You're joking, but when I did a wire transfer it failed the first time and I had to call my bank and give them extra information over the phone, including the street address of the branch where the destination account lives. Considering how much labor went into it, I understand why they charged me $30.
This is stunning to me.
Wire transfers are free and fast in my country. I mean maybe some banks charge some people like 10c per transfer but they are mostly free.
They are also very common way to transfer money to friends, paying someone, moving money around accounts etc.
> when I saw that a transfer (it's called a "wire transfer") will cost me $35 on the sending side, and the receiver will pay another $25.
Wire transfers are different than ACH transfers. Wire transfers cost money and take less than one business day. ACH transfers are inexpensive* and generally take in the ballpark of five business days.
* They are inexpensive for the bank. At banks that treat their customers fairly, they're generally free because the cost accounting is generally more than the cost of performing the transfer. At shitty banks, (BofA, Wells Fargo, etc) they're arbitrarily expensive.
Do you have a citation for this? The articles I found online suggest fees are almost universal, with only a single bank (Fidelity) offering true $0 wire transfer fees to all customers [0].
> Wire transfers in the US, which usually carry a high fee ($30)
Is this for real ? This sounds incredibly expensive. We have free next-day wire transfers within the entire EU, and real-time transfers for free in The Netherlands. Even my business bank account only charges 2 cents per transfer.
How do Americans wire money to each other when it's so expensive ?
>In the US, you pay $16 to send a wire and $16 to receive a wire.
This isn't true, each bank sets their own fees. It's true it's usually stupid expensive to send one, but none of my main banks charge to receive a wire.
"...and twenty dollars or so my bank charges for receiving wire transfers."
For business accounts or personal? I received a single wire transfer to a personal account two months ago and didn't pay a fee. Maybe I get one free. Maybe there would have been a fee for a business account.
But I'm certain I've never heard, until now, anyone mention fees for receiving wire transfers.
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