Key takeaways Wire transfers can be a necessary but expensive way to send money. Some banks charge you for outgoing wires only, not incoming wires. Some banks, such as Marcus by Goldman Sachs, do not charge wire transfer fees at all. It can cost less to initiate wire transfers online rather than sending a wire through a customer service representative. A wire transfer is a method of sending money from one bank account to another, whether it’s to yourself or someone else. Wire transfers can be s ...