It is possible to do international wire transfers with US Bank: however, one catch is that you must visit a US Bank branch to send money internationally with them.
This guide will take you through the US bank’s international wire transfer process, telling you about the most important information regarding the topic.
Sending a US bank wire transfer internationally comes with a fee – there isn’t a way to do one for free. The fee will vary depending on what country you’re sending to, your particular type of account, and the terms and conditions of your transfer.
Make sure you check on your particular country details before making the transfer.
Fees for international wire transfers at US Bank are:
|US Bank international transfer||Regular fees¹|
|Incoming international transfer||$25 per transfer|
|Outgoing international transfer||$50 per transfer|
Sending money around the world isn’t always a direct process. International transfers tend to use the SWIFT transfer system. That means your money might pass through an intermediary bank before arriving at its destination.
As a result, the recipient may receive less money due to the fees charged by these intermediaries.³
If more banks get involved, that often means higher expenses. Intermediary banks apply marked-up exchange rates sometimes, and might not use the mid-market rate.
US Bank doesn’t list daily exchange rates online, but does note:
Foreign-denominated funds are subject to foreign currency exchange risk. Customers are not protected against foreign currency exchange rate fluctuations by FDIC insurance, or any other insurance or guaranty program.²
For more specific information about your transfer, you can contact US Bank. It’s important to be vigilant of the fees and surcharges that may slip into your transaction along the way.
If you’re looking for alternatives to the international wire transfer process, look into Wise. It’s a peer-to-peer online money transfer service that makes sending money across borders a breeze, plus it may be cheaper than using a bank.
A quick example.
A theoretical online bank transfer sending $1000 from the US to a pound sterling bank account in the UK.
|Provider||Fee¹||Exchange Rate||Total Cost|
|US Bank (USA)||$50||Exchange rate + markup||$50 + exchange rate markup + likely fees from intermediary and recipient banks|
|Wise||$6.50||The real exchange rate - the same one you find on Google||$6.50|
It seems clear that US Bank’s fees are higher.
If the fees alone aren’t reason enough to consider an alternative, there’s also the exchange rate markup — on average a spread of an additional 4-6%. In addition, there are normally 1-3 intermediary and recipient banks who also charge fees.
Those costs start adding up. Fast.
To make sure you know what you’re getting before you commit, compare the exchange rate with an online currency converter. This way, you can find out how much your international transfer is really costing you.
Through US Bank, you can only make an international wire transfer in person. Visit your local branch and a teller will guide you through the process.⁴
To make an international wire transfer, step into your local branch with the following information:⁵
- The reason you’re sending the payment
- Your name, phone number, address, and relationship to the recipient
- Your US Bank account number
- Your photo ID number
- The amount of the transfer and the currency you’d like it to arrive in
- The destination country
- The recipient’s name, address, and country
- The recipient’s account number and SWIFT/BIC, IBAN, CLABE, or BSB number
- The recipient’s bank name and address
To receive money into your US Bank account, you will need the following information:⁶
- Your full name as it appears on your account
- Your account number
- Domestic wires: your routing number. Find your US Bank routing number
- International wires: the Swift Code - USBKUS44IMT
While most domestic transfers through US Bank come with a same-day guarantee, no such guarantee is given for international wire transfers.
US Bank doesn’t specify how long international wires will take to arrive at their destination, but the average for international wire transfers done via SWIFT is 1-3 business days.⁷
The only direct way to transfer money from your account to a foreign account is through international wire transfer, which you initiate in person. US Bank does not guarantee any transfer times for international wire transfers.⁷
US Bank doesn’t guarantee any international wire transfer times, but it’s possible for international wire transfers to take longer than the average 1-3 business days to reach some countries.
Wire transfers aren’t always straightforward. A lot of the answers you’re looking for are hidden away in websites or not readily apparent.
Refer to this guide as your US Bank wire transfer resource, and understand all your options.
|💡 If you’re looking for an easy online solution for sending money abroad, don’t forget to check out Wise.|
- Consumer Pricing Information (Page 5)
- International electronic payments for businesses
- US Bank additional fees (Page 2)
- How do I send a wire transfer?
- US Bank wire transfer details (Page 1)
- How do I receive a wire transfer?
- US Bank wire transfer times
All sources checked 20 July 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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