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Important: Many banks promise a fee-free transfer. Nevertheless, they are most probably using an intermediary bank who WILL charge a fee!
Bank of America = $45 fee for outgoing international wire Banner Bank = $10 incoming wires, $18 outgoing international wires, $30 domestic (in OR and WA). Etrade = no fee associated with receiving wires = $0. (Seems like intermediary bank charges $15) Fidelity = no fee associated with receiving wires = $0. HSBC = fee of $15.00 for an incoming wire transfer. ShoreBank = fee to receive the wire is $5. Wachovia = fee ranging from $15.00 to $50.00 for each international incoming wire transfer. Washington Mutual = Free outgoing domestic and international wires only if the receiving account holds US Dollars. ~4.5% "hidden" charge is built into their exchange rates. Washington Mutual = $10 Incoming. Unknown fee from Wells Fargo (-intermediary bank). Meadows Credit Union = $0 Incoming/Outgoing/International with $5000 minimum balance & Direct Deposit (Savvy Checking account).
Message edited by: ananthar on 2009-06-07 19:53:25 CDT
bittul
Happy Member
posted: Jun. 9, 2008 @ 4:16p
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.
geo123
Senior Member - 6K
posted: Jun. 9, 2008 @ 4:43p
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.
dsru
Senior Member
posted: Jun. 9, 2008 @ 4:50p
Etrade bank - free incoming wires including intl ($25 outgoing)
bittul
Happy Member
posted: Jun. 9, 2008 @ 4:55p
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.
bittul
Happy Member
posted: Jun. 9, 2008 @ 4:58p
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.
bittul
Happy Member
posted: Jun. 9, 2008 @ 5:15p
dsru said:Etrade bank - free incoming wires including intl ($25 outgoing)
Thank you! Confirmed this with a CSR.
edit: Forgot to ask CSR about their ForEx rate.
bittul
Happy Member
posted: Jun. 9, 2008 @ 5:37p
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.
dolmar
Senior Member - 4K
posted: Jun. 28, 2008 @ 8:21p
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.
prastogi
Senior Member
posted: Jun. 29, 2008 @ 1:45a
BANNER BANK (OR/WA)
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
prastogi
Senior Member
posted: Jun. 29, 2008 @ 1:48a
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.
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