Crypto crime reached an all-time high in 2019, resulting in $4.5 billion of losses for investors globally. Ahead of this curve, banks that banned crypto purchases using their credit cards, like Wells Fargo, didn’t incur these losses.
In addition to fraud and misappropriation, crypto hacks are still a real threat to people hoping to diversify their portfolios using crypto. Coinbase has its own security measures. However, hackers, attracted to increasing investments, find new ways to overrule security verification. This represents a particular problem for decentralized loan systems like DeFi.
DeFi requires little verification to conduct transactions, in order to avoid compliance. However, this means that hackers have fewer snags in identification on their quest to steal funds.
Wells Fargo domestic wire transfer
If you are planning on sending money to someone within the US, Wells Fargo might seem like a good idea, as they offer online options. Much like sending a check, Wells Fargo Zelle allows you to transfer money to someone using their email address or phone number.
Depending on your recipient’s bank, they could receive the money in just a few minutes. Plus, transaction fees are currently waived for customers who make Wells Fargo Zelle transfers. This is much more streamlined and less expensive than the traditional wire transfer route.²
💡 Want to find out more about Zelle? Get your full guide here.
Domestic Wire Transfer to Wells Fargo Bank
Domestic wire transfers are run through either the Fedwire system or the Clearing House Interbank Payments System (CHIPS). Wire transfers are different from ACH transfers. Wire transfers are real time transfers (receiver usually get the money, same day) and costs more than ACH transfer (which takes 2-4 days for transfer of money).
Incoming Domestic Wire Transfer Instructions
You can receive funds to your Wells Fargo Bank account from any bank within USA using domestic wire transfer. You need to provide the following details to sender of the funds who will initiate the domestic wire transfer through his/her financial institution.
Bank Name :Wells Fargo Bank NAWire Transfer Routing Number :121000248Account Holder Name :Your NameAccount Number :Your Bank Account NumberBank Address, with City & State:Wells Fargo, 420 Montgomery Street, San Francisco, CA 94104 (regardless of where your account is located)
Wire Transfer Fees for Wells Fargo Bank
International and Domestic Wire Transfer Fees for Wells Fargo Bank are as follows:
InternationalIncoming$16 for each transactionOutgoing$30 to $45 for each transaction (Your bank disclose the fee at time of transaction depending on the account type)DomesticIncoming$15 for each transactionOutgoing$30 for each transaction
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.