The 6 Best Banks in the United States for International Money Transfers

Last updated on July 27, 2022

If you want to make an international money transfer through a bank in the United States, you have several options to choose from regarding the quickest and most cost-effective ways to deliver your cash to the location it needs to be in the world.

There is a very excellent reason why we do not generally recommend using a bank based in the United States for the purpose of making an international wire transfer.

Both in terms of the fees they charge and the currency rates they provide, sending money overseas through a bank is one of the most expensive methods available.

It is in your best interest to perform rate and charge comparisons and select a currency supplier that is both competitive and specializes in the market.

However, there are occasions when you require the ease of using a bank to make an overseas transfer, and if you shop about, you can find United States banks that give a decent service at a charge that is affordable.

We have done the research, and we are delighted to share with you how much the major banks in the United States charge, as well as what you should anticipate.

International Money Transfer Charges in Different US Banks

When you are moving to the US from New Zealand, you need to get your US visa for New Zealand citizens. With that, you also need to have your account for international money transfers, once you are in the US.

1. Bank of America: Digital payments made in a foreign currency are not subject to any transfer fees at Bank of America.
2. Chase Bank: For online payments, Chase charges a fee of $5 per transaction, but this price is waived for transactions of $5,000 or more.
3. Citibank: Citibank customers with Citigold or Citi Priority status can make digital transfers for $25 per transaction.
4. Wells Fargo: International money transfer fees in Wells Fargo bank start from $30 per transfer
5. PNC Bank: PNC Bank’s fee for online transfers is $40, while the fee for assisted transfers is $45.
6. US Bank: A fixed fee in the US Bank of $50 for all international money transfers

These fees for outbound wire transfers do not take into account the exchange rates that the banks charge, which nearly invariably contain additional costs and fees. These rates are levied by the banks.

It is a reliable and well-known method to send your foreign payment to the bank that you often use. On the other hand, it may also be relatively slow and pricey, with expenses that aren’t always made clear to the customer.

When it comes to making international transfers, you might find that you would be better off using other services like as Wise or OFX because they are both less expensive and more expedient.

Here you can check how to apply for your US visa for Poland citizens.

Why You Should Consider Using a Bank in the United States

If you want to send money, you should consider using your bank rather than a specialized provider because there are several advantages to doing so. They are as follows:

You have already placed your faith in your financial institution, the bank: Although specialized companies do adhere to stringent security regulations in order to keep your money secure, many customers prefer the level of protection offered by their banks.

You do not want to register an account with a money transfer provider because it can take a significant amount of time to set up an account and transmit money using a specialized service provider. If you need to send money straight away, you can do so at any time because your bank is always open.

You do not currently possess the required forms of identification in your possession: The vast majority of specialized money service companies will require you to upload some documents to verify your identification. If you don’t have them, you can always use your bank as a backup option.

Types of Fees for International Money Transfers

Let’s take a look at the fees that are associated with sending money overseas through a bank in the United States.

For an overseas wire transfer, U.S. banks will charge you in a number of different ways, including the following:

• Sending fees charged by your bank: You will be assessed a sending fee by the bank for each international money transfer that you complete. This charge might be different from one another based on the kind of account you have, how you’re going to make the transfer, and a few other things as well.
• The markup on the exchange rate: The exchange rate offered by a U.S. bank is often worse than the base exchange rate; more specifically, it is normally between two and four percent worse than the exchange rate that may be obtained elsewhere. This is a cost that is not immediately obvious because the bank keeps the difference.
• Fee charged by a correspondent bank: Because of the intricacy of the international monetary transfer system, it is common for your funds to be required to go via one or more intermediate institutions known as correspondent banks. Your money transfer will most likely incur additional fees from each of these financial institutions.
• Fee charged by the beneficiary’s bank to receive the money: There is likely to be a fee charged by the beneficiary’s bank in order for them to get the money into their account.

It is possible that after paying all of these costs, the recipient will end up getting quite a little less money than you originally paid them.

Only the bank sending fees are included in the table below’s comparison of fees; this is because the majority of U.S. banks do not disclose the exchange rates that they employ, and the fees charged by the correspondent and receiving banks are extremely variable.