[zeroxfe]

Out of curiosity, where do you live? I do wire transfers regularly and have never not paid fees (often, both on the sending and receiving ends.)

Also, I've never had a wire settle in under 24 hours. It's typically 2 - 7 days depending on destination and currency.

[workthrowaway27]

Not OP, but I live in the US and don't pay fees on transfers between my brokerage account and checking account. They take a few days to clear though.

[JumpCrisscross]

> I live in the US and don't pay fees on transfers between my brokerage account and checking account. They take a few days to clear though

They're probably doing an ACH [1] transfer, which is net settled [2]. They take longer but are cheaper than wires. Fedwires, once transmitted from the sending institution, take seconds to be received [3]. They're real-time gross settled [4], i.e. faster but costlier [5]; many institutions waive (i.e. eat) these fees for clients with more than ~$50,000.

[1] https://en.wikipedia.org/wiki/Automated_Clearing_House

[2] https://en.wikipedia.org/wiki/Net_settlement

[3] https://www.federalreserve.gov/paymentsystems/fedfunds_about...

[4] https://en.wikipedia.org/wiki/Real-time_gross_settlement

[5] Why? Because they're immediate and irrevocable. The first part means the bank has to use actual funds on hand, versus hoping a countervailing transfer cancels out the work or letting a profitable (relatively speaking) investment pay out. The second part means mistakes are more resource-consuming.

[iooi]

I can give an example, at Chase bank in the United States, if your account balance is over $65k in your combined checking + savings accounts, or you have an investment portfolio through them via Chase Private Client of at least $250k, all wires are free.

[saosebastiao]

Typically if the sending institution or receiving institution maintains a nostro account at the other end of the transaction, they'll process the transfer immediately.

[sfifs]

not GP but in both India and Signapore, instant settlement with little or no fees is the norm for nomimal amounts like rent etc.

[digi_owl]

Similar from Norway, and why it increasingly hurts to think that USA is considered the leader in technological development.

It may be the leader in consumer hype of technological development, but dear deity so much of the actual daily operations seems almost third world.