US Bank International Wire Transfer

us bank international wire transfer
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People with a US Bank account can send and receive wire transfers internationally. Money can be transferred from a US Bank account to another bank in multiple countries in different currencies. A US Bank International Wire Transfer is processed through SWIFT Wire Transfer System. The bank levies transfer fees and imposes exchange rates on each transfer. The transfer fees are fixed, but exchange rates vary as per the fluctuations in currency exchange rates. The sender must visit the nearest physical branch to initiate the transfer. 

Who Can Send 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: How to do Money Transfer from USA to India?

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: What is Domestic Wire Transfer?

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 InformationRecipient’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 IDName; 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: How to Transfer Money to a Foreign University?

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 TransferFees
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 states that funds wired in foreign currency are subject to exchange risk and are not safeguarded against 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

Q1. Does US Bank do international wire transfers?

Ans. Yes. US Bank sends and receives international wire transfers across borders and all transfers are processed through the SWIFT transfer system.

Q2. How much does US Bank charge for international wire transfers?

Ans. The US Bank charges $50 for outgoing international wire transfers and $25 for incoming international wire transfers. 

Q3. How long does an international wire transfer take US Bank?

Ans. It usually takes 3-5 days to process a US Bank International Transfer.

To learn more about different types of international wire and money transfer methods, you can connect us on Leverage Edu and Fly Finance

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