What’s the Cheapest International Wire Transfer?

4 min read

Transferring money for business purposes is expensive these days. For international transfers, fees can be even higher than for domestic transactions—the fees banks charge on wire transfers are often astronomical. Finding the cheapest international wire transfer isn’t always a matter of looking for the lowest advertised price, either. Exchange rates, bank fees and more make it difficult to truly gauge the cost of a wire until you’ve executed it. 

Thankfully, wire transfers aren’t the only means of sending money overseas and across borders. Digital payments can absolve businesses of fees and make it easier to send money whenever and wherever it’s needed. 

If you do find yourself stuck making a wire transfer, here’s how to identify the cheapest one.

Every Bank Has Different Fees

When it comes to wire transfers, there is no set “standard” fee. In fact, every bank charges different rates to wire money—many with specific stipulations that dictate the cost of executing a wire. For example:

  • Many banks have higher fees for one-time wires and lower fees for recurring transfers
  • Some banks charge higher or lower fees depending on your accountholder status
  • Often, bank rates will differ depending on expedience—how fast you need to send money
  • Exchange rates on currency vary depending on the bank, changing the total wire cost

With so many different variables to consider, it’s important to vet different banks before sending a wire. It’s also advisable to make international transfers through the bank website. Not only is it more secure, it’s also less expensive for most banks to transfer funds online, as opposed to at brick-and-mortar locations.

Don’t Forget About Foreign Exchange Rates

Foreign exchange rates are essential when budgeting for the fees associated with international wire transfers. Exchange rates are always in flux, which means understanding the relationship between currency pairs and the often-obfuscated exchange rates of banks. 

For example, if you’re sending $1,000 to a contractor in Malaysia, you’ll need to consider the conversion of American Dollars (USD) to Malaysian Ringgits (MYR). Today, one dollar might be worth 4.2 MYR. Next week, currency fluctuations might make a dollar worth 3.8 MYR. Thus, your $1,000 might be worth more or less after conversion. This cost factors into the total cost of the wire transfer. 

When finding the cheapest international wire transfer, don’t forget to consider how strongly or weakly your currency stacks up against a pound, drachma, ruble, deutschmark or any other currency associated with countries you do business with. 

The Top 3 Cheapest International Wire Transfers

Looking for the lowest outright cost on an international wire transfer? The top three cheapest international wire transfer banks in the U.S. are:

  • Citibank ($17.50 per transfer)
  • Discover ($30 per transfer)
  • Chase ($40 per transfer)

Again, keep in mind that these are just the advertised prices. The true cost of transacting a wire with these institutions may vary based on a number of factors. 

Wire Transfers Aren’t the Only Way to Send Money Across Borders

Sick of paying high wire transfer fees to send money around the world? Once the de-facto method of moving money across borders, wire transfers aren’t the only option anymore. Digital payments give you a low-cost method of transferring funds worldwide, with transparent exchange fees and payment tracking to give you peace of mind about your funds.

Digital payments aren’t tied to banks—rather, digital wallets that allow senders and recipients to manage their funds transfers autonomously. Services like Veem facilitate the payment rails used to send money back and forth, but businesses have full control over their funds at any given time—including what currency they choose to keep or send funds in. Moreover, in the case of currency conversion, users benefit from a transparent exchange rate, instead of an obfuscated one. 

Without the significant cost barriers associated with frequent wire transfers, digital payments are quickly becoming a preferred mode of funds transfer for businesses growing their global footprint. 

Veem Makes Sending Money Abroad Simple

If you’re a business owner trying to keep international transfer fee costs down, Veem offers the best way to move money across international borders. Manage your wallet, send payments without barriers and keep more of your money for your business, instead of paying it out in astronomical wire transfer fees. Even the cheapest international wire transfer can’t compete with the low cost of digital payments. 

Schedule a demo of Veem today and see how easy it is to move money around the world, regardless of currency. It’s never been simpler to pay and get paid on a global scale. 



* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.