There is fast travel between waypoints and a 'recall' function when out in the field.
Going to a visited wayshrine (one that has blue flame coming out of it) and interacting with it will allow you to warp from that one to ANY wayshrine you've previously unlocked in ANY zone. This is completely free.
If you're out in the field, however, and just want to quickly recall back to a wayshrine because you're in too deep, you can open your map through the menu and go to a location in any zone that you've previously visited a wayshrine. Again, clicking on that wayshrine will warp you there, but this costs some money. From what I've seen, it costs based upon distance and character level. It's still fairly cheap, though, and you can easily make the money back from selling things.
An alternate thing I've found is that if you're in a group, you can fast-travel to your group leader. This helps when you just got into the group and the leader is all the way in the dungeon already. Right-click their name in the upper left corner and use the Travel to Player option. (I think this is it, I will have to verify when I get home)