An international wire transfer is a money transfer system initiated in one country and settled in another. You must use an international wire transfer method even if you send funds to someone in another nation with an account at the same banking institution. These transfers require a routing or SWIFT code to go through. The method of money transfer allows users to send large amounts of money. Even though it is costly, it is worth using the money transfer method.
Usually, wire transfers are delivered within two working days. That differs from ACH transfers, which take around one day to complete. The extra day is needed because international wires involve clearing a domestic ACH and its foreign equivalent. ACH transfers usually happen domestically and involve sending money between banks or other financial companies. However, they are cheaper than wire transfers but take longer to complete due to various processes.
Wire transfers involve direct communication between the sending and the receiving financial company. Due to that, the method is risky as you may be unable to reverse your transaction if you make the mistake of sending money to the wrong recipient. However, some institutions allow you to cancel a wire transaction. Despite the disadvantage, the money transfer method has eased global money remittances. Remember that you can do wire transfers domestically.
List of banks that support international wire transfer
Numerous banks support wire transfers, both domestically and internationally. However, others may not process international wires, including credit unions. Banks that support international wire transfers include the following.
1. Bank of America
Bank of America is among the largest banks in the United States. It offers various banking products and services, such as checking and savings accounts, credit cards, mortgages, loans, and investment products. The bank offers international wire transfer services. International wire transfers made in US Dollars cost USD 45, while those sent in foreign currency are free. The bank’s international wire transfer limit is $5000 per transaction.
2. Citibank
Citibank also allows you to transfer money internationally through the wire transfer method. It is among the largest banks in the United States of America. It offers a variety of products and services to businesses, individuals, and governments, including wire transfers. The bank has fees for international wires, and some account holders have all fees waived. You can pay around USD 15 for incoming wire transfers and USD 25–35 for outgoing international wires. The lowest daily outgoing limit is USD 50,000. Some accounts have no maximum sending limits.
3. Wells Fargo
Wells Fargo is among the oldest and largest financial institutions in the US. It offers a variety of products and services, such as Fargo international wire transfers. Wells Fargo has thousands of branches across the United States and in more than 70 nations worldwide. The bank charges $45 for outgoing international wire transfers. Additionally, the bank charges USD 35 for outgoing international wire transfers when using a foreign currency. The bank does not disclose the sending limits for international transfers.
4. Capital One
Capital One is among the most well-known financial companies in the United States. The bank offers various products and services, such as checking and savings accounts, mortgages, credit cards, auto loans, etc. Capital One is also a popular choice for international wires. The bank allows you to send wires using the following methods.
- By visiting a bank branch
- Online via the website or mobile app
- Over the phone
Outgoing wire transfer fees are USD 25 or 30, depending on your Capital One account type.
5. JPMorgan Chase
JPMorgan Chase Bank, NA, does business as Chase Bank. The bank was called Chase Manhattan Bank until its merger with J.P. Morgan & Co. in 2000. Chase has more than 5,100 branches and around 16,000 ATMs in the country. The outgoing international wire fee is $40 if sent online through the Chase website or mobile app using US Dollars.
Additionally, the outgoing international wire fee is zero if sent online through the Chase website or mobile app using a foreign currency for wires above USD 5000. The outgoing international wire fee is $5 if initiated online using the Chase website or mobile app in foreign currency for wires below USD 5000. Lastly, the outgoing international wire fee is around USD 50 if transferred with a Chase banker’s assistance, irrespective of the currency used and the transfer amount.
YOU MAY LEARN MORE ABOUT: Resourceful Info For Chase Wire Transfer Routing Number
6. US Bank
US Bank is the fifth largest financial company in the US. It provides financial services to individual and business customers, including banking, loans, payments, mortgages, and investments. US Bank has thousands of branches and ATMs in the US, predominating in the West and Midwest regions. The bank’s outgoing international wire transfer fee is USD 50. You can see your international wire transfer limit if you log into your account online.
7. PNC Bank
PNC Bank is a national bank that operates in 19 USA states and the District of Columbia with approximately 2,459 branches and 9,051 ATMs. The bank offers various banking products and services for individuals and businesses. These include checking and savings accounts, credit cards, auto loans, mortgages, and investment management. The bank’s outgoing international wire transfer fee is USD 40 if you perform the transaction yourself. If you rely on a PNC banker to help you with the transfer, the fee is USD 45.
Interestingly, the bank does not have any maximum sending limit. You can therefore send as much money as you want internationally using the wire transfer service. It is an excellent option to send funds internationally.
8. Huntington Bank
Huntington National Bank is a financial company located in the United States of America. It is among the various financial companies that allow you to send money internationally using wire transfers. The bank charges an outgoing foreign wire transfer fee of $75.00. In addition, the bank charges customers $31.00 to stop a transaction once submitted and $10.00 for every transfer returned to the bank.
Conclusion
An international wire transfer is a money transfer system initiated in one country and settled in another. You must use an international wire transfer method even if you send funds to someone in another nation with an account at the same banking institution. Various banks have different limits for international wires. The transfer attracts fees depending on the money you are sending and the currency.
