Huntington Bank International Wire Transfer: Sending money internationally can be a seamless process with the right information. Huntington Bank offers international wire transfer services, but understanding the costs, procedures, and requirements is key to avoiding delays and unexpected fees.
In this guide, we’ll break down everything you need to know about Huntington Bank international wire transfers, including fees, exchange rates, and step-by-step instructions. Let’s get started!
Table of contents
- What Is a Huntington Bank International Wire Transfer?
- How Much Does a Huntington Bank International Wire Transfer Cost?
- Additional Costs to Consider for Huntington Bank Wire Transfer Fees
- How does Huntington Bank International Wire Transfer work?
- What is Required for Huntington Bank International Wire Transfer?
- Pros and Cons of Huntington Bank International Wire Transfers
- How to Save on Huntington Bank International Wire Transfers
- FAQs on Huntington Bank International Wire Transfer
What Is a Huntington Bank International Wire Transfer?
Huntington Bank, a U.S.-based financial institution, facilitates international wire transfers through the SWIFT system, a global network connecting banks for secure cross-border payments. Whether you’re sending money to family overseas or paying an international vendor, Huntington Bank International Wire Transfer provides options for both personal and business account holders. However, costs and processes vary, so let’s dive into the details.
Also Read: Fifth Third Bank International Wire Transfer
How Much Does a Huntington Bank International Wire Transfer Cost?
The total cost of a Huntington Bank international wire transfer includes several components: transfer fees, exchange rate markups, and potential intermediary bank charges. Here’s a breakdown of Huntington Bank wire transfer fees:
| Transfer Type | Fee in USD | Fee in INR |
|---|---|---|
| Outgoing International Wire | 75 | 6,156 |
| Incoming International Wire | 15 | 1,231 |
| Outgoing Domestic Wire | 25 | 2,051 |
| Incoming Domestic Wire | 15 | 1,231 |
| Transfers Between Huntington Accounts | 10 | 820 |
Additional Costs to Consider for Huntington Bank Wire Transfer Fees
When making a wire transfer with Huntington Bank, it’s important to consider not just the standard transfer fees but also any additional costs that may apply. These extra charges can impact the total amount sent or received, so being aware of them can help you avoid unexpected expenses. Here are some key costs to keep in mind:
- Exchange Rate Markup: Huntington Bank doesn’t publicly disclose its exchange rates, but industry standards suggest a markup of 4-6% above the mid-market rate. Use an online currency converter to compare and estimate your true cost.
- Intermediary Bank Fees: SWIFT transfers typically involve 1-3 intermediary banks, each potentially charging USD 10-USD 30. These fees may be deducted from the transfer amount or billed separately.
- Other Charges:
- Stop Payment: USD 31 (INR 2,544)
- Returned Transfer: USD 10 (INR 820)
Tip: When initiating a transfer, you’ll choose who pays intermediary fees—sender or recipient. Opting to cover all fees upfront ensures the recipient gets the full amount, but it increases your cost.
How does Huntington Bank International Wire Transfer work?
Depending on the kind of account, Huntington bank International wire transfer can be done in various ways, including: Only for commercial accounts, online, or by phone. Here’s how it works:
For Personal Account Holders
- In-Person Only: Visit a local Huntington Bank branch with your details. A teller will verify your identity and initiate the transfer.
- Not Available Online: Unlike some competitors, Huntington doesn’t currently offer online international wire transfers for personal accounts.
For Business Account Holders
- Online: Log into your Huntington Business account, navigate to the International Wire Transfer option, and submit your request using your ID and password.
- Phone: Call Huntington Bank, authenticate with your credentials, and follow the prompts to complete the transfer.
- In-Person: Visit a branch for assistance if needed.
Processing Time: International wires typically take 1-5 business days, depending on the destination country and intermediary banks involved.
What is Required for Huntington Bank International Wire Transfer?
You will require the following in order to transfer money internationally with Huntington Bank:
- Name of you and bank
- Your customer number
- Name of your receiver as it appears on their bank account
- Beneficiary bank name
- For overseas payments, the type and number of the recipient’s account
- SWIFT code for the recipient bank (verify the BIC/SWIFT code online)
- Your desired transfer’s size and currency
Pros and Cons of Huntington Bank International Wire Transfers
Huntington Bank offers a secure and reliable way to transfer funds globally, but like any service, it comes with both advantages and drawbacks. Understanding the pros and cons of Huntington Bank international wire transfer can help you decide whether Huntington Bank is the right choice for your international transactions. Let’s take a closer look.
