Cheapest way to send significant funds (5-6 figures)?

[ardus]

Our bank's wire transfer varies depending on the size, but it's typically $55-90'ish...

Wise is fantastic both in terms of speed & value for when you spend small amounts, but when sending 5 figures or more, it actually seems to be as expensive as wire transfers..

Anyone know of any better ways?

 

[2grownfaith]

@ardus ACH. Also, if your bank charges for wires based on the amount get a new bank.

 

[summergarden]

@2grownfaith Definitely ACH. We regularly have to make payments in excess of $20k and this works great with minimal fees.

 

[613jono]

@ardus Write a check? I wired 6 figures to myself when I switched bank accounts and after I inquired about the transfer fees… they told me I could have written a check to myself then deposited it into my new account.

 

[ardus]

@613jono But I'm transferring to vendors... not to ourselves.

Also, we're located in a US territory, so sending a check via mail (a worthwhile thought) is valid... just not a big fan of the time (gonna take approx. a week) and the possibility of it getting lost via mail.

I was just wondering in this day and age whether wire/ACH was the only option.

 

[marilynliddell]

@ardus Vendors usually accept check, ach, money order, etc

 

[613jono]

@marilynliddell I think there are limits to money orders so it wouldn’t work for the amount OP wants transferred.

 

[inanews]

@ardus Have you checked to see how long it will take for a wire to clear?

Might be different for a US territory, but it takes an eternity for a wire from Canada to clear when our customers send them for high 5 figures.

Checks are still GOAT’d for moving large amounts of money. FedNow is being sold as a solution to these problems, but who knows if that will be available in your US territory.

 

[pencil_on_paper]

@ardus If you are sending domestic payments it should be ACH. Which should cost you less than a dollar. If it’s international it has to be a wire. However those costs are absurd.

$50 maybe if it’s going to say china but it should never cost more for the dollar amount. Find a new bank.

 

[ohlari]

@ardus Bitcoin