Found out the hard way that bank transfer fees add up fast

I sent $150 to my sister in Texas through my regular bank and they charged me $25 for a wire transfer. Then I found out services like Wise only charge about $4 for the same thing. Next time I'll check the fees first. Anyone else get hit with surprise transfer costs?

3 comments

3 Comments

kaid597d ago

Blame the bank all you want, but that $25 is the price of convenience and not having to set up another account just to send money to family.

dylanmurray7d ago

yeah I get what you're saying @kaid59 but a buddy of mine actually got hit with that fee twice in one month because he forgot to cancel the transfer after the recipient's account changed. he was pretty annoyed since there's no way to undo it and the bank just said "that's the policy." it might be convenient until something goes wrong and then you're just out the money with no real recourse.

lindaowens7d ago

Wait, isn't the convenience kind of gone if you have to remember to cancel the transfer every time? That doesn't sound very convenient to me. It just sounds like another thing to keep track of. Plus, once that money is gone, it's gone, and I don't like that feeling. It might be worth a few extra minutes to set up a separate account instead of losing $25.