Wire transfers send money electronically through wire networks, such as SWIFT and FEDWIRE. They are one of the most popular ways to move money from one bank account worldwide.However, they can cost arm and leg in fees, and usually take around 5 business days to process. The best way to avoid wire transfers and their fees is to securely and money online.
What is a bank wire fee?
Regardless of how much you send by wire transfer, banks will always charge you a minimum fee. Along with this there is a handling fee-the more banks that handle your transfer, the more it costs. When wiring money overseas, banks charge poor foreign exchange rates to profit on your payment. And it's not just the person sending a wire transfer that pays these unnecessary fees.
Some banks may charge the receiver a fee too,especially for an international transfer.
What is an alternative to bank wires?
The best alternative to a wire transfer is to use a Money Service Business(MSB).
While some of these companies can charge you significant fees- here at REMITR we do not.We offer you the best live foreign exchange rates - and charge a flat fee as low as $5!.
Use REMITR allows you to send money to over 150 countries worldwide 24/7. There's no waiting around either, as funds are delivered within 1 business day.