Domestic Wire Transfer Fees

[Ferrino]

I want to transfer funds between my accounts at two US banks. There will be a charge of $40 to do this. $25 outgoing and $15 incoming.

They are both linked to my PayPal. Can I just add funds to balance with outgoing account and then withdraw into incoming account for free? Am I missing something? This isn’t time critical. What is critical is I don’t give them $40.

Thanks!


Sent from my iPhone using Tapatalk

[cabmandone]

Why not write a check and have it deposited in the other account. Totally free. I believe you can also do an ACH which I think is free too.

[Ferrino]

Originally Posted by cabmando

Why not write a check and have it deposited in the other account. Totally free. I believe you can also do an ACH which I think is free too.

Incoming account is online-only. Check limit is $5,000/month. I’ll have to look into ACH. How does it differ from a wire transfer that they charge you for?



Sent from my iPhone using Tapatalk

[Eric Coffey]

Zelle it.

[john70t]

Originally Posted by Ferrino

Check limit is $5,000/month.

$4,999.99 per day in person.
Combine trips with lunch and other necessities.

[Ferrino]

Originally Posted by john70t

$4,999.99 per day in person.

Combine trips with lunch and other necessities.

Not at my bank - max $5k in checks deposited per month!



Sent from my iPhone using Tapatalk

[cabmandone]

Originally Posted by Ferrino

Incoming account is online-only. Check limit is $5,000/month. I’ll have to look into ACH. How does it differ from a wire transfer that they charge you for?



Sent from my iPhone using Tapatalk

Honestly, I never really understood how an ACH and a wire transfer were different. I just know my bank didn't charge for an ACH. Below is a breakdown I found on the differences. You should probably contact the receiving bank to make sure you can have an ACH sent to the account. I don't think all accounts work with ACH for some reason.

OOPS! Here it is! https://www.thebalance.com/ach-vs-wire-transfer-3886077

[OldSpool87]

This should be easily accomplished online by simply transferring funds from account A to account B. This assumes both banks have online services. Unless you are talking about very large sums, I don’t see why you would have a problem. I would call your banker if daily limits will be exceeds. Temporary increases can normally be accommodated. That’s been my experience.

[KFC911]

Didn't read much....ACH is massive, bulk processing by banks overnight (traditional checks, etc.), where wire transfers are more "real time" with more human involvement. Cost pennies....banks make $

Both safe....lines are blurring between the two imo.

T-rex

Don't pay for moving yer $ around....I don't, and I used to move billions each day fer them bastids....jmho.

[KFC911]

To the OP....do you have a brokerage acct (Fidelity)...link both accts to it. Or is this a one-time deal?

[svandamme]

damn how you guys keep getting screwed with all your banking...

all wire transfers private person to private person within the EU are all free.
and pretty much instant.

Checks got banned 30 years ago because they are slow and prone to fraude

[cabmandone]

Originally Posted by svandamme

damn how you guys keep getting screwed with all your banking...

all wire transfers private person to private person within the EU are all free.
and pretty much instant.

Checks got banned 30 years ago because they are slow and prone to fraude

Think banking is bad? How about having to pay three companies that collect your information (without your permission mind you) and then provide it to others for a freeze or an unlock of your credit file. The only plus to the equifax mess is that it's now federal regulation that people pay nothing for a credit freeze. Don't see anything about unlocking fees though.

[svandamme]

que?

[john70t]

Use a different bank. Or credit union. A company you don't mind supporting.

BoA and Mastercard are going the SWJ route and blocking payments from certain businesses.
The best way to rob a bank is to own one.

[VincentVega]

So many online banks handle this all day everyday. I transfer $ from my bank to an online version for free and it clears in no time. No limit I'm aware of. Might be time to switch banks.

check out tiaa, americanexpress.com/savenow, capital1... lots of options.

[mrbeverlyhills]

Go to Transferwise.com and set up an account, transfer domestically and internationally for pennies.

[Zeke]

Originally Posted by Ferrino

Not at my bank - max $5k in checks deposited per month!



Sent from my iPhone using Tapatalk

You need a new bank.

[Eric Coffey]

Originally Posted by peteremsley

Use this to transfer $ to ex and kids. I think it has a pretty low limit though, like $2-3k per transfer.

Not sure if different banks set different limits, but mine is $5k per day, and $20k per week. Zero fees.

[smadsen]

If both your accounts are at the same bank, like Wells Fargo, you should be able to do an internal transfer free for immediate credit.

If you have two different banks, like Wells Fargo and Chase, you can do a wire transfer which requires humans at both ends, hence the expense. You can do an ACH for free (just like bill pay), but the sending bank holds your money for two days. It's called (reverse) FLOAT. You can write a check for free also, but it takes days to mail & clear, and depending on the size of the check and your standing at the receiving bank, they may place a hold on the funds for however long the market will bear.

[Eric Coffey]

Originally Posted by smadsen

If both your accounts are at the same bank, like Wells Fargo, you should be able to do an internal transfer free for immediate credit.

If you have two different banks, like Wells Fargo and Chase, you can do a wire transfer which requires humans at both ends, hence the expense. You can do an ACH for free (just like bill pay), but the sending bank holds your money for two days. It's called (reverse) FLOAT. You can write a check for free also, but it takes days to mail & clear, and depending on the size of the check and your standing at the receiving bank, they may place a hold on the funds for however long the market will bear.

You can do Zelle transfers between different banks, it is instant, and there are no fees. Most major banks have it as an option/feature now on their sites/apps.
Only (potential) downside I can think of would be the limits, but mine is $5k/day and $20k/week.