The fees for domestic funds transfers, also known as domestic wire transfers, typically vary depending on whether the transfer is outgoing (sent) or incoming (received).
Understanding Domestic Wire Transfer Fees
Domestic wire transfers facilitate the electronic movement of money between accounts within the same country. Banks generally apply different charges for sending and receiving these types of transfers.
Outgoing Domestic Wire Transfer Fees
When you initiate a domestic wire transfer to send money, you will usually be charged an outgoing domestic wire transfer fee. This fee is paid by the sender and generally falls within the range of $15 to $30.
Incoming Domestic Wire Transfer Fees
If you are the recipient of funds via a domestic wire transfer, your bank may charge an incoming domestic wire transfer fee. This fee is charged to the recipient and typically ranges between $0 and $15. It's worth noting that some financial institutions may not charge a fee for receiving domestic transfers.
Domestic Wire Transfer Fee Summary
To provide a clear overview, here's a summary of the typical fee ranges for domestic wire transfers:
| Type of Domestic Wire Transfer | Typical Fee Range | Party Charged |
|---|---|---|
| Outgoing Domestic | $15 - $30 | Sender |
| Incoming Domestic | $0 - $15 | Recipient |
It's important to remember that these figures represent general ranges, and the specific fees can vary based on the particular financial institution you use.