Pros of Huntington Bank International Wire Transfer
- Secure Transactions: Backed by FDIC insurance up to USD 250,000 (INR 2.05 Cr), ensuring safety for your funds.
- Multiple Domestic Options: Affordable fees for U.S.-based transfers (USD 10-USD 25).
Cons of Huntington Bank International Wire Transfer
- High International Fees: USD 75 per outgoing transfer is steeper than some competitors like Wise or OFX.
- Opaque Exchange Rates: Lack of transparency makes it hard to predict the final cost.
- Limited Online Access: Personal account holders must visit a branch, which may inconvenience tech-savvy users.
How to Save on Huntington Bank International Wire Transfers
International wire transfers can get expensive, but there are ways to keep costs in check with Huntington Bank. By planning ahead and exploring your options, you can avoid overpaying on fees and exchange rates. Here are three practical strategies to save money on your next Huntington Bank international wire transfer:
- Compare Exchange Rates: Use tools like XE.com or Google Finance to check the mid-market rate before transferring. Call Huntington Bank for a quote, but note it may differ from the final rate applied.
- Minimize Intermediary Fees: Ask the recipient’s bank if they charge incoming fees and factor this into your decision on who pays intermediary costs.
- Consider Alternatives: Services like Wise (formerly TransferWise) or PayPal often offer lower fees and better exchange rates for international transfers.
Also Read: ACH International Money Transfer
FAQs on Huntington Bank International Wire Transfer
Banks in the United States and other countries can transfer funds while maintaining the highest level of security. Wire requests can be made by sporadic users via your Huntington Banker.
By 4.30 p.m., all outgoing transfers must be set up; otherwise, they won’t be handled until the next working day. Prior to 5:45 p.m. Eastern Time, all incoming transfers are immediately credited to your Huntington Bank account.
A Huntington Bank international wire transfer is a secure way to send money overseas using the SWIFT system, a global network connecting banks. It’s available for both personal and business account holders, though the process and costs differ. You can use it to pay vendors, support family abroad, or handle other cross-border transactions.
Huntington Bank charges USD 75 (INR 6,156) for outgoing international wire transfers and USD 15 (INR 1,231) for incoming ones. Additional costs include a 4-6% exchange rate markup and potential intermediary bank fees of USD 10-USD 30 each. Total costs depend on your transfer details and who pays the extra charges.
Business account holders can send international wire transfers online or by phone using their login credentials. Personal account holders, however, must visit a branch in person, as online options aren’t available for them. Always check with Huntington Bank for the latest updates.
International wire transfers with Huntington Bank typically take 1-5 business days to process. The exact time depends on the destination country, the number of intermediary banks involved, and the accuracy of your provided details. Delays can occur if information is incorrect.
You’ll need your full name, account number, and the recipient’s name, bank name, account number (or IBAN), and SWIFT/BIC code. Additionally, specify the transfer amount, currency, and purpose (if required by the destination country). Double-check details to avoid errors and extra fees.
Huntington Bank doesn’t publish its exchange rates online, a common practice among traditional banks. They typically apply a 4-6% markup above the mid-market rate, but the exact rate isn’t guaranteed until the transfer is processed. Call the bank for a quote, though it may vary slightly.
Intermediary bank fees are charges (usually USD 10-USD 30 each) from 1-3 banks that process your transfer via the SWIFT system. You can choose to pay these fees yourself (added to your cost) or have the recipient cover them, which reduces the amount they receive. The recipient’s bank may also charge a fee.
Yes, Huntington Bank international wire transfers are secure, backed by FDIC insurance up to USD 250,000 (INR 2.05 Cr) for customer funds. The SWIFT system adds an extra layer of global reliability. However, always verify recipient details to prevent fraud or misdirected payments.
Huntington Bank is a trusted choice for existing customers, offering secure transfers and convenience for business clients via online or phone options. However, its USD 75 fee and lack of transparency on exchange rates may make competitors like Wise more cost-effective. It’s ideal if you value reliability over cost.
We have covered everything about Huntington Bank International Wire Transfer! Hope you received better insights. Reach out to Fly. Finance for better guidance. For more study abroad needs, you can contact Leverage Edu.
