Suppose I have a family member attempting to send me a larger than normal amount of money. The question comes up of course about how to actually move it. I'd like to assume that there may be multiple rounds of moving, something on the order of 5-10 events total since the entire value will be drawn from separate sources arriving at different times, each one above $10,000.
Wire transfers have associated fees, the originating bank claims "$20" to send a wire transfer, my bank claims $0 in fees to receive a transfer. Reading this link though I see the following quote:
Hidden fees – Your bank might not charge a fee, but there may be an intermediary bank that charges one. You may not know until the money shows up in your account.
How much could those "hidden fees" be in reality? If it introduces a level of uncertainty about how much money is going to actually show up once my family member hits "send," why do people use Wire Transfers over other methods of moving money? Below are other options I know about, but I'm sure is pretty far from exhaustive.
- Personal Check - The amounts in this case I feel would cause a longer delay in receiving the funds, I understand it could even be refused at my bank.
- Cashiers Check - If I get mugged walking out of the bank I'm just SOL
- Some form of connecting account at the originating bank - Only downside I can think of is the level of trust necessary.