US Bank international wire transfer: Fees, rates and transfer time

Wise
06.30.21
4 minute read

If you’re traveling or moving abroad, or need to send money overseas, you’ll probably turn to your bank. But each bank handles international wire transfers differently.

Make sure you plan ahead, so you’re not surprised by fees, wait times, or other details.

This guide will take you through the US bank international wire transfer process.

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🔍 What you’ll find in this article

What are the fees for an international wire transfer with US Bank in the US?

The US bank international transfer 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.

US Bank International transfer fees table

Fees for international wire transfers at US Bank are:

US Bank international transferRegular fees¹
Incoming international transfer$25 per transfer
Outgoing international transfer$50 per transfer
Additional fees may applySee Additional Fees section below

US Bank exchange rates

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.

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.

Additional fees from US Bank

US Bank international transferAdditional fees³
Sending/recipient bank and/or intermediary bank(s)
    US Bank notes on its international wire instructions, “Keep in mind the recipient may receive less due to fees charged by the intermediary bank and recipient’s bank”.
    If US Bank is using the SWIFT network to send your money, there could be between 0 and 3 intermediary banks involved in the transaction. Each of which may charge an average of $20 to $50. The rates they use to convert your currency aren’t always favorable to you.
    Even if US Bank can’t give you all the fees an intermediary bank will charge, it’s important to be aware that these charges exist. It might influence your decision.

Additional fees

A cheap and transparent alternative: Wise

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.

Your money doesn’t cross borders, so you save on international sending fees. You also won’t get stuck with surprise intermediary fees.


A quick example.

A theoretical online bank transfer sending $1000 from the US to a pound sterling bank account in the UK.

ProviderFee¹Exchange RateTotal Cost
US Bank (USA)$50Exchange rate + markup$50 + exchange rate markup + likely fees from intermediary and recipient banks
Wise$8.70The real exchange rate - the same one you find on Google$8.70

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.

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How do you make an international wire transfer with US Bank?

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

What do I need to make an international money transfer?

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

What do I need to receive an international bank transfer?

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

Receive US bank transfer

How long does an international bank transfer with US Bank take?

How long does it take to arrive to the destination account?

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

What are the different payment methods, and how long do those take?

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

You can also use e-payments to make a Western Union bank deposit for pickup. Western Union’s online service will act as a conduit to send money from your savings or checking account to an account abroad.

The funds can also be picked up by the recipient from a US bank branch abroad. Expect to pay extra fees for this service; US Bank does not determine the fee, but the recipient bank does, and it will vary.⁸

Is there any way to make a faster transfer for an extra fee?

US Bank does not offer same-day transfers for international payments, and you are not able to pay an expedite fee to make transfers faster.

However, you can use e-payments to make a Western Union money transfer, which is available for next-day pickup in many countries.⁹

Does the transfer time vary by destination?

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.

Contact / Help - More questions around your transfer?

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.

Register with Wise for free 🚀

Sources:

  1. Consumer Pricing Information (Page 5)
  2. International electronic payments for businesses
  3. US Bank additional fees (Page 2)
  4. How do I send a wire transfer?
  5. US Bank wire transfer details (Page 1)
  6. How do I receive a wire transfer?
  7. US Bank wire transfer times
  8. US Bank Western Union money transfer service
  9. Send and Receive Money FAQs

All sources checked 29 June 2021


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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