The exact price you pay may vary based on how you set up your transfer – in branch payments are often more expensive than online transfers for example, and payments made in USD overseas can also attract further fees.ĭigital payments in a foreign currency have no transfer fee Here’s an overview of the typical costs for sending an international wire with 6 large US banks. International wire transfer fees for US banks When we’re comparing fees below, we’ve only included the bank sending fees, as most US banks don’t share the exchange rates they use and the correspondent and receiving bank fees vary so much. Receiving bank fee: Finally, the beneficiary’s bank will probably charge a fee for them to receive the money into their account.Īll of these fees do add up and can mean the beneficiary ends up receiving quite a bit less than you sent them. You may not be able to see the exact cost of these charges in advance of confirming your transfer. This is a hidden fee as the bank pockets the difference.Ĭorrespondent bank fee: Third party charges which can be called agent fees, intermediary fees, SWIFT fees or correspondent bank fees. This fee can vary depending on the type of account you have, how you’re making the transfer and the currency you send.Įxchange rate markup fee: A US bank typically offers a worse exchange rate than the base exchange rate, often between two and four percent worse than you might get elsewhere. US banks will charge you in several different ways for an international wire transfer:īank sending fee: The bank will charge a fixed fee for each international money transfer that you make. Types of fees for international wire transfer with banks Convenience – check out the options for sending your payment – while many banks let you set things up online or in an app, some still require you to head into a branch in person.It’s common for banks to add extra fees here, so doing a bit of homework and looking at a few alternatives can save you money. Exchange rates – compare the exchange rate your bank offers against the mid-market rate you’ll find on Google.Check the delivery times when you arrange your payment. Speed – international wires commonly take 3 to 5 days to arrive in the destination account when sent with a traditional bank.The transfer fee you pay can vary widely depending on how you structure the payment. Costs – before you get started make sure you’ve thoroughly read the payment fee schedule.Not sure how to arrange your international wire? Here are some factors to consider when you’re deciding: Go to Wise Go to OFX Things to consider when choosing an international transfer provider You may find alternative services such as Wise or OFX for international transfers with more transparent fees and – often – a better exchange rate. Exchange rate markups and third party costs can also apply even where transfer fees are waived, which push up the price further. *These outbound wire transfer fees do not take into account the exchange rates charged by the banks which almost always include additional costs and charges.Īs you can see, the upfront transfer fees from major US banks do vary widely. PNC bank – $40 for online transfers, $45 for assisted transfers*.
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