[mseebach]

> Wire transfer fees are a set amount, usually around $40, not a percentage of the total amount transferred. You can do the math to figure out at what dollar threshold sending wire transfers through your bank becomes cheaper than using Transferwise.

Absolutely do the math, but keep in mind that fees are not the only fees when doing FX: few banks will use the spot FX rate for wire transfers, they'll typically add a spread of about 3%.

[analyst74]

yeah, you're getting skimmed hard between wire transfer cost and that spread. If you have access to an FX brokerage with reasonable fee, definitely use that.

I personally use Interactive Brokers, one free wire transfer per month, and you can get spot price on your exchanges. Only fees I pay are a couple dollars IB charges on exchanges, and twenty dollars or so my bank charges for receiving wire transfers. Only downside is that they hold the money for 3 months before allowing withdrawal into a different bank.

[delinka]

"...and twenty dollars or so my bank charges for receiving wire transfers."

For business accounts or personal? I received a single wire transfer to a personal account two months ago and didn't pay a fee. Maybe I get one free. Maybe there would have been a fee for a business account.

But I'm certain I've never heard, until now, anyone mention fees for receiving wire transfers.

[analyst74]

Mine was for personal. The bank payment system has myriads of complicated rules/methods determining how they will charge you on a transfer, where the bank is located, wire vs ACH vs direct deposit vs other clearing mechanisms, international vs domestic, individual bank's progressiveness, your account type, etc.