If you need to wire money, understand that you will often be charged for it. Though not much, the cost can definitely go higher the more money you wish to send. Read on and find out how much it will cost you to wire money today.
Typical Cost Of Wiring Money
The general cost of wiring money is $8 to $30 for $200.
This price includes the cost to send $200 within the United States or internationally through individual bank accounts or online services such as Western Union or MoneyGram.
Factors That Affect The Price Of Wiring Money
Amount. The amount of money you send will determine how much the wiring cost will be. The more you send, the more you will be charged for wiring it. Usually, the cost of wiring money is calculated at 4 to 15 percent of the total cost of the money being sent.
Type of transfer. The way you wire money will affect prices as well. Wiring money through bank accounts is comparatively cheaper than online money transfer services. This is true because it eliminates the need for a third party to transfer money; hence, operating costs are lower.
Type of service. A next day service is definitely cheaper as compared to a same day service. The latter means the receiver can get the money within minutes or hours after being sent. In Western Union, for instance, same day service is priced $12 for $200 and $8 for the next day service for the same amount of money.
Receiver. The location of the receiver can determine prices as well. If you are wiring money within the United States, the cost is lower as compared to wiring internationally. Depending on the country of destination, the price can differ. Sending $200 has an average cost of $8.24 from the U.S. to Mexico, $19 to China, and $5.25 to India.
Processing or service fees may be charged to you depending on the money transfer service you are using. These services are on top of wire transfer fees that are mentioned above.
Tips Before You Decide To Wire Money
Before wiring money, make sure that you have complete and accurate information of the recipient. This will ensure a successful transaction all the time.
If you want to save money, wire money through your bank so you only have to pay a flat fee for domestic and international transfers.
Read the fine prints before using a money transfer service. Check out their terms and conditions as well as all related fees involved with a specific transaction.
Only use money transfer services that are reputable. You do not want to be scammed when sending money, especially large amounts.