USAA International Wire Transfer: Fee, Process, Limits

United Services Automobile Association also known as USAA provides various financial banking services to its customers in order to ensure their comfort and convenience. One such service provided by USAA is an international wire transfer so that their customers can easily send money abroad without facing much hassle. It is important to note here that USAA provides the facility for both domestic and international wire transfers. International wire transfer is an electronic way of sending money abroad from one bank account to another account without the need for physical cash. Want to know more about USAA international wire transfer? If the answer is yes, then this blog will help you greatly! 

Things Needed to Do a USAA International Wire Transfer

Firstly, to do a USAA international wire transfer the sender needs to have a USAA account. USSA International wire transfer can be done in two ways – through an online account or by calling USAA. To initiate the transaction the sender needs to provide the following information: 

• The account number of the beneficiary.
• Receiving Bank’s routing number 
• Receiving Bank’s name and address
• Name and address of the account holder of the receiving bank
• The amount, the sender wants to transfer
• Purpose of the bank transfer
• Recipient bank’s SWIFT code or other bank code 

It is generally advisable that before making a payment the sender should thoroughly understand international currency transfers in order to avoid any inconvenience in the end. 

Also Read: What is SWIFT Wire Transfer? 

USAA International Wire Transfer Cost

Mentioned below are the costs associated: 

• Outgoing international wire transfer – $20 (INR 1,640) per transaction
• International wire service fee – $25 (INR 2,050 ) per transaction 
• Additional fees – The intermediary or recipient bank may deduct certain fees from the wire transfer. As per the USAA’s website, “Additional costs may apply depending on the receiving financial institution.” Therefore, it is important to enquire beforehand whether there will be any additional charges levied on the transaction. 

Also Read: Are there any limits to International Wire Transfers? 

Exchange Rate of USAA Wire Transfer 

Since USAA is not an international bank, therefore, its international transactions are processed by the Bank of New York Mellon. It is a common practice in international wire transfers that an intermediary bank or any other correspondent bank help in processing the transaction by changing the currency of the sender with the currency of the beneficiary. It is important to note here that this translation done by these banks is not done at the mid-market rate which helps them in making a profit. 

There are no exchange rates published on the website of USAA therefore, the sender won’t be able to know the rate used for the transfer but many banks mark up the exchange rate by 4-6% while converting the currency. 

While looking for costs incurred at the transaction carefully evaluate the exchange rate used by the bank to convert the currency since this causes a great difference between the amount transferred by the sender and the amount received by the beneficiary. 

Also Read: Best International Money Transfer Apps

Routing Number 

In the United States, a Routing number is used to identify financial institutions and banks. The routing number is also known as a routing transit number, RTNs, or ABA routing number and it contains 9 digits. Federal Reserve Bank require the routing number in order to perform Fedwire funds transfers. ACH network also requires the routing number in order to process the electronic funds transfer like bill payments and direct deposits. 

Routing Numbers for USAA Wire Transfer 

USAA’s routing number for both domestic and international wire transactions is 314074269. If you’re sending a domestic wire transfer, you simply need to use the wire routing number from the list mentioned below. If you send an international wire transfer, that will be a transfer “for further credit.” An intermediary bank will transfer the money to the final beneficiary. 

• International Wire Transfer as FFC to USAA account in the USA – 314074269
• Domestic Wire Transfer – 314074269
• Account number of intermediary bank: 8900624744
• SWIFT Code of the intermediary bank (The Bank of New York Mellon) – IRVTUS3NXXX

How Long Does USAA International Wire Transfer Take? 

The time taken by the international wire transfer to reach the beneficiary depends on various factors such as the destination country of the transfer, the currency, public holidays or the time of the day sender initiates the transfer. USAA claims that their international wire transfer will take up to 15 days to reach the destination. As compared to other international wire transfer services it is slightly longer. Therefore, if the sender needs to urgently send the money to the recipient then it is advisable to consider other alternatives for international money transfer.  

FAQs

This is everything you need to know about USAA international wire transfers. Worried about the financial hurdles you are facing for your study abroad dreams? Let Fly Finance help you and make your dreams come true!