Why is the wire transfer fee so high?

Question

I'd like to wire transfer $1000 to my friend's bank account. I attempted to use Western Union, and I saw the fee was $49.99! I can't understand that high fee for just a $1000 transfer. Is there any other economical and convinient way of wire transfer?? If any, please let me know!! I use BOA and my friend have one at Wells Fargo.

Answer 1

Banks generally charge a fee for wire transfer, but I've not seen one as high as 50 bucks. For example, Washington Mutual charges $25.

Cheaper to use PayPal if you both have accounts with them.

An electronic funds transfer can also be done, but it takes time to set up.

There's always the post office, where you could use money orders. They charge 90 cents each, limit is $700 for one money order.

If your friend has an account at a bank with a local branch, you can go in and make the deposit in your friend's account.

Best of success.

Answer 2

Well, "thinker" isn't thinking. Washington Mutual has a checking account called WaMu Free Checking. One of the features is unlimited free outgoing wires anywhere in the world. Your friend at Wells will have to pay whatever their incoming wire fee is, but it won't cost you a cent.