Wire transfer is an electronic mode of money transfer from one person to another person or entity across the world. When you decide to study in UK, USA, or any other foreign country then you must understand the wire transfer process. Wire transfer is generally considered one of the most secure gateways for transferring money abroad.
In the case of international wire transfers the money is transferred from one bank account to another in a different country. For example, if I am transferring an amount from the USA to my friend who lives in Europe then it would be considered an international wire transfer. Among a lot of merchants, the two most preferred companies for international wire transfers are Capital One and PNC Bank. Let’s understand in detail about both the companies and how they are different from each other.
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Capital One Bank International Wire Transfer
Capital One is a well-known financial institution in the USA. It offers a plethora of products and services like savings accounts, credit cards, loans etc. Capital One Bank is one of the most popular platforms for international wire transfers. The bank offers 3 modes through which you can perform wire transfers i.e. (a) By visiting the branch, (b) Over a phone call, and (c)Mobile App. However, this will depend upon the availability of services offered by your branch.
- You need to pay a certain amount as a fee for the transactions which will totally depend upon your account type.
- Before making any transfers or opening an account check the best-suited accounts with their terms and conditions and the applicable fees for transfers.
- All the Incoming wire transfer is around $15 for some Capital One account types. The fee is waived for other account types.
- The transaction charges for any outgoing wire transfer fee will be $25 or $30 based on your Capital One account type
- There will be a maximum sending limit of $500,000 in case the money is being transferred to a title company in the country.
- No transaction limit has been specified for any other type of account. You can transfer any amount to a title company or any linked account.
Also Read: Benefits of Wire Transfer
PNC Bank International Wire Transfer
PNC Bank is one of the largest banks in the USA by assets. The banks offer a lot of financial products and services like savings accounts, credit cards, investment management, etc.
Through the PNC Bank, you can send domestic as well as international wire transfers by paying some transaction fee.
- The fee for international wire transfers will be the same for all account types as there is no bifurcation.
- The transaction fees for all the incoming domestic and international wire fees will be around $15.
- Charges for any outgoing domestic wire will be approximately $25 if you are doing the entire transaction yourself without any assistance.
- The transaction fee will be around $30 if you choose any PNC banker to do the transfers on your behalf.
- Similarly, all outgoing wire transfer transaction fees will be $40 without assistance and $45 if done by a PNC banker.
Also Read: Things to Consider while Transferring Money Abroad
Difference between Capital One International Wire Transfer and PNC Bank International Wire Transfer
Both Capital One and PNC Bank provide international wire transfer services. However, there are some differences between the two in context to the transaction fees, processing time, limits etc. Let’s understand some of the major differences between Capital One and PNC Bank for international wire transfers:
| Capital One International Wire Transfer | PNC Bank International Wire Transfer |
| Incoming wire transfer fee is $15 for some Capital One account types | The incoming wire transfer fee is $15 for all types of accounts. |
| Price Variation based upon type of account | Fixed price for all account types |
| The maximum amount for outgoing wire transfers is $25 and $30 based on the type of account | The maximum amount for all outgoing wire transfers is $25 |
| Transfer can be made by visiting the branch, on-call or through a mobile app | You can ask for assistance from a PNC banker for a wire transfer you need to pay an extra $5 for both domestic and international transfers |
| The maximum limit for transfer is $500,000 in case the money is being transferred to a title company | Any amount of money can be transferred. |
FAQs
You can track your transfers anytime with Capital One by calling 800-655-2265.
The PNC bank usually completes one transfer cycle in 48 hours. You can track your transactions regularly.
You can transfer any amount of money through PNC Bank international wire transfer. There is no maximum limit.
International wire transfer is one of the fastest and easiest ways to transfer money to a different country. As an international student, you must know about the processes of transferring as it will be required frequently.
To know more about wire transfers, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.
