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

Want to send money overseas with Discover Bank? Read on to find out about your options for making an international transfer, including how much it costs.

But remember that banks aren’t the only option for overseas transfers. Wise may be a cheaper option for sending money internationally - but more on this, later.

First, let’s focus on helping you make your first Discover wire transfer, starting with those all-important fees.

What are Discover Bank’s wire transfer fees?

Before sending money internationally, it’s always smart to check whether there are any transfer fees or service charges to pay.

Discover’s wire transfer fees do include a service charge, and it applies to both domestic (within the US) and international transfers.

The good news though is that Discover doesn’t charge fees for receiving domestic or international wires, as long as they’re made in US Dollars. If the payment is sent in a foreign currency, though, a $20 currency exchange fee may be applied by an intermediary bank¹.

What are the fees for Discover’s domestic wire transfers?

To make a wire transfer with Discover Bank to a recipient within the US, you’ll pay a service charge of $30¹. However, you won’t pay any fees to receive one.

What are the fees for Discover international wire transfers?

The same service charge applies to both domestic and international wire transfers at Discover. So, this means you’ll pay $30 each time to send a wire payment overseas¹.

As we’ve mentioned, though, you won’t be charged by Discover Bank for incoming international wire transfers - unless a currency conversion is required.

Save up to 6x compared to old-school banks with Wise

Not loving the fees that come with international bank transfers? Try Wise.

With Wise, there are never any hidden fees or markups, just one small, fair transfer fee that’s spelled out up front. What’s more, you’re guaranteed the mid-market exchange rate. This all adds up to an international money solution that could be up to 6x cheaper compared to traditional banks.

You don’t have to take our word for it, though. We’ll let the figures do the talking, with a quick cost example, so you can see that it’s cheaper for real.

A cost example: Sending $1000 from the US to UK

As you can see, it’s not only the upfront transfer fee you need to think about. You also need to take the exchange rate into account.

Plus, when wire transfers are sent overseas by Discover, intermediary banks may apply their own exchange rate when converting currency¹.

For this reason, you may end up saving more money with an alternative provider like Wise. Why not try a free account today?

Join Wise today

Wire transfer limits and policies for Discover Bank

If you make your wire transfer through the Discover Bank Account Center online banking platform, you can send and receive up to $250,000 per 30-day rolling period¹.

If you opened a checking account after March 20, 2022, Discover’s wire transfer limits are a little different. You’ll only be able to receive a maximum of $10,000 in incoming payments per 30 days¹.

If you use Zelle to send payments within the US, there’s a maximum limit of $600 per day¹.

How do you make a wire transfer with Discover in the US?

There are a couple of different ways you can make a Discover wire transfer. Some payments can be set up online, while others require a paper form to be completed and sent back to the bank.

Discover savings wire transfers aren’t an option - you can only make them from checking accounts.

How to make a Discover wire transfer online

You can set up a domestic wire transfer with Discover by submitting an online form¹. This should be pretty quick and easy to do. You’ll need details of the recipient and their bank, including their routing number.

For Discover wire transfers to international recipients, you will need to fill in a paper form (see the instructions below). However, you can then scan and upload your form online using the bank’s Secure Document Upload service.

How to make a Discover wire transfer offline

You can download and complete a paper form to send both domestic and international payments. For overseas transfers, you’ll need to provide the following⁴:

• Your details (name and Discover Bank account details)
• Wire transfer amount
• Date the transfer is to be sent
• The name and address of the recipient
• The recipient’s bank information, including account number, International Bank Account Number (IBAN) and the receiving bank’s SWIFT/BIC code.

Once completed, simply upload the form through your online banking. Alternatively, you can¹:

• Fax it to 1-224-813-5213, marked ‘Wire Transfer Request’
• Mail it to Discover Bank, PO Box 30417, Salt Lake City, UT 84130.

Frequently asked questions

How long do Discover wire transfers take?

All wire transfer requests will be processed the same day, if received and verified before 3pm on a working day. Any requests received after this time will be processed the next business day¹.

It’s recommended to submit your request 2-3 days¹ ahead of when you’d like the payment to be made, just to leave extra time for pre-processing.

If you’re using Discover for international wire transfers, it’s likely that they’ll be sent through the SWIFT system. This means it could take 2-5 working days⁵ after processing for your payment to actually arrive.

Is Discover Bank an international bank?

Discover Bank is based in the US, and doesn’t have branches in other countries. It doesn’t offer international accounts, or business accounts.

However, US customers can still use their Discover card abroad. And part of its range of Discover credit cards, the bank also offers a special Discover it Miles travel card.

Which bank is best for international wire transfers?

Banks tend to be quite similar when it comes to things like the cost of international wire transfers, as well as being pretty slow.

You could potentially try a US bank which has an overseas presence, but international money specialists like Wise may be faster, cheaper and easier. See how Wise works here.

Learn more about Wise

All sources checked on 13-Jul-2022