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by onetwothreefour
4903 days ago
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The nominal cost (cost to the bank) is here: http://www.frbservices.org/servicefees/fedwire_funds_service... It costs less than $1 to send a FedWire. The FedWire can be up to $1BN. :) The FedWire system is actually very similar to transfer systems in other countries. I'm not sure why ACH is still in use apart from as a way to digitize checks. That said, most banks charge, at minimum, $12 per wire in/out for personal accounts. Most business/corporate accounts get wires free since that's how people pay each other (something like $1TN in wires is processed every day). |
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