Fifth Third Bank provides international wire transfer services exclusively to its account holders. This US-based financial institution facilitates overseas money transfers via the SWIFT network, allowing customers to send and receive funds in multiple foreign currencies.
However, international wire transfers with Fifth Third Bank come with specific fees, exchange rate markups, and additional charges that customers should be aware of before initiating a transaction.
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How to Make Fifth Third Bank International Wire Transfer?
Fifth Third Bank requires account holders to visit a physical branch to initiate international money transfers. Unlike some banks that offer online wire transfer services, Fifth Third Bank does not currently provide this option. Follow these steps to complete an overseas transfer:
Steps to Send Money Internationally with Fifth Third Bank
- Authorize and submit the transfer with the required fees.To make a Fifth Third Bank International Wire Transfer, an account holder must follow the instructions given below:
- Locate the nearest Fifth Third Bank branch using their online branch locator.
- Meet with a bank representative and request an international wire transfer.
- Provide the necessary recipient details, including:
– Full name and address of the recipient
– Recipient’s bank name and address
– International Bank Account Number (IBAN) or account number
– SWIFT/BIC code of the recipient’s bank
- Confirm transfer details such as amount, currency, and applicable fees.
Also Read: US Bank International Wire Transfer
Transfer Limit for Fifth Third Bank International Wire Transfer
Fifth Third Bank allows account holders to make up to six wire transfers per month. However, the specific transfer amount limit may vary based on the account type and customer profile. To determine your transfer limit, it is advisable to consult a bank representative at a Fifth Third Bank branch.
Alternatively, you can reach out to the Forex team of Leverage Edu to get detailed insights into international wire transfer limits.
Fifth Third Bank International Wire Transfer Fees
The cost of an international wire transfer depends on whether you are sending money in U.S. dollars or a foreign currency. Additionally, incoming transfers also carry a fee.
| Type of Wire Transfer | Fees |
|---|---|
| Outgoing international wire transfer (in foreign currency) | USD 50 + additional fees |
| Outgoing international wire transfer (in U.S. dollars) | USD 85 + additional fees |
| Incoming international wire transfer | USD 15 |
Additional Fees
Apart from standard wire transfer fees, customers may incur extra charges due to the involvement of intermediary banks in the SWIFT network. These additional fees include:
| Fee Type | Charges |
| SWIFT wire transfer fee | USD 10 – USD 50 per transaction |
| Returned transfer fee | USD 15 |
| Cancelled transaction fee | USD 33 |
Also Read: BOA International Wire Transfer
Exchange Rates
When sending money internationally through Fifth Third Bank, the exchange rate applied may include a markup over the mid-market rate (the rate you see on Google). This markup is an additional cost added by the bank, making the transfer more expensive.
Customers should compare Fifth Third Bank’s exchange rate with non-bank providers like Wise, which may offer mid-market exchange rates and lower fees.
Processing Time for Fifth Third Bank International Wire Transfers
The time required for an international wire transfer through Fifth Third Bank depends on the recipient’s country, banking network, and currency conversion process. On average, transactions take 1 to 5 business days to be completed.
Factors affecting transfer speed:
- Currency conversion process
- Recipient’s country and bank processing times
- Number of intermediary banks involved in the SWIFT network
Receiving an International Wire Transfer with Fifth Third Bank
To receive an international wire transfer, provide the sender with the following details:
- Your full name and address (as registered with the bank)
- Your Fifth Third Bank account number
- Bank’s SWIFT code: (Check with your local branch for the latest SWIFT code)
- Bank name and branch address
FAQs
Fifth Third Bank allows up to six international wire transfers per month.
No, Fifth Third Bank does not offer online international wire transfers. Customers must visit a physical branch to process the transaction.
To send an international wire transfer, you need:
– Recipient’s full name and address
– Recipient’s bank name and address
– IBAN or account number
– SWIFT/BIC code of the recipient’s bank
The fees are as follows:
– USD 50 for transfers in foreign currency
– USD 85 for transfers in U.S. dollars
Additional charges may apply due to intermediary banks.
There is a USD 15 fee for incoming international wire transfers.
Transfers typically take 1 to 5 business days, depending on the recipient’s country, bank processing times, and the number of intermediary banks involved.
Yes, Fifth Third Bank applies a markup over the mid-market exchange rate, which can increase the overall cost of the transfer.
Contact Fifth Third Bank’s customer service or visit your local branch to track the status of your transfer.
Yes, but cancellations may incur a USD 33 fee, and the refund process may take time depending on the status of the transfer.
Yes, non-bank providers like Fly Finance offer lower fees and mid-market exchange rates, which can be a cost-effective alternative to traditional bank transfers.
Stay connected with Fly Finance and Leverage Edu. Knowledge about these options helps study abroad students send money from the USA to India.
To learn more about bank accounts for students, the best education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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