International Wire Transfers Overview
Banks have been in the business of sending money on behalf of their clients for a long time, but that doesn’t mean using a bank to send money internationally is your only option. Today, all top US banks provide an international wire transfer option to their customers, but the associated costs and process may differ significantly.
Sending money internationally means a currency conversion, done either by your bank, or by the bank on the receiving end. You’ll typically pay a marked-up rate for the security of sending funds through your bank. It’s common for money transfer service providers to offer better exchange rates than what’s offered by a bank.
How to Compare Wire Transfer Fees
FXcompared has researched wire transfer fees to help you decide which bank best suits your international banking needs. In this guide, we break down the charges for both sending and receiving a wire (yes, banks charge different fees based on whether you are sending money to another country, or receiving funds into your bank account from a bank overseas).
When comparing US banks for international transfer, wire transfer fees are not the only thing to compare. How often will you be transferring money? If you will be making regular transfers, you may want to consider a bank that allows international transfers online, or even through their mobile app. Some US banks only allow international transfers to be initiated by a visit to a local branch, which may be inconvenient for busier customers.
Read below to learn more about comparing international transfers at top US banks.
| Bank | Outbound Fee | Inbound Fee | Online Transfer | In-App International Transfers |
|---|---|---|---|---|
| Bank of America |
$35 | $15-30 | Yes | Domestic transfers only |
| Capital One | $40 | $25 | Incoming only | No |
Chase |
$40-50 | $15 | Yes, for qualifying accounts | Domestic transfers only |
| Citi | $35 | Often waived, no more than $15 | Yes | Yes, but only to other Citi accounts |
| HSBC | $35 | $15 | Yes | Yes, but only to other HSBC accounts |
PNC |
$45 | $15 | Yes | Yes, but international payment must be made online first, then the transaction can be repeated in-app |
Santander |
$0 | $13 for USD, no fee for foreign currency | Yes, for business accounts | No |
Suntrust |
$50 | $15 | Yes after receiving a PIN | Domestic transfers only |
| TD Bank | $40 | $15 | No | No |
| US Bancorp | $50 | $25 | Yes | Domestic transfers only |
| Wells Fargo | $35 | $16 | Yes | Domestic transfers only |
Bank of America
Bank of America is a well-known banking name, but it also has the reputation for high account fees and below-average rates for its savings accounts. Despite these obstacles, Bank of America does have a decent selection of online tools for customers, as well as a large network of branch locations and ATMs. To date, the bank offers customers nearly 16,000 ATMs and almost 5,000 branches.
While Bank of America does offer a decent selection of checking account options, the bank also charges steep fees, though it is possible to avoid the monthly fees on some basic accounts by maintaining a specified monthly average balance.
Mobile App? Yes
Is a branch visit required? If you are an existing customer, no branch visit is required.
Can International Transfers be made online? Yes
Fee: $35 - $45Capital One
Capital One is the parent company of Capital One 360, an online bank that also provides in-store support for its customers. Capital One is already known for its financial products, including mortgages, auto loans, credit cards, and a variety of checking and savings accounts.
Capital One acquired ING Direct in 2012 and decided to keep many of the practices that were already popular with ING Direct customers: simple products with no complicated fees or high minimum balances. Capital One 360 offers its customers over 38,000 Allpoint ATMs and 2,000 Capital One ATMs.
Mobile App? Yes
Is a branch visit required? A branch visit is not required for domestic transfers.
Can International Transfers be made online? No, Capital One and Capital One 360 do not offer international transfers at this time, though they do accept incoming international transfers.
Fee: up to $40
Chase
Chase (JP Morgan Chase) is a global financial services firm owned by JP Morgan & Chase Co., with approximately $2.6 trillion in customer assets under management. JP Morgan Chase offers its customer over 5,400 branches, 15,500 ATM locations, mobile and phone banking solutions, and a website with online tools and research to help its business and personal customers make the best financial decisions for their situation.
Mobile App? Yes
Is a branch visit required? For qualifying accounts, a branch visit is not required to send money internationally.
Can International Transfers be made online? Yes, for qualifying accounts
Fee: $15 - $40
Citibank
Citibank is the retail banking division of Citigroup, a New York-based financial services provider that offers a variety of financial products and tools. Currently, Citigroup has approximately 200 million accounts worldwide.
Although Citibank provides its customers with a range of online and mobile tools and offers over 34,000 ATMs and 1,000 branches, its savings rates are low (0.01% APY on standard savings account), and the high balance requirements ($500 or more required for savings products) make it an unattractive option for people who want higher savings rates and low balance requirements.
Mobile App? Yes
Is a branch visit required? A branch visit is not required as long as the transfer is below the specified amount. Otherwise, a branch visit is required for larger transfer amounts.
