok
Tired Member
posted: Jun. 25, 2008 @ 2:25p
Never used Citi's wire system, but the international outgoing fee is $30 online, $40 if you go through a person. Citigold discounts the online fee to $20.
The incoming fee is always $10 for domestic or international, waived for Citigold.
thok said: Never used Citi's wire system, but the international outgoing fee is $30 online, $40 if you go through a person. Citigold discounts the online fee to $20.
The incoming fee is always $10 for domestic or international, waived for Citigold.
Outgoing Wire Fee is also waived for Citigold with $500k+ or PB customers.
bittul HSBC waived incoming wires fee for Premier Clients.
BOA also waives incoming wires fee for Premier Clients.
stsarvet
Senior Member
posted: Jun. 29, 2008 @ 1:26a
Navy Federal Credit Union has free incoming wire transfer.
Wire Transfer – Customer Outgoing .....................................................$20.00 Incoming .....................................................$10.00 International Foreign Currency (incoming and outgoing).........................$18.00 U.S. Currency (incoming and outgoing).........................$30.00
i recently sent some $$ to india via Banner bank -> JP Morgan Chase (intermediary bank) -> final india bank.. total cost: $18 (banner bank) + $7 (chase fee)..... and then some minor conversion fee in india to convert $$ to Rs..... (just fyi... this was fast - 3 days total and interbank conversion rates received).
kxl19
Senior Member
posted: Jun. 29, 2008 @ 12:46p
I've had to make several wire transfers to people in Europe, in Euro denominated account. In my experience, HSBC and Citi give terrible exchange rates, it was more than 5-10% above the interbank rate.
Everbank was pretty good - about 2% above the interbank rate, but there's a $50 transfer fee, which is small if doing big transfers. For smaller transfers, xe.com was the best - but you end up paying a slightly higher exchange rate.
In some cases, it may be better to send to a USD account overseas, and then have the receiving bank do the exchange. IN my experience (sending to SIngapore) - this was better than trying to send a Sing dollar denominated wire from the US.
kxl19
Senior Member
posted: Jun. 29, 2008 @ 12:50p
singexpat said: Another question is which bank(s) allow international wire transfer without visiting their branch. The other thread touches on the issue but I did not see an answer. Basically, I'll be working in Singapore for a couple of years. I understand that I can transfer money from Sing to an US account by paying fees. However, what bank(s) allow me to transfer money from an US account to a Sing account while I am not in the US in case I need to? Could you recommend some setup that works? Thanks in advance.
SingExpat - I'm a US student based in Singapore, and I've had to go through exactly what you want to do. Open an account at DBS bank - it's the largest bank network in Singapore. They have a branch office in NY. You can make a domestic USD wire to the DBS bank in NY, then the money will "Pop-out" on the otherside in your DBS accout, converted at the interbank rate + 1-2%. IT was super conveninent - I used my citi account to do the transfer, since I was already in Singapore, and could use the citi online website to do the wire.
dolmar said: thok said: Never used Citi's wire system, but the international outgoing fee is $30 online, $40 if you go through a person. Citigold discounts the online fee to $20.
The incoming fee is always $10 for domestic or international, waived for Citigold.
Outgoing Wire Fee is also waived for Citigold with $500k+ or PB customers.
bittul HSBC waived incoming wires fee for Premier Clients.
BOA also waives incoming wires fee for Premier Clients.
I know that Free Checking incurs a fee for HSBC for incoming wires. I'm pretty sure if you have an interest checking or higher the fee is waived.
For HSBC Premier, if you're transferring to/from other countries and both accounts are titled under your name, all incoming/outgoing fees are waived.
Thrilla said: I know that Free Checking incurs a fee for HSBC for incoming wires. I'm pretty sure if you have an interest checking or higher the fee is waived.
For HSBC Premier, if you're transferring to/from other countries and both accounts are titled under your name, all incoming/outgoing fees are waived.
Dumb question how would HSBC knows if both accounts are titled in your name?
Wire instructions only require following info:
Swift number and receiving bank name and account to credited. I have never seen any bank who asks for the name of the receiving party. I do 2-3 Fed Wires a month.
If you are transferring between two accounts in your own name at HSBC how is that a wire transfer? Citi allows you to transfer between Citi accounts and depending on the destination it could be free. Like transferring money between us accounts held at Citi is free, so are transfer to india, mexico and canada. They only charge $5 for all other countries and that fee is waived for all Citigold customers or better.
The only catch is these low cost/free transfer are only available for transferring money between different Citibank accounts.
dolmar said: Wire instructions only require following info:
Swift number and receiving bank name and account to credited. I have never seen any bank who asks for the name of the receiving party. I do 2-3 Fed Wires a month.
