Fees for wire transfers can add up, especially if you frequently send money domestically or internationally.
Understanding these costs and knowing how to minimise them can help you save money. Wire transfers are a fast and
reliable way to move money, but they have varying fees that can impact your total transfer amount.
Typical wire transfer fees
There’s a significant difference between domestic and international wire transfer fees, mainly due to the
complexities involved in cross-border transactions. Domestic transfers are usually more straightforward and less
costly, as they occur within the same country and currency.
International wire transfer fees range from ₹1,500 to ₹4,000, or more. There are additional costs for currency
conversion. Receiving international transfers may cost ₹500 to ₹2,000. International wire transfer fees tend to be
higher because of additional factors, such as:
- Currency conversion fees: When transferring money internationally, banks typically charge a
currency conversion fee. This fee is often a percentage of the total amount being transferred and can
significantly increase the wire transfer cost.
- Correspondent bank fees: In an international transfer, intermediary banks (also known as
correspondent banks) may be involved, and they may each charge a fee. These fees can add up, especially when
multiple banks are involved.
- Time and processing fees: International transfers can take longer to process and the added
complexity often results in higher fees.
Different ways to cut wire transfer costs
- Use online banking: Many banks charge lower fees for online transfers compared to
in-branch
transactions.
- Choose the right bank: Look for banks that offer lower fees or perks for regular
customers.
- Transfer timing: If possible, transfer during off-peak times or when banks offer
promotions.
- Utilise banking relationships: Regular customers or those with higher balances might
negotiate
lower fees.
Also Read: How
long do wire
transfers take?
Conclusion
Understanding the fees for wire transfer is essential for anyone who regularly moves money electronically. By being
aware of the typical costs and the strategies to reduce or avoid fees, you can make more informed decisions and
potentially save a significant amount of money.
Disclaimer: This article is for information purpose only. The views expressed in this article
are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd.
and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader
for taking any financial decisions based on the contents and information. Please consult your financial advisor
before making any financial decision.
