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Bank with the lowest wire transfer fees?

Rei 1,449 302 November 15, 2011 at 10:11 PM
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What bank has the lowest wire transfer fees? Bank of America and my local credit unions have a $25 transfer fee on domestic wire transfers.

The reason I want a wire transfer is because im going to invest in silver and all the online shops like apmex.com, gainesvillecoins.com, and providentmetals.com give you a discount when paying either with a check (which takes 2 weeks to clear) or by sending a wire transfer. Credit card payments dont get a discount and the shops charge more if paying with a credit card.

any advice? or is the $25 wire fee pretty much standard in all banks?

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#2
I know my business account with citi private bank domestic wires are free.
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#3
They charge $18.75 for basic checking accounts, its better then the $25 that BOA charges Stick Out Tongue but im not really liking their monthly fees on checking accounts.
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#4
I found a list online at http://www.mybanktracker.com/bank-news/2010/09/28/comparing-wire-transfer-cost/

it looks like the lowest is $15 from some unknown bank called "TD Bank". The average fee seems to be $20-$25.

It looks like ING has something called a Person 2 Person payment which is free Stick Out Tongue hmmm I might create a checking account with them if that works like a wire transfer just to save the wire fee every time I buy silver.
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Last edited by Rei November 16, 2011 at 01:47 AM.
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#5
Just as a head's up, TD Bank is a very large regional bank all along the eastern US. I think size-wise they are in the top 10 of banks in all of the US (they just opened a branch in my office building, so have seen a lot of signs!). They are owned by Toronto-Dominion which also owns Ameritrade and other financial services companies.

I don't bank with them as I equate them with BoA and the other large banks so can't speak to their fees/customer service, but wouldn't call them "unknown" either (i.e. you can "take comfort" in their size/reputation, for whatever that's worth)

Quote from Rei View Post :
I found a list online at http://www.mybanktracker.com/bank-news/2010/09/28/comparing-wire-transfer-cost/

it looks like the lowest is $15 from some unknown bank called "TD Bank". The average fee seems to be $20-$25.

It looks like ING has something called a Person 2 Person payment which is free Stick Out Tongue hmmm I might create a checking account with them if that works like a wire transfer just to save the wire fee every time I buy silver.
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#6
Quote from Rei View Post :
I found a list online at http://www.mybanktracker.com/bank-news/2010/09/28/comparing-wire-transfer-cost/

it looks like the lowest is $15 from some unknown bank called "TD Bank". The average fee seems to be $20-$25.

It looks like ING has something called a Person 2 Person payment which is free Stick Out Tongue hmmm I might create a checking account with them if that works like a wire transfer just to save the wire fee every time I buy silver.
ING person2person will not qualify as a wire transfer in dealing with most bullion dealers.
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#7
thanks for the info guys Smilie

Edit: I was looking into TD Bank and it looks like they raised their wire fees to $25 also since that article was written

Here is a pdf of their fees:
https://esecure.tdbank.com/net/accountopening/1_fees.pdf

so it looks like all the major banks and credit unions charge $20-$25 for an outgoing wire transfer.
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Last edited by Rei November 16, 2011 at 10:21 AM.
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#8
try hsbc
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NFCU is the cheapest I've ever seen, from an institution that isn't some small no-name.
https://www.navyfederal.org/pdf/e...2043ep.pdf
$14 for domestic outgoing.
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Quote from dzap View Post :
NFCU is the cheapest I've ever seen, from an institution that isn't some small no-name.
https://www.navyfederal.org/pdf/ebrochures/2043ep.pdf
$14 for domestic outgoing.
I actually have one of these about 10 miles from my house but from looking at their website I like them a whole lot better then Bank of America which is what I currently have. I will switch my bank accounts to Navy Federal this week, thank you for the information.

I would rather place my trust in physical precious metals then a fiat currency that keeps losing value every day as the federal reserve keeps printing out more money. Gold might be near a bubble at its current price but silver is still undervalued.

Quote from vinz View Post :
try hsbc
I couldnt find any specific information on their website about their outgoing wire transfer fees but I think im going with Navy Federal as it seems to be the best credit union around where I live. Thank you for the suggestion though.
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