I used Wamu before for outgoing international wire transfer, there was $11 charged by intermediary,, but Wamu and the receipient bank didn't charge me. But because I didn't keep a balance and hadn't used it for a year, Chase closed my account after they took over Wamu. Now I need to make another wire transfer and lost my Wamu account, any suggestions?
Outside of ACH, I've don't think I've ever seen a bank or brokerage that did free wire transfers at all, even in the US.
kcjeffery
Member
posted: Nov. 17, 2009 @ 12:45a
JTFH said: Outside of ACH, I've don't think I've ever seen a bank or brokerage that did free wire transfers at all, even in the US.
I've found most banks will send a wire transfer (at least domestic) for free but charge to receive the transfer. This seems counter-intuitive that they charge to receive funds, but that's how they operate.
JFK said: Outside of ACH, I've don't think I've ever seen a bank or brokerage that did free wire transfers at all, even in the US.
Schwab brokerage.
Treffen
Senior Member
posted: Nov. 17, 2009 @ 2:18a
This may be more than you want to get involved with but the combination of Schwab's 2% Cash Back Investors credit card and the SchwabOne brokerage account is pretty popular and the normal minimum balance requirements for the SchwabOne account are waived with this combination. You can find more on that in the appropriate threads.
I mention this because: As it happens, Schwab will do the wire for free.
Glad I keep $1 in Wamu account at all times. I second the Schwab recommendation, and I didn't even know about the free wires, they don't charge a fee for anything it seems! Free wires, international ATM withdrawals and CC purchases, unbelievable..
I've just checked with the Schwab and they do charge $25 for outbound wire transfers. I opened the account last week it can be a new thing.
olegos
Senior Member
posted: Nov. 17, 2009 @ 8:47a
adamsmart78 said: I've just checked with the Schwab and they do charge $25 for outbound wire transfers. I opened the account last week it can be a new thing. The PDF form for wire transfer mentions this fee, and is dated January 2005.
Vanguard doesn't charge for outgoing wires of more than $5,000, or for any wires with their premium (high balance) service levels.
Treffen
Senior Member
posted: Nov. 17, 2009 @ 1:29p
adamsmart78 said: I've just checked with the Schwab and they do charge $25 for outbound wire transfers. I opened the account last week it can be a new thing.
I was going to argue with you, because I've sent wires for free. But you're correct, you need a six figure household balance. It's under fee waivers and it's for domestic wires only. That's what I get for trusting my memory.
Will they allow international wires with a swift code, or does it have to go to an intermediary bank to be forwarded? This is also a business account.
scanchain
Senior Member
posted: Nov. 17, 2009 @ 3:59p
JTFH said: Outside of ACH, I've don't think I've ever seen a bank or brokerage that did free wire transfers at all, even in the US. TD Ameritrade Apex.
Will they allow international wires with a swift code, or does it have to go to an intermediary bank to be forwarded? This is also a business account.You can directly enter the SWIFT for the destination bank/account, but an intermediary may still be used. And yes, the account is a business account. There's also a limit of 5 free outgoing wires per month, whether domestic or international.
There are two fees involved in international wire transfer, one is BANK fee and another one is Processing Fee (OPTIONAL). The BANK fee is the standard fee set by your bank, and I hardly know any bank which does it for free. However the Processing fee is optional and it depends on the COUNTRY and BANK you are sending the amount to.
More Recommendations > The banks which charge less transaction fee will often give low exchange rate, so make sure that you always do the exchange calculation first. > If it is small amount then go for 'No FEE' transaction, and if it is large amount then go for 'HIGHER EXCHANGE' rate offer > Send the amount in the receiving country currency, otherwise either sender or receiver have to pay extra money to receive it in Dollars > The exchange rates changes frequently, so do some research on exchange rates if it is a large amount
lampy2k4
Senior Member - 1K
posted: Nov. 17, 2009 @ 6:42p
captainkrazy said: > Send the amount in the receiving country currency, otherwise either sender or receiver have to pay extra money to receive it in Dollars That's not always true - we found that not only receiving bank we were using did not charge any fees to receive in USD, they also had much better USD-local currency exchange rate.
Once my bank sent the wire in EUR instead of USD as I requested (mistake, USD was clearly on the form). I calculated that they screwed us for about $100 in the process on exchange rate - and the total amount wasn't large (2-3 thousand). They also did the silly thing and refused to acknowledge the problem or deal with it in any way ($40 wire transfer fee refund would have satisfied me). I voted with my dollars and went down the street to WaMu where I enjoy free wires ever since.
captainkrazy said: There are two fees involved in international wire transfer, one is BANK fee and another one is Processing Fee (OPTIONAL)I think your PROCESSING fee is actually the Intermediary/Correspondent fee which is not easy to determine ahead of time, or easy to extrapolate afterwards
Tops
Broke Member
posted: Nov. 17, 2009 @ 8:05p
I knew that WaMu had free outgoing wire transfers, but doesn't Chase charge for it now? They even have a $3 fee for any outgoing ACH transfers to external accounts.
If you got the wamu free checking account and it became chase, the free outgoing wire transfers is grandfathered into your account. The only place that says it, besides fw, is the conversion information booklet you get when your account was converted.
You may want to Watch out for the exchange rate whenever you are getting any kind of "free international transfer".
I have seen exchange rate difference of > 1%, obviously to the advantage of the bank, between Bank X offering "free transfer" and Bank Y offering transfer for a fee.
I have not used Schwab ever and hence cant comment on them. Given that they are a brokerage - they probably hope to make more money off your trades and don't want to nickel and dime their finance-savvy customers away. So I guess there may be a good chance you will get a fair rate even with a "free transfer".
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