U.S. Bank international wire transfer: Fee and exchange rate


 

Before you schedule an international wire transfer with your regular bank, you’ll want to know the costs, exchange rates and processes used. This guide covers all you need to know if you’re thinking of making a cross border wire with U.S. Bank. 

To help you find the most convenient - and low cost - way of sending your money, we’ll also highlight TransferWise and the TransferWise multi-currency borderless account as a smart way to send money online all over the world, for less.

U.S. Bank international wire transfer fees

Let’s start with the important stuff - the costs of sending and receiving wires with U.S. Bank. Here’s what you need to know:

Payment typeUS Bank fee
Domestic wire transfers - personal accountIncoming payment:USD20Outgoing payment:USD30
International wire transfers -personal accountIncoming payment:USD25Outgoing payment:USD50
Domestic wire transfers - business accountIncoming payment:USD14Outgoing payment:USD40
Outgoing payment using voice wire: USD35
International wire transfers -business accountIncoming payment:USD15Outgoing payment:USD70

Additional fees

It’s helpful to note that there may also be additional fees to think about. This is what U.S. Bank says in their online FAQ section:

“Please be aware the amount the recipient receives may differ from the amount debited from your account.  The recipient may receive less due to the fees charged by the intermediary bank and recipient's bank.” 

The charges referred to here are likely to be related to payments sent using the SWIFT network. Many banks rely on the SWIFT process to move international transfers between banks. It works a little like a series of connecting flights, with your money being passed through several different partner banks - called intermediary banks - until it reaches its final destination.

SWIFT payments tend not to be fast - and can come with extra costs. That’s because intermediary banks can deduct a fee as they process the payment, which may mean your recipient gets less that you’re expecting.

U.S. Bank exchange rate

To send a payment overseas with U.S. Bank you’ll need to visit your local branch. Payments can’t be set up online or using digital banking. When you call into your local branch, a member of the service team will be able to tell you the exchange rate which will apply to your transfer.

It’s important to check the exchange rate against the mid-market rate for your currency, which you can find on Google. Often banks add a markup or margin to the exchange rates offered to customers, which can push up the overall costs. If you notice a difference between the U.S. Bank exchange rate and the one you’re seeing online it’s probably due to a markup - take a look to see if you can get a cheaper, more convenient online service through TransferWise instead.

A cheap and transparent alternative: TransferWise

Before you arrange your international payment with U.S. Bank, check out the service on offer from TransferWise,

TransferWise customers can make international payments which use the mid-market exchange rate with no markup or margin added. You’ll just pay a simple transparent fee per transaction, which often works out much cheaper than using a traditional bank. You can get everything sorted online, too - so there’s no need to wait in line at your local U.S. Bank branch to set up your payment. 

If you need to send and receive international transfers more often, you could save time and money with the TransferWise multi-currency borderless account. You’ll be able to hold dozens of different currencies, switch between them using the mid-market exchange rate, and send and receive payments all over the world. See if you can save with TransferWise, today.

How to make an international wire transfer with U.S. Bank

International wire payments through U.S. Bank can only be set up in person by visiting a local branch. You can make an appointment in advance if you don’t have the time to stand in line.

gt;U.S. Bank international wire transfer instructions

To send money overseas with U.S. Bank you’ll need to have the following:

  • Recipient’s full name, address and country of residence
  • Recipient’s bank account number
  • The bank name and SWIFT code for the recipient’s account
  • Dollar amount of the payment
  • Any other reference information which needs to be included with the transfer

How long does a wire transfer take with U.S. Bank?

The length of time it will take to deliver your payment will depend on where it’s headed, and the processes in place at the recipient’s own bank. You can normally expect wire transfers to arrive within 3 - 5 working days.

Receiving an international money transfer with U.S. Bank

To receive an international payment you’ll need to give the sender the following information:

  • Your full name as shown on your account
  • Your account number
  • U.S. Bank SWIFT Code - USBKUS44IMT
  • U.S. Bank wire payment address - U.S. Bank, Wire Transfer Department, PO Box 64830, St. Paul, MN 55164-0830

Don’t forget you’ll also have to pay a fee to receive the payment of USD25 for personal account customers.

Sending money overseas with your normal bank isn’t necessarily the easiest or cheapest option. If you’re looking for a better way to make an international transfer, check out TransferWise and the TransferWise multi-currency borderless account for low cost global payments which use the mid-market exchange rate with no markup. It’s simple, convenient, and it often costs less than using your regular bank.

Disclaimer: 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. 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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