gonsped69

My Feedback: (6)

Sorry for the off-topic post guys, I just wanted to find out what are the major banks in the USA (except Bank of America)?

I wanted to find out each bank's wire transfer fees so I could finalise pricing on the Traveller's roller chassis which now has been delayed until the end of April

JRexA

Wire transfer fees has many variables.

Transfer between to accounts in the same bank is cheap.

Transfer between two banks that work together is ok

Transfer betweens banks that has to go through a third bank is more expensive.

Transfer that has to end in another currency than your own is also more expensive.

Often it is a lot cheaper to Wire money, if the Transaction Fee is split between the sender and the receiver. At least it is so in Europe.

If I want to pay all fees for a transaction from Denmark to Germany, then my Fee is US$ 30, if the Fee is Split; then my Fee is US$ 3 and the receivers fee is around US$ 1.

gonsped69

My Feedback: (6)

Thanks for the reply JrexA - I found it very interesting that different countries have very different rules.

A thorough search with two banks in the USA shows Wells Fargo charges U$8 up to U$3,000 and Bank of America charges a wallet snapping U$45 for a single wire transfer.

So I went and checked with the UK banks - they oddly enough have 2 options, standard or urgent (I'll get back to the urgent method later on). Urgent costs U$38-48 and takes 2 days to get across. Standard reaches the destination in 5-6 working days (i.e. it'll take more than a full week) for U$19-29.

Now that all said, I have the vision that down here, we are....well......fairly backwards. Technology trickles 12-18months slower, movies come here 3-6months later, etc. But I found that my bank - which is a private bank and should be no different to other banks - costs only U$15 to wire a money transfer and it takes 1-2 days! And I could perform the transaction with my online banking. I'm fairly certain the people in the US could do this, but in England? "No sir, you have to come into the branch - we need your signature..." [:@] That was the response I got from all the phone operators.

Finally, receiving the money - my bank charges U$6 for an incoming wire transfer. I've sent money to BOA, which took a nice clean U$25 off the value. From what it looks, it averages to approx. U$50 lost in fees for both parties. At 3.4% interest, I can see why Paypal would be the only affordable option to pay that is instant and secure for any value less than ~U$1,400.

R/C Modelsport

Bank of America
Wells Fargo
Washington Mutual
Bank of the West
CitiBank

You might want to check into credit unions. They offer better services then some of the bigger banks but memberships are limited.

quarterscalelegends

I am with wells fargo and I purchase a lot of 1/4 scale cars and parts from Germany, Italy and China. When I do a wire transfer it costs about $35.00 and gets there the same day as long as I bring in the paperwork before 1pm. If you want it to stay in US dollars and dont want them to convert the curency it actually costs more for some reason.

Kmot

My Feedback: (24)

I used Wells Fargo to wire U.S. money to Hong Kong and it cost me $37.