4 ms·

Out of curiosity, where do you live? I do wire transfers regularly and have never not paid fees (often, both on the sending and receiving ends.) Also, I've nev

Out of curiosity, where do you live? I do wire transfers regularly and have never not paid fees (often, both on the sending and receiving ends.) Also, I've never had a wire settle in under 24 hours. It's typically 2 - 7 days depending on destination and currency.

iooi 9y ago
I can give an example, at Chase bank in the United States, if your account balance is over $65k in your combined checking + savings accounts, or you have an investment portfolio through them via Chase Private Client of at least $250k, all wires are free.
sfifs 9y ago
not GP but in both India and Signapore, instant settlement with little or no fees is the norm for nomimal amounts like rent etc.
- digi_owl 9y ago
  Similar from Norway, and why it increasingly hurts to think that USA is considered the leader in technological development. It may be the leader in consumer hype of technological development, but dear deity so much of the actual daily operations seems almost third world.
saosebastiao 9y ago
Typically if the sending institution or receiving institution maintains a nostro account at the other end of the transaction, they'll process the transfer immediately.
workthrowaway27 9y ago
Not OP, but I live in the US and don't pay fees on transfers between my brokerage account and checking account. They take a few days to clear though.
- JumpCrisscross 9y ago
  > I live in the US and don't pay fees on transfers between my brokerage account and checking account. They take a few days to clear though They're probably doing an ACH [1] transfer, which is net settled [2]. They take longer but are cheaper than wires. Fedwires, once transmitted from the sending institution, take seconds to be received [3]. They're real-time gross settled [4], i.e. faster but costlier [5]; many institutions waive (i.e. eat) these fees for clients with more than ~$50,000. [1] https://en.wikipedia.org/wiki/Automated_Clearing_House https://en.wikipedia.org/wiki/Automated_Clearing_House [2] https://en.wikipedia.org/wiki/Net_settlement https://en.wikipedia.org/wiki/Net_settlement [3] https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm https://www.federalreserve.gov/paymentsystems/fedfunds_about... [4] https://en.wikipedia.org/wiki/Real-time_gross_settlement https://en.wikipedia.org/wiki/Real-time_gross_settlement [5] Why? Because they're immediate and irrevocable. The first part means the bank has to use actual funds on hand, versus hoping a countervailing transfer cancels out the work or letting a profitable (relatively speaking) investment pay out. The second part means mistakes are more resource-consuming.

iooi 9y ago

I can give an example, at Chase bank in the United States, if your account balance is over $65k in your combined checking + savings accounts, or you have an investment portfolio through them via Chase Private Client of at least $250k, all wires are free.

sfifs 9y ago

not GP but in both India and Signapore, instant settlement with little or no fees is the norm for nomimal amounts like rent etc.

digi_owl 9y ago
Similar from Norway, and why it increasingly hurts to think that USA is considered the leader in technological development. It may be the leader in consumer hype of technological development, but dear deity so much of the actual daily operations seems almost third world.

saosebastiao 9y ago

Typically if the sending institution or receiving institution maintains a nostro account at the other end of the transaction, they'll process the transfer immediately.

workthrowaway27 9y ago

Not OP, but I live in the US and don't pay fees on transfers between my brokerage account and checking account. They take a few days to clear though.

JumpCrisscross 9y ago
> I live in the US and don't pay fees on transfers between my brokerage account and checking account. They take a few days to clear though They're probably doing an ACH [1] transfer, which is net settled [2]. They take longer but are cheaper than wires. Fedwires, once transmitted from the sending institution, take seconds to be received [3]. They're real-time gross settled [4], i.e. faster but costlier [5]; many institutions waive (i.e. eat) these fees for clients with more than ~$50,000. [1] https://en.wikipedia.org/wiki/Automated_Clearing_House https://en.wikipedia.org/wiki/Automated_Clearing_House [2] https://en.wikipedia.org/wiki/Net_settlement https://en.wikipedia.org/wiki/Net_settlement [3] https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm https://www.federalreserve.gov/paymentsystems/fedfunds_about... [4] https://en.wikipedia.org/wiki/Real-time_gross_settlement https://en.wikipedia.org/wiki/Real-time_gross_settlement [5] Why? Because they're immediate and irrevocable. The first part means the bank has to use actual funds on hand, versus hoping a countervailing transfer cancels out the work or letting a profitable (relatively speaking) investment pay out. The second part means mistakes are more resource-consuming.