Can International Transfers be made online? Yes, within certain limitations
Fee: $15 - 35
HSBC Bank USA
HSBC has over 45 million customers through its four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. HSBC is located in 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America and has around 4,400 offices worldwide.
HSBC Bank USA offers US-based customers a full range of financial products, from savings and checking accounts to loans, mortgages, credit cards, and investment services.
Mobile App? Yes
Is a branch visit required? No
Can International Transfers be made online? Yes
Fee: $15-35
PNC
Pittsburgh-based PNC Bank is the sixth-largest bank in the country, and caters to both individuals and businesses with a variety of financial products and services. PNC offers customers checkings and savings accounts, loans, mortgages, credit card services, and a range of online money management tools, including the Virtual Wallet.
The bank also provides over 9,000 fee-free ATMs and 2,600 branches spread across 19 states and Washington, D.C.
Mobile App? Yes
Is a branch visit required? Some account types may need to make an initial branch visit before transferring money overseas.
Can International Transfers be made online? Yes, for qualifying accounts
Fee: $15 - 45
Santander
Santander Bank, N.A., is a wholly-owned subsidiary of Banco Santander. Banco Santander’s parent group, Santander Group, has over 100 million customers in the UK, Europe, and Latin America.
Santander offers customers a variety of checking and savings accounts, online tools to manage money conveniently, and a range of financial solutions to meet the needs of individuals and business customers. Currently, the bank has over 675 branch locations and approximately 2,000 ATMs.
Mobile App? Yes
Is a branch visit required? For Santander Business Online Banking accounts, a branch visit is not required to transfer funds internationally.
Can International Transfers be made online? Yes, for qualifying business accounts
Fee: $0 for consumer up to $31 for business accounts
Suntrust
SunTrust Bank is a financial services firm headquartered in Atlanta, Georgia with three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage Banking. The bank provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services to individuals and businesses.
Its flagship subsidiary, SunTrust Bank, a wholly-owned subsidiary, operates a network of branches and ATMs throughout the Southeast and Mid-Atlantic states and provides 24-hour digital access. Through the 3rd quarter of 2016, SunTrust had assets totaling $205 billion.
Mobile App? Yes
Is a branch visit required? You may be required to visit a branch to receive your PIN.
Can International Transfers be made online? Once you’ve received a PIN (Personal Identification number) you can initiate an international transfer by phone or online.
Fee: $15 - $50TD Bank
TD Bank, based in the Eastern US, offers its customers checking and savings accounts, as well as a range of comprehensive financial solutions. The company’s most popular account is its Convenience Checking account, which comes with a $100 bonus, but also has a $15 monthly fee. In order to avoid this monthly fee, you’ll need to keep a balance above the $100 minimum daily balance.
TD Bank has approximately 1,200 East Coast locations, and is open seven days a week. There are no foreign debit card transaction fees, though branch visits are required for a number of services, including wire transfers.
Mobile App? Yes
Is a branch visit required? Yes, a branch visit is required to set up domestic and international wire transfers.
Can International Transfers be made online? At this time, a branch visit is required to set up a wire transfer.
Fee: $15 - $40US Bancorp
U.S. Bank is the fifth-largest commercial bank in the US, and offers its customers a variety of checking and savings accounts, as well as a comprehensive range of financial products from mortgages to loans to CDs.
U.S. Bank’s broad range of products and services include six different checking account options, eight savings and money market account options, and 17 CDs. Customers can have their monthly account fees waived a number of ways, including signing up for direct deposit, maintaining a minimum balance, opening a new checking account, opening a credit card, taking out a loan, and even reaching the age of 65.
Mobile App? Yes
Is a branch visit required? Typically, a branch visit is not required to initiate an international transfer.
Can International Transfers be made online? Yes, depending on the account type.
Fee: $25 - $50
Wells Fargo
One of the largest banks in the US, Wells Fargo offers customers a huge range of financial products, including checking and savings accounts, brokerage and investment services, mortgages, credit cards, auto loans, student loans, CDs, and more.
In addition to international wire transfer services and domestic transfer services such as SurePay, Wells Fargo also provides a remittance transfer service called ExpressSend, which is commonly used for transfers to Asian and Latin American countries, and to Mexico. ExpressSend costs less but has lower sending limits than regular wire transfers.
Mobile App? Yes
Is a branch visit required? A branch visit is required for the first transfer or, for eligible customers, the first transfer can be set up over the phone with a Wells Fargo representative.
Can International Transfers be made online? Yes, international transfers can be made online.
Fee: $16 - $45Learn more about Money Transfer
Is reading about international wire transfer fees making your head spin? Remember, banks are not your only option for international money transfer. Use FXcompared's comparison tool to find a non-bank currency provider that best meets your money transfer needs. You can also learn about the many money transfer companies that allow you to conveniently transfer money internationally via their apps, in our Mobile App Money Transfer Guide.
