Published On: Mon, Jul 25th, 2022

The 6 Best US Banks for International Money Transfers

International Money Transfers US Banks

The fastest and most cost-effective method of international money transfers is through a US bank. Wire transfers to foreign countries should never be sent through a bank in the United States, and for good reason.

In terms of fees & exchange rates, banks are one of the most expensive ways to move money abroad. Most of the time, shopping around for the best exchange rates and fees is in your best interest.

There are U.S. banks that offer a decent service for a fair charge when you require the ease of utilizing a bank to send money internationally. If you’d like to know how much the big US banks charge, we’d be pleased to share our findings.

If you are on a business trip from Taiwan, apart from getting your US visa for Taiwan citizens, you also need to have a bank account there as well. You can make your business transaction, and you can transfer money to your home using these US banks.

Before you read further about the wire transfer charges and fee types, don’t forget to check the urgent emergency US visa guide here.

International Wire Transfer Charges US Banks

  1. Bank of America: BoA does not charge a fee for international digital currency payments.
  2. Chase Bank: For online payments, Chase charges $5 per transfer, but waives fees for payments of $5,000 or more.
  3. Citibank: For Citigold and Citi Priority clients, digital payments are $25 per transaction
  4. Wells Fargo: As low as $30 per transfer with Wells Fargo
  5. PNC Bank: Assisted transfer fees at PNC bank range from $40 to $45 for internet transactions.
  6. US Bank: For all transfers, US Bank charges a $50 fee.
Also check:  Best Tips for Investing and Trading in Cryptocurrency

Wire transfer prices do not include bank exchange rates, which nearly typically contain additional costs and levies when sending money overseas. Here you can check the 5 best US banks for various purposes.

It’s a safe and familiar alternative to using your usual bank to send an international payment. However, it can also be time-consuming and expensive, with costs that aren’t always clear. For international transfers, Wise or OFX may be a better option because they are both cheaper and faster.

Reasons to Choose a US Bank

If you’re looking for a way to transfer money, your bank in the United States is the best option. They consist of:

  • You’ve already put your faith in your financial institution. Many customers prefer the protection that their bank provides, even though specialized suppliers adhere to strict security regulations.
  • Creating an account with a money transfer service can take a long time, and it’s not worth the time and effort. Your bank is always available if you need to transfer money straight away.
  • The required forms of identification are not in your possession. The majority of specialized lenders will request that you upload some documentation proving your identity. Alternatively, if you do not have them, you can use your bank’s services.

Let’s take a look at the fees associated with sending money overseas using a U.S. bank. Here you can check how to open an account in a US bank as a foreigner without moving to the USA.

Different Fees by US Banks For Money Transfer

International wire transfers can be charged in a variety of ways by U.S. banks and they are as follow:

Bank Sending Fee: There is a predetermined cost charged by your bank for each money transfer internationally. It depends on the type of bank account that you have, the method of transfer, and a number of additional criteria, this cost can vary.

Also check:  Best National US Banks For Americans

Exchange Rate and Markup Fee: There is a markup on the exchange rate that can be anywhere from 2% to 4% worse than what you would obtain at the base exchange rate. In order for the bank to profit from this, there is a hidden fee involved.

Correspondent or Intermediary Bank: International money transfers sometimes necessitate a correspondent bank fee because of the complexity of the global money transfer system. These banks will most likely impose an extra fee on your money transfer.

Fee by Receiving Bank: It is likely that the recipient’s bank will charge a fee for the money to be deposited in their account.

All of these charges pile up, and the recipient may receive far less than the amount you intended to send.

We’ve just included the bank sending costs in the comparisons below because most US banks don’t reveal the currency rates they use & the correspondent or intermediary and receiving bank fees may vary so much.