this post was submitted on 28 May 2024
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This is very uncommon in the US. Most major banks (I'm not aware of any exceptions) charge a fee for each outgoing wire transfer, usually $25-$30. Bank of America, Wells Fargo, Chase, and PNC for just a few examples I'm aware of, plus every credit union that has local branches in my area. Some of those banks even add a second fee at the recipient's side for incoming wire transfer.
They often encourage customers to rely on third party services like Zelle instead for small transfers to friends and family. Many banks' sites/apps can also handle transfers between two accounts that both belong to the same bank for free too.
Looked into it some more - I can move money to an external account via the app at no cost, but a "wire transfer" needs to be performed in person or over the phone with my bank, and there is a $20 fee. Not sure what the difference is besides the name and how the banks are handling it, but it's the same thing. I can send money to someone at the same or a different bank/credit union for free and without relying on third party apps. Will edit my comment.