The downside of international transfers with you bank. Banks use SWIFT for international transfers, but it's not the most efficient or cost-effective solution as you you might get a bad exchange rate and pay high fees. We recommend using Wise, formerly TransferWise, which is up to 5x cheaper and gives you a great rate.. The average cost at the top ten American banks for an outgoing international wire transfer is $45.50, while the average cost of an incoming foreign wire transfer is $17.50. (1) Citibank has one of the best rates (outgoing as low as $30 online), while several banks charge $50 for the same thing.