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The choices can feel overwhelming when it comes to sending an international wire. You could choose to go with your own bank, or select a different provider online or in person.

This guide walks through the things you’ll want to think about when choosing how to send your international money transfer, and introduces a handy alternative to your regular bank - Wise. With Wise and the Wise multi-currency account you can send money overseas safely, and for a low transparent fee, without ever needing to set foot in your bank in person. You’ll often find it’s cheaper too. More on that coming right up.

What should I look for when I’m sending an international money transfer?

You can send an international wire via your own bank, an online provider, or a money transfer service which uses an agent network to process in-person payments. Each provider sets their own fees and exchange rates, which means you’ll need to do some research to find the one which suits you best. Here are some things to look at when comparing different services:

• How do you pay for the transfer - by bank transfer, using a card or in cash, for example? Are there different fees for different options?
• How will the money be received? Do the costs depend on how you want your recipient to get the money?
• What exchange rate will be used for the payment?
• What are the upfront transfer fees, and are there additional costs such as card charges or intermediary bank fees?
• How long will a transfer take?
• How much can you send, and is your specific currency available?
• Is the service safe and is it convenient to arrange?

We will explore many of these points below. However, as the right provider for your needs will depend on the type of payment you want to make, you’ll also likely want to do a bit of homework to find the one which offers the best deal for your needs.

How much do banks charge for an international wire transfer?

Different banks structure their fees differently, which can make comparing your international wire transfer options pretty tricky. You’ll want to look at the upfront transfer fees, which are often around USD30-50. As you’ll see from the table comparing providers below, these fees can run even higher in some cases.

But that’s not all. You may also need to pay an extra charge which is wrapped up in the exchange rate used, or additional costs when the payment is processed using the SWIFT network. 

Exchange rate fees

Some banks are upfront about the exchange rate fees they use, so it’s worth comparing the rate you’re given against the mid-market exchange rate to check for a markup. If there is one, you may be better off with an alternative provider.

Intermediary and beneficiary bank fees

There’s one more cost to know about, which you may see described as third party fees, intermediary or correspondent charges, or costs levied by the recipient’s own bank. These charges typically arise when payments use the SWIFT system - a network of banks moving money around the world. Up to 3 banks can be involved in a single payment, and each can apply their own charges if they wish to, which means your recipient may get less than you expect in the end.

Wise: a cheap and transparent alternative

Traditional banks don’t always offer the best value when it comes to sending money overseas. You might find you’re better off with a specialist provider like Wise.

All Wise payments are made using the real mid-market exchange rate, and you’ll only ever pay a simple transparent fee. You can send your transfer online for convenience - so there’s no need to make an appointment or stand in line at a local bank branch.

You can also open a free online Wise multi-currency account to hold, send and spend dozens of different currencies. Accounts come with local bank details to receive fee free payments in major world currencies like US, Australian and New Zealand dollars, British pounds and euros - and you’ll have a smart linked debit card so you can spend any currency you hold for free online or while you travel. 

Banks' fees for international wire transfers

To help you figure out the best way to arrange your international payment, let’s take a look at some of the costs involved with sending money overseas with some of the largest US banks.

Provider	How to arrange	Exchange rate	Other fees	Total cost
Wise	Online	Mid-market exchange rate, no markup	Low transfer fee based on currency and amount being sent	Low, transparent transfer fee
Ally	International wires not available	N/A	N/A	N/A
Bank of America	Online	“may include profit, fees, costs, charges or other mark ups”	No transfer fee when sending in foreign currency  Transfer fee USD45 if payment send in US dollars intermediary banks fees can be applied	Up to USD45 fee + exchange rate markup + possible intermediary and recipient bank fees
USAA Bank	Arrange by phone	May include a markup	USD20 + USD25 international fee intermediary banks fees can be applied	USD45 fee + exchange rate markup + possible intermediary and recipient bank fees
US Bank	Arrange by visiting a branch	May include a markup	USD50 You may also pay fees levied by intermediary banks or the recipient’s own bank	USD50 fee + exchange rate markup + possible intermediary and recipient bank fees
Capital One	Arrange in branch - not all account types are eligible	May include a markup	International wire fees are not available online, contact your branch for assistance	Capital One fee + exchange rate markup + possible intermediary and recipient bank fees
Charles Schwab	Arrange online, by phone, mail or fax	“Schwab charges a markup on foreign currency exchange transactions”	USD15-25	USD15-25 fee + exchange rate markup + possible intermediary and recipient bank fees
Chase Bank	Arrange online, by phone, or in branch Not all accounts can send wire payments	“The exchange rate we use will include a spread and may include commissions or other costs that we, our affiliates, or our vendors may charge in providing foreign currency exchange to you”	No transfer fee for online wires over USD5,000 Wires valued at under USD5,000 arranged online - USD5 Wires arranged on phone or in branch - USD50	Up to USD50 fee + exchange rate markup + possible intermediary and recipient bank fees
Citibank US	Citibank recommends arranging payment online	“If the transfer is made in foreign currency, the exchange rate includes a fee for the currency conversion.”	Fee is waived for some accounts - otherwise up to USD25	Up to USD25 fee + exchange rate markup + possible intermediary and recipient bank fees
Discover Bank	Complete paper from which you must then upload, mail or fax	May include a markup	USD30	USD30 fee + exchange rate markup + possible intermediary and recipient bank fees
Fifth Third	Arrange in branch	Markup of 0.2% of transaction amount	USD50	USD50 fee + exchange rate markup + possible intermediary and recipient bank fees
HSBC US	Arrange online or in branch	May include a markup	International wire fees are confirmed when you place the transfer	HSBC US fee + exchange rate markup + possible intermediary and recipient bank fees
Union Bank	Arrange online, by phone, or in branch	May include a markup	USD35-65 depending on the transaction and account type	Up to USD65 fee + exchange rate markup + possible intermediary and recipient bank fees
PNC Bank	Arrange in branch	May include a markup	USD45	USD45 fee + exchange rate markup + possible intermediary and recipient bank fees
Wells Fargo	Arrange online or in branch	May include a markup	International wire fees are confirmed when you place the transfer	Wells Fargo fee + exchange rate markup + possible intermediary and recipient bank fees
Suntrust	Arrange by phone or in branch	May include a markup	International wire fees are confirmed when you place the transfer	Suntrust fee + exchange rate markup + possible intermediary and recipient bank fees
TD Bank US	Arrange in branch	May include a markup	USD50	USD50 fee + exchange rate markup + possible intermediary and recipient bank fees

*All rates and fees correct at time of research 7th December 2020. Details in quotation marks taken directly from bank terms and conditions documents

As you can see from our summary, bank wire fees can be high, and relatively complex. But there’s no need to worry. You have a choice of alternative providers which may present better value - and a more convenient service. Check out Wise for smart, low cost international payments which can be arranged online in minutes.