That's odd. When I use Citi's online Foreign wire form through MyCiti, in addition to the Swift number, the next page asks for the Beneficiary name in addition to the account number.
Thoreau said: dolmar said: Wire instructions only require following info:
Swift number and receiving bank name and account to credited. I have never seen any bank who asks for the name of the receiving party. I do 2-3 Fed Wires a month.
That's odd. When I use Citi's online Foreign wire form through MyCiti, in addition to the Swift number, the next page asks for the Beneficiary name in addition to the account number. I never done an international wire just do wires between my Citi and BOA account both ways. Maybe domestic wires do not require beneficiary name.
dolmar said: I never done an international wire just do wires between my Citi and BOA account both ways. Maybe domestic wires do not require beneficiary name. Between two of your own accounts, you're generally better of with ACH. Although you should check to make certain that your bank does not have a push and/or pull fee.
To avoid surprises with exchange rates, I always ask the bank at the origin to send a wire in USD and quote me the price.
prastogi said: i recently sent some $$ to india via Banner bank -> JP Morgan Chase (intermediary bank) -> final india bank.. total cost: $18 (banner bank) + $7 (chase fee)..... and then some minor conversion fee in india to convert $$ to Rs..... (just fyi... this was fast - 3 days total and interbank conversion rates received). This can't be stressed enough: many internet banks offer "free" incoming wires, domestic or international.
However, most of them have to go through intermediary bank(s) that will dip into the transfer. That may account for some of the "nasty" exchange rates you see.
For example: Bank of Internet does not charge for incoming wires, but the intermediary bank takes $15 out of my transfer. Wells Fargo charges me $10 for incoming wires, but there is no intermediary bank.
Your best bet is to Google expat sites for country-specific wire situations as the number of intermediary banks varies even for the same bank.
bittul said: dolmar said: I never done an international wire just do wires between my Citi and BOA account both ways. Maybe domestic wires do not require beneficiary name. Between two of your own accounts, you're generally better of with ACH. Although you should check to make certain that your bank does not have a push and/or pull fee.
Citi nor BOA charge me to send or receive wires and it is much faster than ACH as wires post with in 1 hour normally and have no limit either.
mh83
Senior Member
posted: Jun. 29, 2008 @ 7:24p
dolmar said: ...I have never seen any bank who asks for the name of the receiving party. I do 2-3 Fed Wires a month... That’s very odd Dolmar. I’ve never initiated a wire from BOA, but I have used CITI, Countrywide, Capital One, HSBC, WA-MU, SECU, FNBO, among others for domestic wires and all have asked for the recipient’s name.
mh83 said: dolmar said: ...I have never seen any bank who asks for the name of the receiving party. I do 2-3 Fed Wires a month... That’s very odd Dolmar. I’ve never initiated a wire from BOA, but I have used CITI, Countrywide, Capital One, HSBC, WA-MU, SECU, FNBO, among others for domestic wires and all have asked for the recipient’s name.
Maybe I should try to enter a new wire instruction as I set up both them like 3-4 years ago and either I am wrong or things have changed. I have both saved under wires tab on both web pages. All I do is click on the nick name I assigned each account and enter the amount and wire is sent.
WAMU international outbound wiring is not totally free.
I have WAMU free checking account and I used WAMU twice wiring to an HSBC oversee account - at different branches. Instead of wiring direct to the overseas HSBC bank, WAMU routed them to HSBC New York as an intermediate bank. WAMU did not charge a dime, HSBC New York deducted $15 from the transaction, even though the target is an overseas HSBC bank.
I know the intermediate bank charge is standard practice so I did not complain. I know how much was deducted because the overseas account received funds in USD (it added $7 on inbound wire). All in all WAMU international outbound wiring is not totally free because it has to use an intermediate bank to locations that it does not have a physical presence.
dolmar said: Thrilla said: I know that Free Checking incurs a fee for HSBC for incoming wires. I'm pretty sure if you have an interest checking or higher the fee is waived.
For HSBC Premier, if you're transferring to/from other countries and both accounts are titled under your name, all incoming/outgoing fees are waived.
Dumb question how would HSBC knows if both accounts are titled in your name?
Not sure about when you're in the branch. I know when I do it online that that I have online banking from the two different countries and they are linked together through Global View.
Also in regards to exchange rates, whenever I transfer more than $20,000 USD or the equivalent, the banker calls in to their trading desk to get a better exchange rate. Apparently the larger the amount, the closer to spot.
KentWang
Member
posted: Jul. 4, 2008 @ 9:14a
FastFood said: WAMU international outbound wiring is not totally free.
