Wire transfers are one of the fastest and most secure ways to send money, especially when time is of the essence. Whether you’re wiring funds to close on a home, pay for a large purchase, or send money to another bank, it’s important to know the costs involved.
If you’re a CIT Bank customer or thinking of opening an account, you might be wondering:
How much does CIT Bank charge for wire transfers?
Are incoming wires free?
Are there ways to avoid these charges?
This guide breaks down everything you need to know about wire transfer fees at CIT Bank, who they apply to, and how to keep your banking costs low.
🏦 What Is a Wire Transfer?
A wire transfer is an electronic transfer of money from one bank to another. Unlike ACH (Automated Clearing House) transfers, which can take a few days, wire transfers are usually processed the same business day and are commonly used for:
- Real estate closings
- Business transactions
- High-value personal transfers
Wire transfers can be domestic (within the U.S.) or international (from or to banks outside the U.S.).
💰 Wire Transfer Fees at CIT Bank
Here’s a clear breakdown of the wire transfer fees charged by CIT Bank:
Let’s take a deeper look at each.
✅ Incoming Wire Transfers: Free
Good news—CIT Bank does not charge any fee for incoming wire transfers, whether they come from a domestic or international bank.
This makes it a solid choice if you regularly receive wired funds, like payments from employers, investments, or family overseas.
Pro Tip: Always double-check CIT’s routing number and your account number before initiating a wire to ensure timely and error-free delivery.
❌ Outgoing Domestic Wire Transfers: $10 Fee
If you need to send a wire transfer to another U.S. bank, CIT charges a $10 fee per transaction.
This applies only to outgoing domestic wire transfers. These wires typically reach the receiving bank the same business day, provided the request is made before CIT’s cutoff time (usually around 1–2 PM PT).
🤑 How to Avoid the $10 Wire Fee
Here’s a handy trick: If your account balance is $25,000 or more, CIT Bank waives the $10 wire transfer fee.
This applies automatically, and there’s no need to opt in.
If you’re planning to send large transfers and keep a healthy balance, this is an easy way to save money while still enjoying fast, secure transactions.
🌐 Does CIT Bank Offer International Wire Transfers?
Unfortunately, CIT Bank does not currently offer outgoing international wire transfers. That means you cannot send money to foreign bank accounts directly from your CIT Bank account.
If you need to send international payments, you’ll need to:
- Use a service like Wise, PayPal, or Western Union
- Transfer money first to a domestic account at a bank that does offer international wires, then proceed from there
However, as mentioned earlier, CIT does allow incoming international wires at no cost.
🧾 Are There Any Hidden Fees?
Not really. CIT Bank is known for being transparent with its fees. The wire fees are clearly listed in their online disclosures and customer fee schedule.
That said, third-party banks may charge their own fees during the wire process, especially for international wires. Always confirm with the sending or receiving bank if additional costs may apply on their end.
🔁 Alternatives to Wire Transfers
If you’re looking to avoid fees entirely, CIT Bank offers a few alternative methods to move your money:
🔄 ACH Transfers
- Fee: $0
- Transfer Time: 1–3 business days
- Great for linking external bank accounts and making regular transfers
💳 Debit Card or Peer-to-Peer Apps
You can link your CIT Bank debit card to platforms like:
- Venmo
- Cash App
- PayPal
These apps often let you send money instantly, and many offer free transfers depending on the method.
📋 Step-by-Step: How to Initiate a Wire Transfer from CIT Bank
- Log in to your CIT Bank online account.
- Navigate to the wire transfer or transfer funds section.
- Provide the following:
- Full name and account info of the recipient
- Receiving bank’s name and routing number
- Amount and purpose of the transfer
- Confirm your identity through security verification.
- Submit before the daily cutoff for same-day processing.
🧠 Final Thoughts
If you’re looking for a low-cost way to send or receive money, CIT Bank keeps things simple and affordable. While they don’t offer international outgoing wires, their $10 domestic wire fee is lower than many traditional banks—and you can even get it waived with a $25,000+ balance.
Here’s what you need to remember:
- Incoming wires? Always free.
- Outgoing wires? $10, or free if you meet the balance requirement.
- Need international? Use a third-party platform.
As always, review your bank’s latest terms and wire instructions before sending large sums—and don’t hesitate to contact CIT’s customer support if you have questions about your specific transfer.