KeyBank does not charge a fee for most transfers out of your checking account, but the cost depends on how you move the money and where it goes.
If you transfer money to another KeyBank account you own, or to an external bank account using KeyBank's online transfer tool or mobile app, there is no fee. The same applies to transfers initiated through a third-party payment app like Venmo or PayPal that pulls from your KeyBank account — KeyBank itself does not charge you, though the app may have its own fees.
Wire transfers are different. KeyBank charges a fee to send a domestic wire transfer (money to another U.S. bank), and a higher fee for international wires. The exact amount varies by whether you initiate the wire online, by phone, or in person at a branch. You can call KeyBank at 1-800-KEY-BANK or log into your account to see the current wire transfer fee schedule for your account type.
Transfers that take longer than one business day — such as ACH transfers to some external accounts — are free but may incur fees from the receiving bank, not from KeyBank. If you are moving money out of KeyBank and the receiving bank charges an incoming transfer fee, that bank will deduct it from the amount you receive.
Key Takeaways
- Transfers between your own KeyBank accounts and transfers to external accounts via KeyBank's online or mobile tools carry no fee.
- Wire transfers (domestic and international) do cost money, with fees ranging based on how you send them and where the money goes.
- Third-party payment apps like Venmo do not charge KeyBank a fee, but the app itself may charge you depending on your account type and transfer method.
- The receiving bank, not KeyBank, may charge a fee to accept an incoming transfer, which will reduce the amount you receive.
How KeyBank's free transfer options work
KeyBank's online banking platform and mobile app both allow you to move money to external bank accounts at no cost. You provide the receiving bank's routing number and the account number, and KeyBank processes the transfer as an ACH (Automated Clearing House) transaction. ACH transfers typically take one to three business days to arrive, depending on the receiving bank's processing speed.
Transfers between two KeyBank accounts you own are instant and free. If you have a KeyBank checking account and a KeyBank savings account under your name, you can move money between them immediately through online banking or the app. This is useful if you need to access funds quickly or want to move money into savings without waiting for processing time.
Person-to-person payment apps like Venmo, PayPal, and Square Cash do not charge KeyBank a fee when you link your checking account to send money. However, some apps charge the sender a fee if you choose an expedited delivery option (money arriving the same day instead of one to three days). Check the app's fee schedule before you send to know whether you will be charged.
Wire transfer fees and when to use them
A wire transfer moves money directly from one bank to another and arrives the same business day, making it faster than ACH but more expensive. KeyBank charges a fee for domestic wires (within the U.S.) and a separate, higher fee for international wires (outside the U.S.). The fee amount depends on whether you initiate the wire online, by phone, or in person at a branch — in-person and phone wires typically cost more than online wires.
You should use a wire transfer only when speed is essential, such as when you are closing on a home purchase and the title company needs funds by end of day, or when you are sending money internationally and ACH is not an option. For routine transfers to another U.S. bank, ACH through KeyBank's online banking is free and takes only a few days.
Before you wire money, confirm the receiving bank's details with the recipient directly. Wire transfers cannot be reversed once they leave KeyBank, so if you send money to the wrong account number, you will have to contact the receiving bank and ask them to return it — they are not required to do so. KeyBank can help you dispute a wire sent to a fraudulent account, but recovery is not may provide.
Fees charged by the receiving bank
Some banks charge their customers a fee to receive incoming transfers, especially wire transfers. This fee is not charged by KeyBank — it is charged by the bank receiving your money. When this happens, the receiving bank deducts the fee from the amount that lands in the account, so the recipient gets less than you sent.
For example, if you send $1,000 via wire to an account at another bank and that bank charges a $15 incoming wire fee, the recipient will receive $985. You sent $1,000 from KeyBank with no fee, but the receiving bank kept $15. Before you wire money, ask the recipient whether their bank charges an incoming wire fee, and if so, how much. You can then send extra to cover it.
ACH transfers are less likely to trigger incoming fees, but it is still possible. Most banks do not charge for incoming ACH transfers, but some do. If you are unsure, ask the recipient or contact their bank directly.
Transfers initiated by someone else from your account
If you set up automatic bill pay through KeyBank to send money to a utility company, mortgage lender, or other creditor, KeyBank does not charge a fee. The payment is processed as an ACH debit from your account, and KeyBank covers the cost. You can set up, modify, or cancel bill pay payments through online banking or the mobile app at no charge.
If you authorize a third party — such as a landlord or service provider — to withdraw money from your KeyBank account using your routing and account number, KeyBank does not charge you a fee for that withdrawal. However, you are responsible for making sure the amount is correct and that you trust the party you authorized. Once a withdrawal is processed, you can dispute it with KeyBank if it was unauthorized or incorrect, but the process takes time.
What happens if a transfer fails or is delayed
If you initiate a free ACH transfer and it fails — for example, because you entered the wrong account number — KeyBank will not charge you a fee for the failed attempt. The money will return to your account within one to three business days. You can then correct the account information and try again.
If a transfer is delayed beyond the expected timeframe, contact KeyBank's customer service to find out why. Delays can happen if the receiving bank is processing slowly, if there is a holiday, or if the transfer was flagged for fraud review. KeyBank will not charge you an additional fee for a delayed transfer, but the receiving bank may charge you if you miss a payment deadline as a result. If you are sending money to pay a bill, always initiate the transfer several days early to account for processing time.
Frequently Asked Questions
Does KeyBank charge to transfer money to another bank?
No, KeyBank does not charge a fee for ACH transfers to external bank accounts initiated through online banking or the mobile app. These transfers are free and typically take one to three business days. Wire transfers do cost money and arrive the same day.
Can I transfer money from KeyBank to PayPal without paying a fee?
KeyBank does not charge a fee when you link your checking account to PayPal and transfer money. However, PayPal may charge you a fee depending on your account type and whether you choose expedited delivery. Check PayPal's fee schedule for your specific situation.
What is the fee for a KeyBank wire transfer?
Wire transfer fees vary based on whether the wire is domestic or international and how you initiate it. Log into your KeyBank account or call 1-800-KEY-BANK to see the current fee for your account type, as fees can change and may differ between account tiers.
If I send money and the receiving bank charges a fee, do I have to pay it?
No, the receiving bank charges their customer (the recipient), not you. The fee is deducted from the amount they receive. If you want the recipient to get the full amount you sent, ask about the fee beforehand and send extra to cover it.
Can I get my money back if I wire it to the wrong account?
Wire transfers cannot be reversed once they leave KeyBank. If you sent money to the wrong account, contact KeyBank immediately and they can attempt to recover it, but the receiving bank is not required to return it. This is why it is critical to verify account details before sending a wire.