Payments
Fees for Wire Transfer: 4 different ways to cut Wire Transfer costs
Fees for wire transfers can add up, especially if you frequently send money domestically or internationally. Understanding these costs and knowing how to minimise them can help you save money. Wire transfers are a fast and reliable way to move money, but they have varying fees that can impact your total transfer amount.
Typical wire transfer fees
There’s a significant difference between domestic and international wire transfer fees, mainly due to the complexities involved in cross-border transactions. Domestic transfers are usually more straightforward and less costly, as they occur within the same country and currency.
International wire transfer fees range from ₹1,500 to ₹4,000, or more. There are additional costs for currency conversion. Receiving international transfers may cost ₹500 to ₹2,000. International wire transfer fees tend to be higher because of additional factors, such as:
- Currency conversion fees: When transferring money internationally, banks typically charge a currency conversion fee. This fee is often a percentage of the total amount being transferred and can significantly increase the wire transfer cost.
- Correspondent bank fees: In an international transfer, intermediary banks (also known as correspondent banks) may be involved, and they may each charge a fee. These fees can add up, especially when multiple banks are involved.
- Time and processing fees: International transfers can take longer to process and the added complexity often results in higher fees.
Different ways to cut wire transfer costs
Use online banking: Many banks charge lower fees for online transfers compared to in-branch transactions.
Choose the right bank: Look for banks that offer lower fees or perks for regular customers.
Transfer timing: If possible, transfer during off-peak times or when banks offer promotions.
Utilise banking relationships: Regular customers or those with higher balances might negotiate lower fees.
Also Read: How long do wire transfers take?
Conclusion
Understanding the fees for wire transfer is essential for anyone who regularly moves money electronically. By being aware of the typical costs and the strategies to reduce or avoid fees, you can make more informed decisions and potentially save a significant amount of money.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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