Free International/Domestic Wire Transfers

Many people do not realize that some banks do offer free outgoing international and domestic wire transfers to their customers. Even using the SWIFT code for the destination bank/account, an intermediary may still be used.

You must also understand that although the wire transfer may be fee free, there may be a processing free. Also, the fee free option when sending money internationally may use a low exchange rate, so you need to determine if using the fee free option is better than using a higher exchange rate option, which will depend on the rates and the amount for which you are sending.

Below is a list of banks which offer fee free international or domestic wire transfers (updated  11/8/11):

• Bank Of America- Not many know that if you are a Bank Of America customers they offer free international wire transfer services to China Construction Bank customers. You must first set up international transfers on your BOA account. Go into a branch and they will be able to transfer the money to CCB for you and also give you a phone number to call for more information. Not many call center agents know about this so you may have to call a few times to get a knowledgeable representative.

• HSBC – Business Direct Checking offers ten free wire transfers per month! (5 free incoming & 5 free outgoing)
• Frost Bank’s Signature checking account offers free wire transfers within the United States.
• Open a Schwab Investors credit card and a SchwabOne account with no minimum balance requirement, and the fees for wire transfer are waived.
• Washington Mutual Accounts – These are only for existing WaMu accounts that were taken over by Chase. You should be able to send internationally with only a small charge from an intermediary.
• Citibank also has a few accounts with free international wire transfers and free domestic wire transfers.
• XeTrade is also another good method for sending money by wire transfer or a variety of other ways, though it is not a free option.

Many small banks and credit unions also allow free wire transfers, check with your local bank branch to determine if your bank is fee free.

Know of a bank offering free outgoing wire transfers? Feel free to post them, this article is constantly updated!