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


10 Key Ways to Prepare for Extreme Snow
Forecasters are predicting a true nor'easter will hit the eastern and central states with rain, thunderstorms, ice, snow and high winds over the Thanksgiving weekend. It's crucial to plan ahead, before bad weather hits. || Posted November 26 2013


10 Most Popular Cosmetic Procedures Before the Holidays
With reunions and other get-togethers scheduled during the holiday season, most people want to look their best at this time of year. For some, that means filling in those wrinkles with a bit of botox, or having a nip and tuck down here and there. || Posted November 23 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
PFT Cost Dallas
Paid: 2568.00
My regular doctor wanted me to see a specialist since he didn't like my spirometry results. I reluctantly agreed since I never have problems. Two doctor visits later and I'm out $2568... [more]
-CHRIS REED
Pulmonary Function Test Cost
WHEEL ALIGNMENT
Paid: 85.59
GAVE ME A PAPERSHOWING RED AND GREEN ALIGNMENT, RED MEANING IT NEEDS TO BE FIXED. WHEN IT WAS DONE THEIR WAS STILL RED SHOWING IMPROPER ALIGNMENT, HE SAID WE CANT FIX THAT UNLESS I PAY ANOTHER $119.00...WHAT A BUNCH OF CROOKS..... [more]
-JAMES DENOS
Wheel Alignment Cost
Crazy Expensive for a 250 gal tank in San Diego
Paid: 4.43
We have a rental property that had an AmeriGas tank on it that's used for the outdoors (pool/spa and fire pit)... [more]
-jessmeagan
Propane Cost
Am I paying too much
Paid: 1800.00
I have a small auto repair shop. He prepared my tax return in 2016. I do my own 941, wage report and monthly taxes. He does the rest and I still get charged 1800.00... [more]
-Martín Duran
Business Tax Preparation Cost
Tsh t3 and t4
Paid: 2500.00
Any ideas what to do? I do not want to pay this... [more]
-Thisbillistohigh
Thyroid Test Cost
Teeth Cleaning
Paid: 0.00
in order to prefer cleaning, $149 for blood work, chest X-rays and an ekg another $375 and then he brings in a specialist to sedate, X-ray and clean, scale and polish for $809 and then extra if anything is wrong... [more]
-breaking the bank
Dog Teeth Cleaning Cost