KeyBank international wire transfer: all you need to know

If you have an account with the US-based KeyBank, you can take advantage of quick transfers abroad. The KeyBank international wire transfer is an excellent option for sending money overseas.

There are considerable fees that you should be aware of, however. This post will answer the most common questions on the topic and also look at some of the best alternatives.

If you’re looking for an easier way to send money abroad, then Wise could be the solution for you.

Learn more about Wise

Table of contents
How to send a KeyBank international wire transfer How to receive a KeyBank international wire transfer KeyBank wire transfer fees Alternatives to KeyBank international wire transfer Common questions Wise - an easier way to send money abroad

How to send a KeyBank international wire transfer

For wire transfers, banks communicate with the SWIFT network to move money around. To send the transfer, you will need some key information about the two accounts involved.

There are two ways¹ to send an international wire transfer with KeyBank:

• Direct transfer - involves only a single bank
• Indirect transfer - has multiple banks involved

Both types of transfer can be initiated from KeyBank’s KeyNavigator² page.

For a direct transfer, in the KeyNavigator, go to the ‘Create International Wire (with one receiving bank)’ page.

Fill out the relevant information of the beneficiary’s bank account. This should include:

• Country
• Currency
• Account number
• Account name
• The amount you wish to send
• Date of transfer
• SWIFT code

If you need help finding the SWIFT code, you can use this handy tool.

For an indirect transfer, go to the ‘Create International Wire’ (using intermediary banks) page. The only difference here is you’ll need to fill out information for the intermediary banks too.

Once you fill out the details, press ‘next’ to be taken to an approval screen, where you can check the details, and approve the transfer, or edit if needed.

After approving the wire, you will see a final confirmation, showing the status of the wire. It should show as ‘in process’.

How to receive a KeyBank international wire transfer

The KeyBank account owner must gather the necessary information³ to receive an international wire transfer.

To receive a KeyBank international wire transfer, you will need to supply the following details to the sender:

Detail	Information
Bank name	KeyBank NA
KeyBank address	KeyBank NA, 127 Public Square, Cleveland, OH 44114
SWIFT code	KEYBUS33
KeyBank routing number	Find the routing number for your region here
Your KeyBank account number	Your complete account number
The name of your KeyBank account	Account name as shown on your statement

To receive a domestic wire transfer, it’s much the same as an international wire transfer. Instead of using KeyBank’s SWIFT code, though, you will only need the routing number and your account details.

KeyBank wire transfer fees

KeyBank international wire transfer fee

Unfortunately, international wire transfers are likely to incur a significant fee. This is a result of currency conversion. Unless you’re sending money in the same currency, you will need to pay a conversion fee.

There’s also a KeyBank wire transfer fee that applies to both domestic and international transactions. While there are no fees for incoming transfers, there are some for outgoing payments.

The fees⁴ for KeyBank international wire transfers are as follows:

Wire type	Fee
International incoming	$0
International outgoing	$45

This fee can be off-putting, especially if you need to make several international wire transfers. The cost can soon add up. Luckily, there are other options are available.

Wise offers low transfer fees and the real, mid-market conversion rate (the one you see on Google), so you don’t feel hard done by. There are no hidden fees, so you know exactly what you’re paying.

KeyBank wire transfer fee

There is also a flat fee for domestic KeyBank wire transfers.

Wire type	Fee
Domestic incoming	$0
Domestic outgoing	$30

Alternatives to KeyBank international wire transfer

Bank wire transfers are a popular way to send money abroad because they are fast and convenient. That’s not to say that wire transfers are the best option, though.

One of the biggest downsides of international wire transfers is the extra expense of currency conversion and bank fees. You put yourself at the mercy of the current exchange rate, which isn’t always going to end well for you.

Fortunately, there are other options if you wish to avoid these lofty fees.

Transfer Services

Many international transfer services allow you to send money abroad. These companies make the process of sending money abroad straightforward.

With a transfer service, you’ll get the most competitive rates and avoid any headaches. These companies specialize in international transfers, so they can be an excellent option if you want the job done well.

Transfer services can have additional fees like wire transfers, so choose wisely.

Wise is a popular transfer service that handles over $4 billion every month. Wise delivers every last dollar with low, transparent fees. You can use the currency conversion calculator to check the fees in advance, and see how much you could save!

Mobile payment

If you want to send money abroad from your phone, there are plenty of apps out there that can help you do it.

Some apps are country-restricted, but you should be able to find one that works for you.

Some examples of the most popular mobile payment apps would be Apple Pay and Google Pay. These services offering mobile payment won’t cost much - if anything at all. All you need is the recipient’s phone number or email address to make a transfer.

If you want to send dollars, though, the person you send the money to needs to own a US bank account.

To find out about the best apps, read this article on the best international money transfer apps.

Travel money cards

A travel money card works similarly to a debit card. The owner can make payments in stores and withdraw money at ATMs. It’s convenient since carrying a card abroad is much easier than having a large stack of cash. You can also usually top up prepaid cards online.

There are downsides, however. You will often have to pay extra fees, such as monthly fees and withdrawal fees. You’ll also be limited in how much money you can withdraw from the ATM.

The Wise card is an example of a prepaid card - but without any monthly fees. You can use your Wise card like any other bank card to withdraw money at ATMs around the world. If your card was issued in the US, you can take out money for free twice a month under 100 USD.

Common questions

Does KeyBank do wire transfers?

Yes, KeyBank offers both domestic and international wire transfers to its customers.

What is an IBAN number for KeyBank?

The IBAN number is a code used by banks to send and receive money to other banks. It is common in many European countries and has 34 alphanumeric characters. You can find your KeyBank IBAN number on your bank statement, or online KeyBank account.

Can I transfer money from KeyBank to another bank?

Yes, you can. Log into your online KeyBank account and click on the ‘Transfer Money’ icon to start the process. From here, put in the amount you wish to send, select the date you want the recipient to receive it, and fill in the relevant information.

What are the KeyBank wire transfer cut-off times?

Type of wire	Cut off time
Outgoing international	15.00
Incoming international	17.30
Outgoing domestic	17.30
Incoming domestic	17.30

Wise - an easier way to send money abroad

Sending a KeyBank international wire transfer is easy to do, but it can cost you up to $45 for each transaction. That’s pretty pricey, especially if you need to send several KeyBank international wire transfers.

With Wise, you can skip hefty international transfer fees and be sure that you get the mid-market exchange rate that you see on Google. Wise simply charges a low, upfront fee, with no hidden charges - leaving you more money for the greater things in life. We never hide extra fees and charges in the exchange rate. We just use the mid-market exchange rate. That means fair, cheap money transfers, every time.

If you need to send money abroad regularly, you can also get a Wise account. You can store your money in dozens of different currencies, and spend or get paid like a local.

Join Wise today

Sources:

1. KeyBank - Wire transfer types
2. KeyNavigator
3. Wiretransfer.io
4. Wiretransfer.io - transfer fees

All sources checked 24 February 2021