Santander international transfer: fees, exchange rates and transfer time

International bank transfers, also known as international wires, can be quite expensive to arrange - with several different fees applied to a single transaction in many cases. If you’re a

Santander® US¹ customer, you’ll need to understand the full costs of your overseas payment before you confirm the transfer, to make sure there are no surprises.

Read on to find out more. Plus we’ll also touch on a non-bank alternative - Wise - which you can compare on costs and convenience for your international transfer.

What are the fees for Santander in the United States?

Before diving into the fees, it might surprise you to find that it’s not only Santander that can charge you for your international transfer.

That’s because most banks make international transfers using the SWIFT system. SWIFT is a global network of banks set up to move money across borders.

It works by having up to 3 intermediary banks help move your money to the end recipient, much like if you needed to take a series of connecting flights to get to your ultimate destination. Each of these banks can add their fee — often in the range of 10 USD - 50 USD — to the transaction cost as they handle your international wire.

Santander USA international transfer fees table

Santander USA International Wires	Fees and costs²
Incoming wire transfer	13 USD
Outgoing domestic wire	15 USD - 25 USD depending on account type
Outgoing international wire (USD to USD)	40 USD
Outgoing international wire (USD to foreign currency)	Variable depending on account, transfer type and destination
Other bank fees	If the wire is made by SWIFT, additional banks could deduct their own flat fee.
Exchange rate mark-up	Banks like Santander may add a mark-up to the exchange rate they offer you.

With Santander, as you may have noticed above, you can send an international transfer in US dollars, or in some cases, you can specify the amount in the currency of the account the cash is going to. Fees vary based on the type of transfer you select.

Also, because pricing may vary by destination, currency, and account, double check with your local Santander branch before you make a decision.

Santander USA exchange rates

Understanding the exchange rate is important when arranging an international money transfer.

When you look up the exchange rate for your currency pair online or with a currency converter tool, you’ll usually be shown the mid-market exchange rate. That’s a helpful benchmark as it’s the rate used on wholesale markets.

However, banks and other money service providers often add a markup - a percentage fee - to the mid-market exchange rate to calculate the rate used to convert dollars to foreign currencies for customers.

Santander states that they offer an ‘all-in’ exchange rate³. That is, a rate which includes all the costs involved in the conversion. This is instead of splitting out the costs as a separate line item so you can easily check and compare them.

In some ways that’s convenient because you’ve only got one number to look at - but it’s pretty opaque. To see what you’re actually paying for your transfer in full you’ll need to compare the Santander rate against the live mid-market rate and calculate the difference. For an easier option, read on.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees*.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

See how Wise compares with international bank transfers in our full guide

How do you make an international bank transfer with Santander in the US?

There are several ways you can send money internationally with Santander in the US.

Option 1: in person at a Santander branch

Technically, if you want Santander to do your international wire for you, it will have to be done at your local branch⁴.

You’ll be asked to provide the details of the recipient and a teller will give you a quote for the costs and exchange rate before you confirm your transfer.

Option 2: online via Wise

Visit Wise.com

1. Choose the originating currency and amount in the top box and the corresponding recipient currency in the bottom box

2. To find out how much Wise costs, click on “Show fee breakdown”ⁱ

3. Click the green button “Get started”

4. Fill out your personal information for your Wise account

5. Enter your recipient’s information

6. Make sure you’re happy with the cost and exchange rate

7. On the final step, you’ll have several options to pay for your transfer

You can check the cheapest option for you when choosing your payment method. Bank debit can be slightly slower, but both options will deduct the money directly from your Santander account.

Especially on your first transfer, you may be asked to verify your identity with an ID, address proof, and your SSN just like you would when you open a bank account in person at a regular financial institution.

It may be helpful to note that when sending money through Wise you won’t actually need international banking details for your recipient.

You’ll need their local banking details — the same information they would give to a friend inside the country for a domestic bank transfer. That likely means you may not need their SWIFT/BIC code, but more like the domestic equivalent.

Get a Wise Account

What information is needed to receive an international transfer with Santander?

If you’re expecting to receive an international transfer you’ll have to give the sender some information to make sure the money goes to the right place.

Each bank will have its own requirements based on the specific details of your transaction, but you may need to pass on the following information:

Your own bank’s BIC/SWIFT code Your full name and address, as detailed on the account — not a P.O. box Your Santander bank wire routing number You may be asked for an address for Santander Bank The amount and the currency you’d like to receive the payment in You’ll also want to agree with the sender who will cover the charges applied to the transfer

If you’re sending the transfer via Wise and will be receiving it into your Santander account in the US you can give the person your name and email address and then fill in your bank details yourself later.

Otherwise, you can also give the following details:
Your email (so you receive notification when the money is sent) Your name and personal address Your ACH routing number and account number Whether your account is checking or savings

How long does an international bank transfer with Santander take?

The length of time it takes for an international transfer processed through Santander to be received depends a lot on where it’s headed.

You can expect most transfers to take several business days, but it’s worth confirming the exact details for your transfer with branch staff when you arrange it.

Santander US support

If you need a little more help you can send Santander a secure email or chat message through your app, or pop into your local branch.

If you’re not sure of the closest branch to you there’s a helpful branch locator tool online which also gives you the specific branch contact details if you need to talk your issue through with someone⁵.

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Whether you decide to stick to your bank for your international wire transfer, or use an alternative non-bank service, you’ll need to check out both the upfront and intermediary fees, and the exchange rates used.

That way you can make sure you’re getting the best service for your specific needs — and not paying too much for it.

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Sources:

1. Santander
2. Santander US personal fee schedule
3. Santander US foreign exchange disclosure notice
4. Santander US FAQ
5. Santander branch locator

Sources checked on 05.24.2024