Discount brokerage customers often shop for low trading commissions. However, looking for low-cost trading prices often causes investors
to overlook company's other account fees, which can significantly impact investment returns. One such fee is for wire transfers of money and it could be important
for investors or traders that need an ability to move funds between bank and brokerage as fast as possible.
An electronic transfer of funds or wire transfer is a fast and secure way to transfer money from a brokerage to an investor's bank account
and vice versa. Almost any brokerage company charges a fee for online outgoing money wire transfers.
On the other hand, incoming wires are free at all companies.
The wire transfer fee applies to both domestic and international/overseas wire transfers. Brokerage firms can hit investors anywhere from $10 to $50
for the domestic transfer service. Transferring money to/from a different country usually costs investors much more than transactions made within
the country.
Before signing up with any stock broker, make sure that you examine its electronic wire transfer fees as well as its entire fee schedule.
Below is a list of domestic and international wire-transfer fees charged by major brokerage firms in the U.S.
* - Charles Schwab gives three free online domestic wire transfers per quarter for accounts with $100,000 or more.
Accounts with 36 or more stock or option trades per year will receive three free domestic wire transfers per quarter.