Huntington Bank (previously TCF Bank) international wire transfer: full guide
Do you have a TCF account and need to send and receive an international wire? Here you can find all the information you need.
If you’re a Boeing Employees Credit Union (BECU)® member and need to send an international wire transfer, this guide should be a helpful starting point for learning about BECU’s policies, rates, transfer times and fees.
But no matter where you bank, Wise can be a helpful tool to transfer money internationally. More on how that works later.
Fees for international wires can be confusing. There’s a few things you’ll want to keep in mind:
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Another factor to take into consideration is that, in general, if you send an international wire from a bank, you’ll find that upfront fees are fixed. Which means upfront fees for sending $10 or $10,000 should be the same.
Good news if you’re sending a lot of money. Not great news if you’re only sending a little. But that still isn’t taking into consideration poor exchange rates if your money is converted. More on poor exchange rates in the next section.
According to BECU’s current fee schedule as of April 2018, below is what you can expect to pay for international wire transfers.
BECU International Transfers | Regular fees |
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Incoming international transfer | $0¹ possible exchange rate spread/markup² ⁱpossible correspondent bank charges³ |
Outgoing international transfer | $35 per transfer¹ possible exchange rate spread/markup² ⁱpossible correspondent bank charges³ possible recipient bank charges⁴possible foreign taxes⁴ |
Trace a wire transfer | No fee |
Cancel a wire transfer | Not available at BECU |
Amend a wire transfer | Not available at BECU |
Return a wire transfer from the receiving bank | No fee |
International wire transfers generally move using the SWIFT system, which means your money will likely pass through intermediary banks before reaching its final destination.
If your transfer involves 2 currencies, one of the banks will need to convert the money. Oftentimes, it’s an intermediary bank that makes the switch from one currency to another.
Other times a sender may arrange with their sending bank to convert the money first. Regardless, one of those banks will be applying some sort of exchange rate to the transaction.
That may sound like a relatively straightforward, mundane task, but banks set their own exchange rates. And, on average, banks have been known to give rates 3-6% poorer than the rates you find on Google.
While that may not seem like a big deal, many banks are actually pocketing the difference between the rate they give you and the rate they personally received. In essence, this amounts to an additional profit for the converting bank that comes straight out of the transfer amount.
Some banks are upfront about the fact that they make a profit and put notes in fine print noting they take a “spread.” Sadly, though, most aren’t so transparent and hide this fact in language like, “the rates you see online are interbank rates and aren’t available to consumers, ABCD bank sets its own rates.” Meaning the rates you find on Google won’t be the rates you’ll get with them.
In regards to exchange rates on international wires, BECU doesn’t have much information available online.
In fact, because BECU uses Wells Fargo® as an intermediary, at least for incoming international wire transfers, you may be better off researching Wells Fargo exchange rates.
You can also find a cheap alternative to send money on our website.
Here’s what BECU says about exchange rates on their incoming wire form:
Wells Fargo exchanges the foreign currency using the exchange rate in effect at the time the transaction is processed to US Dollars, prior to depositing funds to your BECU account. Currency exchange rates are internal to Wells Fargo and not reflected in currency exchange rate information provided by other sources.²
So that exchange rate you find on Google? That’s likely not what Wells Fargo will be using.
Wise is a specialist in low cost international transfers which use the mid-market exchange rate.
Set up your Wise payment online or in the Wise app, and choose to pay with the digital payment method of your choice — usually including local ACH, credit or debit card, as well as Apple Pay.
You can send to 80+ countries, and you’ll see an estimated delivery time before you confirm. 50% of Wise payments are instant¹ — and you’ll always see exactly what your recipient will receive, with no hidden charges or surprise fees².
Need something besides international transfers? Wise has you covered: |
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This way to easy
international payments
1. The speed of Wise transfers depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions 2. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information |
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At BECU, international wire transfer requests can be made by:
Calling BECU’s customer support number
Visiting a local branch
Connecting your BECU account online with Wise
To request a wire transfer from BECU by phone, call at 800-233-2328⁴, to speak with a BECU representative. Have all the required information handy (more on that below) and a customer service representative will help you initiate your transfer.
Visit a BECU Neighborhood Financial Center or Lobby and speak to a teller to initiate your transfer⁴.
Like we mentioned before, Wise is a good alternative for you to send money abroad.
You can pay for your transfer with a local domestic wire from BECU and Wise will send the money to the destination account from their local account in the currency of your choice.
Make your first
Wise transfer today
In order to send an international money transfer directly from your account at BECU, you’ll need the following information:⁴
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If you’ve opted to connect your BECU account with Wise online, what you’ll need will vary slightly:
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BECU provides customers with a five page PDF in order to make sure your money gets to you safely from abroad. There are multiple scenarios and intermediary banks you’ll need to use and note depending on where the money originates and what currencies are involved.
If you’re receiving money internationally to your BECU bank account via Wise, it should be a bit simpler. Wise will send your money to you from within the US, meaning you’ll only need local details².
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There are a lot of factors that can affect how long it takes a wire transfer to arrive at its destination, like the country being sent to and the date and time the transaction is made.
BECU website² states that domestic wires should take from 1-3 working days to be processed, while international payments can take up to 14 consecutive days to reach the recipient.
If you have further questions or need more help, you can reach BECU’s customer service in several different ways:
- BECU Helpdesk⁵
- BECU Phone number: 800-233-2328
- BECU Support Chat⁶
Before committing to an international money transfer service, a little research can help determine the best way to get your money across borders. If you’re a BECU customer, this guide should give you a better idea of whether your best option is your bank — or an alternative.
Sources:
Sources checked 02.24.2023
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.
Do you have a TCF account and need to send and receive an international wire? Here you can find all the information you need.
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