There’s a ton of reasons why any one of us might need to send money across borders at some point. Maybe it’s for buying raw materials that are running out faster than you thought. Or there could be a loved one who desperately needs a medical bill taken care of.
The problem is, moving money around can be quite expensive. It may also involve some lengthy processes and a lot of paperwork. Keep in mind that we don’t always get to choose how urgent the issue is, or how much the person needs. This is where international wire transfers come to the rescue.
In this article we’ll talk a little bit more about the TCF Bank International Wire Transfer and Wise, a cheaper alternative for sending money abroad.
TCF Bank charges 15 USD for an incoming wire transfer and doesn’t offer this service to non-customers. For an outgoing international wire transfer made at a banking center, the charge is 50 USD. Outgoing wire transfers aren’t offered to non-customers and the recipient bank may also charge you a fee¹.
Here’s a quick comparison between the TCF Bank International Wire Transfer fee and the fees for a substitute like Wise:
|TCF||$15||$50 + markup on the exchange rate|
Don’t forget that there’ll be a spread on the exchange rate when the money you’re sending is switched from one currency to another. This is basically the difference between what currency sellers are willing to sell at, and what those buying are willing to buy at. The rate could reach 4% depending on the exchange pair².
You can make an international wire transfer by visiting a bank branch and submitting the following information³ to a support agent:
- Intermediary Bank
- SWIFT Code
- Beneficiary Bank
- Routing Number (RTN)
- Recipient’s Name
- Recipient’s Account Number
You can also handle this process by logging into the TCF Online Banking⁴ portal:
- Go to “Pay & Transfer”
- Select the “Manage Recipients” option
- Click the “Add Recipient” option
- Add the account you’ll be sending funds to
After completing any required verification, you can follow the prompts on the screen.
TCF Bank offers two types of wire transfers:
Repetitive wire transfers⁵: this option enables you to send money to the same person repeatedly. You can create and store instructions in a template once, then access them whenever sending money to that particular person. All you’ll need to update is the amount and date.
Non-repetitive wire transfers: here, the wire transfer is done once, and the beneficiary information has to be provided each time a new wire transfer is initiated.
An international wire transfer can take up to seven days to be processed, and receiving one to your TCF account will take three working days³. When it comes to Wise, the duration of an international wire transfer is 1 to 5 working days.
To receive money from abroad into your TCF Bank account⁶, you’ll need to provide the sender with the following information, alongside your full name and account number:
|Routing Number (RTN)|
Wise is a fast and cheap way of sending money abroad. Unlike traditional banks, they won’t charge you mark-ups on the exchange rate and, by using local transfers, your money goes across borders without any additional SWIFT fees — which means you only have to pay what is shown to you.
Making your international transfer is as easy as 4 steps:
- Create your free Wise Account
- Select the amount and currencies you wish to send
- Add your recipient's bank details
- Pay for your transfer (via ACH, debit/credit card or wire transfer)
For anyone sending money across borders, there are few things worth keeping in mind. One is the hidden fees that come with some wire transfers. Another is the duration of the wire transfer. With a lot of these high-end banks, you never know how many intermediaries are involved. They change depending on the country you’re sending to or receiving from.
Time zones, varying weekends and working days policies, account verification and regulations might also affect wire transfer durations. The last thing you want is for your funds to get stuck somewhere along the way. This is why it is smart to consider alternatives like Wise with more transparent fee structures, faster processing and less surprises.
- TCF Bank > “How do I see fees applicable to my account?” > Fee Schedule
- Transfer Supermarket - Bank Rates
- Online Banking - Instructions
- TCF Bank - Digital Banking
- TCF Bank - Treasury Management
- CCBank - TCF Wire Transfer
Sources accessed in 05.05.2021
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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