Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> appliances babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business weddings
CostHelper > Personal Finance  > Taxes & Financial Planning > Wiring Money

Wiring Money Cost


How Much Does Wiring Money Cost?

 
low costLow: Send $200 Internationally $5-$19average costMedium: Send $500 Inside US $28-$40
post E-mail post Post  

Money can be wired within the United States or overseas either through an individual's own bank or via money-transfer senders like MoneyGram International[1] or Western Union[2] .

Typical costs:

  • Sending $200-$300, a typical sum, within the United States costs about $8-$24 via Western Union[3] , depending on whether the money is sent within minutes, the next day or in three bank business days. Wiring $400 will cost $20-$28, and $500 will cost $28-$40.
  • In contrast, banks usually charge a flat fee to wire money domestically. U.S. account holders with Bank of America[4] are charged about $25 to send any amount of money within the United States (and around $35-$45 internationally). Generally, banks take up to two days to wire money domestically.
  • For international money transfers, in the third quarter of 2009 it cost an average of $8.24 to send $200 from the United States to Mexico; $5.25 to send $200 to India; $10.02 to send $200 to the Philippines; and $19 to send $200 to China, according to The World Bank[5] . In the same period, it cost an average of $10.55 to send $500 from the United States to Mexico; $5.25 to India; $11.18 to the Philippines; and $19 to China. This survey of remittance prices by The World Bank includes both banks and money transfer senders, and average prices vary considerably from quarter to quarter.
Related articles: Stamp, Passport

What should be included:
  • To wire through a bank, it is necessary to show up in person and authorize the money to be transferred. The bank then starts a series of processes ending with the money being deposited in the recipient's bank account. The money becomes available to the recipient in one or two days.
  • With major money-transfer senders MoneyGram and Western Union, the transaction can be done over the phone or online as well as in person. Western Union has outlets in many major grocery store chains, and MoneyGram is in retail establishments like Wal-Mart. Most people wire money in person, which involves filling out forms and tendering cash to an agent. The agent then uses a computer to notify the money-transfer sender's central office, which transfers the funds to a bank account or financial institution on the receiving end. The sender is often given a prepaid calling card with three minutes or so to notify the recipient that the money has been transferred. Funds arrive almost immediately.
Additional costs:
  • When sending internationally, an unscrupulous provider might seem to have a low fee, but could be tacking high service fees or a higher currency exchange rate on to the transaction. For protection against such tactics, someone who wishes to send money abroad can visit Remittance Prices Worldwide[6] , key in the name of the countries involved, and comparison shop the services and exchange rates. When sending domestically, it's a good idea to comparison shop service fees of different companies.
Shopping for wiring money:
  • One way to find a reputable agent in a given area is to visit Western Union's locator page[7] or MoneyGram's locator page[8] .
  • When sending money overseas, visit Remittance Prices Worldwide[9] and comparison shop fees and services.
  • Use a licensed bank or money transfer agent. To find out if a bank or agent is licensed, visit the department of banking for the state from which the money is being sent. To find this department, visit the Conference of State Banking Supervisors. Don't do business with an unlicensed provider.
  • It is never a good idea to wire money in response to an unknown quantity, such as posters on Craig's List or unsolicited e-mailers who propose deals involving wire transfers.
post E-mail post Post  
CostHelper News


3 Ways to Have the Government Pay You Back for Your Energy Efficient Upgrades
Any renovations or upgrades made to your home this year that included energy-efficient appliances could be eligible for some federal energy tax credits. But it's not just appliances. || Posted December 9 2013


7 Lesser-Known Discounts for the 50+ Crowd
As they age, members of the Baby Boomer generation don't like to admit that they're senior citizens, but they love getting discounts. It's kind of a quandary, because some of the best deals available are reduced prices for older folks. || Posted October 21 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments


 

Comment On Your Experience With Wiring Money
 
Subject:  *
Amount Spent:  *
Amount Wired: From: 
To: Company: 
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  /www.moneygram.com/MGIRewards/Main/index.htm
  2.  www.westernunion.com/Home?rootRedirect=true
  3.  www.westernunion.com/Home?rootRedirect=trueWUCOMWEB/priceShopperRedirectAction.do?metho...
  4.  www.bankofamerica.com/state.cgi?section=generic&update=&cookiecheck=yes&context=en_US&c...
  5.  remittanceprices.worldbank.org/
  6.  remittanceprices.worldbank.org/
  7.  www.westernunion.com/Home?rootRedirect=trueWUCOMWEB/staticMid.do?method=load&pagename=a...
  8.  /www.moneygram.com/MGIRewards/Main/index.htm/eFindUs/findUs.do?countryCode=US&languageC...
  9.  remittanceprices.worldbank.org/
More Personal Finance Topics
Check Out All Costs for Personal Finance How Much Do Tax Returns Cost? How Much Does Closing a Home Cost? How Much Does a Traffic Ticket Attorney Cost?

Search Thousands of Topics on CostHelper.com



Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
A 9-miles ride in ambulance with no medical attention cost 1200 in WA
Paid: 1200.00
This is legal rip-off. In my case, just a 9 miles ride from 1 hospital to the other without any medical attention cost me 1200 out of pocket. How can states attorneys and legislators let this happen everywhere... [more]
-TomN
Ambulance Cost
First tat
Paid: 0.00
I am 17 now and I am looking to get a pair of tribal wings on my upper back. This will be my first tattoo and would really like to have some advice about them... [more]
-Dannyboy
Tattoo Cost
All Propane Dealers are NOT crooks!
Paid: 1.89
In January of 2004, I bought my new 1000 gallon propane tank from Anderson's Propane of Bergman, Arkansas. Delivered about 100 miles from Bergman, installed, with a regulator, for a total of $1,519.66... [more]
-Eric Williams
Propane Tank Cost
ripoff
Paid: 15000.00
Family member charged with 7 felony accounts for a single act decided by the officer who took the report. The police report went to the AP and articles in tons of papers. Blown way out of proportion and one - sided... [more]
-America Lost
Felony Defense Attorney Cost
Stress Test
Paid: 1400.00
Agreed to test only as precautionary and peace of mind. Dr. office called ahead to be sure insurance would cover, in-network, etc.... Bill for procedure: 1600.00 (I owed 500... [more]
-DBR
Stress Test Cost
mold
Paid: 5500.00
Shortly after moving into my "new 2006" mobile home, I became aware of a cracked waterline under the house. I had a plumber repair it. This was 2011. In 2014 January I became very sick..found it was black mold under thd house... [more]
-Mary Solberg
Mobile Home Insurance Cost