If you need to send money to the US, U.S. Bank offers international wire transfers, allowing you to transfer funds from your U.S. Bank account directly to banks around the world, in various currencies. This secure and reliable service utilizes the SWIFT wire transfer network for fast and efficient processing.
The transfer fees are fixed, but exchange rates vary as per the fluctuations in currency exchange rates in the USA. The sender must visit the nearest physical branch to initiate the transfer. Continue reading to find out more about US Bank International Wire Transfer.
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US Bank International Wire Transfer
U.S. Bancorp is a bank holding company headquartered in Minneapolis, Minnesota. The US Bank offers international wire transfers if you need to send money overseas. You can initiate international wire transfers through a US Bank branch or by calling their 24-hour banking line.
You’ll need to provide recipient information, including their name, bank account details, and the bank’s SWIFT code (an international bank identification code for SWIFT Wire Transfers). US Bank’s SWIFT code is USBKUS44IMT.
The funds are typically sent electronically and may be received by the recipient within the same day (in some cases). However, it’s important to remember that processing times can vary depending on the destination country and intermediary banks involved.
- The outgoing wire transfer fee is USD 50 and the incoming wire transfer fee is USD per transfer.
- Be aware of the exchange rate that will be applied when converting your US dollars to the recipient’s currency.
- There might be limitations on the amount you can send internationally through a wire transfer. You can send up to 60,000 USD with a verified account, but may be limited to 10,000 USD per transfer.
- It usually takes 3-5 days to process a US Bank International Transfer.
Who Can Send US Bank International Wire Transfer?
Individuals with an eligible US Bank account for at least 6 months are allowed to send and receive international wire transfers from this bank. An eligible bank account refers to an account in which a customer deposits money directly. There are three types of eligible accounts in the United States Bank- savings, money market, and checking accounts.
Also Read: Looking to transfer money to India from the US? Check out this blog on How to do Money Transfer from USA to India and understand the process for hassle-free remittance.
How to Send International Wire Transfer?
To send funds through US Bank International Wire Transfer, an account holder must visit the physical branch in the States. He/she/they can initiate the transfer with the help of a banker. If any customer is unable to drop by, they/she/he can book an appointment before reaching the bank.
Given below are the steps to wire transfer internationally:
- To schedule an appointment, an account holder can log in to the mobile app of the United States Bank and choose “Make an Appointment” on the dashboard.
- If a customer wishes to book an appointment through the website of the bank, he/she/they must select the “Customer Service” option on top of the screen, and then select the “Make an Appointment” tab.
- If the customer is not logged in to the web portal of the US Bank, she/they/he can select the “Locations” tab placed on the upper left corner of the screen. The customer needs to enter her/their/his ZIP code and select the branch she/their/his wishes to visit. In the next step, select “Make an Appointment” to schedule an appointment.
- After visiting the bank, the sender must provide the requisite information to wire the funds safely and timely.
- The customer must evaluate the prepayment disclosure details like transfer fees, exchange rates, and total due to the recipient.
- With the customer’s agreement with the disclosure details, the funds are wired immediately.
Also Read: Check out the major details on What is Domestic Wire Transfer along with details like uses, pros and cons and FAQs.
Information Required for International Wire Transfer
The sender must provide the requisite information to initiate the US Bank International Transfer:
| Sender’s or Originator’s Information | Recipient’s or Beneficiary’s Information |
| – Purpose of wire transfer – Relationship with the recipient – Name – Address – Contact number – Account number of the US Bank – Amount to be transferred – Type of currency – Destination nation – Photo ID | – Name – Destination Country – Address in destination nation – Account number (IBAN, BSB, SWIFT/BIC, or CLABE) – Bank and Bank address – Additional information such as loan payment, invoice numbers, etc. |
How to Receive International Wire Transfer?
Account holders of US Bank can also receive international wire transfers from different countries. US Bank International Transfers are processed by the SWIFT Wire Transfer System. The funds are then deposited in the active savings account or checking account of the receiver.
The sender needs to provide the SWIFT Code of the US Bank i.e.; USBKUS44IMT, which the recipient uses to get the funds. Consumers receiving international wire transfers in US Bank can collect funds at the designated bank address.
Also Read: Check out this step-by-step guide on How to Transfer Money to a Foreign University and learn about the important things to keep in mind before making a transfer.
US Bank International Wire Transfer Fee
The US Bank levies a transaction fee on wire transfers initiated through the online portal, bank branch, or the app of this financial institution. The sender is intimated about the transaction fee before confirming the international transfer. The customer is advised to check the details of the country of the receiving bank to make the transfer. Given below are the charges for international wire transfers at this bank:
| International Transfer | Fees |
| Outgoing wire transfer | $50 per transaction |
| Incoming wire transfer | $25 per transfer |
US Bank Exchange Rates
In addition to transfer fees, exchange rates are also levied on each US Bank International Transfer. The United States Bank does not put out daily exchange rates, but it does state that funds wired in foreign currency are subject to exchange risk and are not safeguarded against the Federal Deposit Insurance Corporation’s (FDIC) insurance program’s foreign currency exchange rate variation. This protection cannot be offered against other guaranty or insurance programmes.
As each international transfer passes through an intermediary bank/s before reaching the destination, the recipient might get fewer funds than wired, owing to the exchange rates charged by the intermediaries. Additionally, some recipient banks also levy additional fees on incoming wire transfers, which have to be paid by the recipient.
FAQs
Yes. US Bank sends and receives international wire transfers across borders and all transfers are processed through the SWIFT transfer system.
The US Bank charges $50 for outgoing international wire transfers and $25 for incoming international wire transfers.
It usually takes 3-5 days to process a US Bank International Transfer.
There might be limitations on the amount you can send internationally through a wire transfer. You can send up to 60,000 USD with a verified account, but may be limited to 10,000 USD per transfer.
You’ll need to provide recipient information, including their name, bank account details, and the bank’s SWIFT code (an international bank identification code for SWIFT Wire Transfers). US Bank’s SWIFT code is USBKUS44IMT.
To know more about forex cards, education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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