I recently found out about the wire transfer fees at Bank of America and I have to say, they are pretty wild. I mean, $45 just to send money in USD? That’s almost as bad as sending money through Western Union. But then again, I’ve been using crypto for my transactions lately and it’s making me rethink my whole payment method optimization strategy.
Bank of America’s Charges
So here’s the breakdown of their fees. If you’re receiving a wire transfer, congratulations! You only have to pay $15. But if you’re outgoing… well, good luck with that.
- Incoming Domestic Wire Transfers: $15
- Outgoing Domestic Wire Transfers: $30
- Incoming International Wire Transfers: $15
- Outgoing International Wire Transfers:
- In Foreign Currency: $0 (no fee)
- In U.S. Dollars: $45
And that’s not all folks! They also have some hidden costs in the form of exchange rate markups that can make your transfer even more expensive.
Crypto Might Be The Way To Go
I started looking into crypto after hearing about these fees and honestly, it seems like a no-brainer at this point. Sure, there are network fees involved (which can range from a few cents to a couple bucks depending on congestion) but those are nothing compared to what banks are charging.
Plus, crypto transactions are usually confirmed within minutes whereas international wire transfers can take up to three business days!
Final Thoughts
Bank of America might be doing something right with their zero-fee policy for outbound international wires in foreign currency but I think I’ll stick with my crypto wallet for now. It’s cheaper, faster and frankly just makes more sense.
Have any of you guys switched over completely? Or do you still use traditional banks for some things?