I have WAMU free checking account and I used WAMU twice wiring to an HSBC oversee account - at different branches. Instead of wiring direct to the overseas HSBC bank, WAMU routed them to HSBC New York as an intermediate bank. WAMU did not charge a dime, HSBC New York deducted $15 from the transaction, even though the target is an overseas HSBC bank.
I know the intermediate bank charge is standard practice so I did not complain. I know how much was deducted because the overseas account received funds in USD (it added $7 on inbound wire). All in all WAMU international outbound wiring is not totally free because it has to use an intermediate bank to locations that it does not have a physical presence.
Maybe this is only applicable to HSBC? I need to make outgoing SWIFT to CHONG HING BANK in Hong Kong from the US in USD and am looking for the cheapest option.
markusck
New Member
posted: Jul. 9, 2008 @ 11:31a
Has anyone tried the Citibank Global Transfer system? It is different from their wire transfer if you transfer money from a citibank in the US to a citibank in another country. The fees are $10 outgoing and I can make the transfer online as opposed to having to go to a branch. Singapore has Citibank btw as do 10-12 other countries for Global Transfer service. I will be using this I think for my overseas relocation to the UAE. Anyone have experience to share?
busterbaxter
Senior Member - 1K
posted: Jul. 9, 2008 @ 1:11p
markusck said: Has anyone tried the Citibank Global Transfer system? It is different from their wire transfer if you transfer money from a citibank in the US to a citibank in another country. The fees are $10 outgoing and I can make the transfer online as opposed to having to go to a branch. Singapore has Citibank btw as do 10-12 other countries for Global Transfer service. I will be using this I think for my overseas relocation to the UAE. Anyone have experience to share?
I was trying to use this last year but found out that it was not available online anymore. Asked you to do it via ATM.
duncan36
Senior Member
posted: Jul. 9, 2008 @ 1:44p
Also HSBC takes out the fee days prior to depositing the money. So if you dont keep money in your checking you could get into trouble with the way they process the wire fee.
Pjotr
New Member
posted: Jul. 16, 2008 @ 12:39p
this is what Chase charges me with a business account: Incoming wire - domestic : $12.00 Incoming wire - international : $15.00 Outgoing wire - international at branch in USD : $25.00 Outgoing wire - international online in US dollar : $20.00 Outgoing wire - international online in foreign curr.: $40.00 (service charge will be decreased with credits earned around 0.0006-0.001 for every $ on your account)
Personal account: Incoming - domestic : $ 15.00 Incoming - international : $ 15.00 Outgoing - domestic : $ 25.00 Outgoing - domestic online : $ 20.00 Outgoing - international : $ 45.00 Outgoing - international online : $ 40.00
kewlhead
New Member
posted: Jul. 18, 2008 @ 12:31a
I'd look into BOA. BOA charges me with a business account: Free incoming domestic
Outgoing wire - international: $45.00
For an $18 mo fee, they offer account analysis, saves time by doing it online. Also, rates are lower.
Outgoing wire - international: $25.00 Just signed up for it, will edit when I receive my packet.
yakk0
Member
posted: Jul. 18, 2008 @ 2:33a
I don't appear to be getting charged by HSBC for incoming wire transfers to my Plus Checking account. The "$x fee deducted" in the wire transfer information was a fee deducted by the originating bank according to the HSBC rep I asked.
doraemonkerpal
Thrifty Member
posted: Aug. 1, 2008 @ 4:49p
I did an international wire transfer using my free WAMU checking account today and it didn't cost me anything. The correspondent/intermediary bank was HSBC for my wire transfer. The WAMU employee mentioned that an incoming wire transfer will cost $10 if you have the free checking account.
Thanks for the info to all the contributors. I almost went with a local bank that wanted to charge me $35, but checked FW instead and saved myself some money hehe.
Skipping 53 Messages...
busterbaxter
Senior Member - 1K
posted: Oct. 6, 2009 @ 4:53p
jrsmooth said: busterbaxter said: busterbaxter said: has anyone used the new Wells Fargo ExpressSend service? $1000/day limit and free to PMA clients. I asked them and they said absolutely no intermediary fee or whatsover. Asked about exchange rate they used and they couldn't tell me anything.
Used ExpressSend to send USD1000 to China last month. No fee as promised for PMA clients and no exchange loss to speak with, since the transfer is USD to USD. If the recipient has a USD account it will definitely be lossless.
The issue for me is, there is no Wells Fargo banks near me (I am in VA but I do have a PMA account), only Wachovia bank, which I also have a Crown checking account. Because the first such transaction needs to be done in person, so this is basically useless for me until my local Wachovia branch is converted to Wells Fargo, which is more than a year away.
So my question to you who have done such ExpressSend, is it necessary to do the first transaction in person in the Wells Fargo branch?
yes, for the first transfer, you have to appear in branch. Subsequent transfers can be done via phone.
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