Transferring money from the United States to your home country is easy and secure when you use American banks. There are different types of costs and fees associated with each transfer.
Through our other article, you can know which are the best US banks for international money transfers and how much are the transfer costs. These costs can be higher if you don’t know the full details. When you have a good knowledge of bank transfer charges, you can reduce these costs.
It is important to have knowledge about these charges. Because if you get your US visa for Sweeden citizens, you might need to transfer money from the US to your home in Sweeden. So, keep reading the article carefully:
How to Reduce Bank Charges for International Money Transfers
Transfer costs can add up quickly when using a bank in the United States. Here are some suggestions for reducing expenses.
Always use the secure banking gateway on your bank’s website to make an international transfer. Transferring money online is usually less expensive than doing so over the phone or in person at a branch, at least for most banks.
Your bank charges a one-time cost for sending a wire transfer, regardless of how many times you use the service. You can send $1,000 through Citibank for a cost of $35; if you’re sending $10,000, you just have to pay 0.35 percent of that fee.
Use a specialized currency exchange company if at all possible. Get the best deal for your money transfer by comparing money transfer providers.
Money Transfer Details of Different US Banks
There are different banks in the United States that you can use to transfer your money to your home. Here are the pros and cons of different banks and the money transfer costs.
Transfers Through the Bank of America
Bank of America’s app and website allow you to make international transfers in a matter of minutes. There is no transfer cost when you use digital payments to send a payment in a foreign currency.
But there are fees that are applied to the exchange rate used. A $45 USD fee is charged if you want to transfer money in USD.
You can also arrange foreign wires in person at a Bank of America Financial Center, but you’ll need to make an appointment in advance and pay a fee for this service.
With Bank of America, you may send money to more than 200 countries in 140 different currencies. As long as the payment is processed within working hours, it should arrive within one or two banking days.
Pros
- For digital international transactions in a foreign currency, there is no transfer fee.
- Online or face-to-face delivery is up to your option.
Cons
- There are exchange rate markups
- Third-party fees may be taken from the amount you submit.
Transfer costs for the Bank of America (BoA)
- A wire transfer from abroad has been received: Fees are based on the type of account you have.
- Sending money overseas via wire transfer in foreign currency: There is no price for transferring a domain name.
- Outgoing international USD wire transfer: 45 USD
- In-branch international wire transfer: Depending on the sort of account you have, there are different fees.
Additional fees charged by the Bank of America
Expenses incurred by third parties: Intermediary fees may be taken from the sent amount if your overseas payment is processed through the SWIFT network. It’s best to shop around for international money transfer services to avoid paying these costs in the future.
The Bank of America’s (BoA) rate of exchange
“All in” is the term used to describe the Bank of America exchange rate. This means that BoA’s profit margins, fees, costs, and other charges may be included.
If you do a Google search or use a currency converter tool, you’ll see that the rate you’re offered does not match the rate you’ll discover online. Mid-market exchange rates are available online, which are the rates banks receive when they buy currency.
Banks like BoA do not pass on this charge to their clients, nonetheless, as a result, you’ll be charged an additional fee in order to get an accurate retail exchange rate.
Check this guide for getting a US visa for Swiss citizens.
International Transfers Through Chase Bank
It’s possible to send a Chase international transfer in USD or another currency via the Chase app, by visiting a branch, or by using the Chase website.
A 5 USD fee is charged for transfers under $5,000 USD, but fees are waived for payments over $5,000 in the foreign currency sent online or via the Chase mobile app. However, you’ll still have to pay Chase’s markup on the exchange rate.
Using a Chase business account, you can send money to more than 90 countries.
Pros
- Online and mobile payments in foreign currencies can be made with little or no transaction fees.
- In order to save time, you can make transfers at a physical location or via a mobile app.
Cons
- International wires in USD or arranged through a branch are subject to high costs.
- Third-party fees and markups on exchange rates are possible.
Charges for wire transfers through Chase Bank
- Incoming 15 USD international wire transfer
- 50 USD outgoing international wire transfer from the branch
- In USD, the outgoing international wire transfer is $40.
International FX wire transfer costs for Chase’s online and mobile banking services:
- Values below 5,000 USD: 5 USD
- Over a thousand dollars, there is no charge for this service.
Exchange Rate of Chase Bank
A markup on the mid-market exchange rate is included in the Chase exchange rate. That’s an additional charge, which Chase describes as a spread and commissions for themselves and their partners..
Payment quantities, currencies, and account information all play a role in determining your exact interest rate. If you do a quick Google search, you’ll likely discover a better rate, but Chase warns that you shouldn’t count on it.
Money Transfers Through Citibank
Using Citibank’s online and mobile banking services is the quickest and most convenient way to transfer money internationally. To complete the transfer, simply log into your account and follow the on-screen instructions to enter the recipient’s information.
A one-time payment or a recurring payment can be made with Citibank international transfers. For online payments made from Citigold Private Client accounts, all transfer costs are eliminated, with fees of up to 35 USD/transfer for other account types.
Pros
- If you’re a Citigold Private Client, you’ll be able to make online payments without paying any fees.
- To save time, you can transfer money online, or you can go to a branch if you prefer face-to-face assistance.
Cons
- For online and mobile transfers, fees might range up to 35 USD per transfer depending on the type of account you have.
- Citibank transfer fees are subject to exchange rate markups.
Citibank Money Transfer Charges
- A wire transfer from abroad to your Citibank is free.
- The branch can arrange for a 45 USD free international wire transfer.
Sending money overseas via online or mobile banking involves fees:
- Private Citigold Client: Waiver of Fees
- Citigold: $25.00
- 25 USD for Citi Priority
- Citigold International Account: 10 dollars
- An initial deposit of $30 USD is required for the Citi International Personal Account.
- Executive Citibank Account: $30
- 35 USD for all other account types.
Rate of Exchange at Citibank
On top of the mid-market exchange rate, Citibank charges a markup for their exchange rates. A currency conversion fee is tucked away in the rate you’re quoted for your payment, making it difficult to see.
Compare the Citi exchange rate to the Google mid-market rate. The Citibank exchange rate fee is responsible for the difference.
International Wire Transfers Through Wells Fargo
Wells Fargo offers online, phone, and in-branch options for sending money overseas. There are many advantages to using digital banking services to transfer money to and from your bank account.
Just log in and follow the instructions to complete your transfer by entering the necessary information.
Depending on your account type, Wells Fargo’s international transfer costs start at $30. Transactions like international wires may be limited to a certain number of free transactions on some accounts.
However, the terms and conditions of each account are different, so make sure you review yours carefully before you begin.
Pros
- Consistent and safe service
- You can make a payment in three ways: online, over the phone, or in person at a financial institution.
Cons
- There are exchange rate markups
- Until you begin arranging the transfer, the fees are significant and not fully explained to you.
Transfer Costs for Wells Fargo Customers
- 16 dollars fee on the amount that has been received by wire transfer from abroad.
- From 30 USD, you can send an international wire transfer. At the time of the transaction, the Wells Fargo exchange rate and applicable fees are clearly shown.
Wells Fargo Exchange Rate
The Wells Fargo exchange rate contains a markup, which is an additional cost that is included in the exchange rate you are quoted.
The mid-market exchange rate is what you get when you search for it on Google or use a currency conversion application. When you use Wells Fargo to make an international money transfer, though, you’ll get a different rate.
To compute their retail rate, Wells Fargo will simply mark up the mid-market rate. You’ll get a lower rate, but the bank will make a little more money off of it.
Money Transfer Through PNC Bank
It’s possible to make an international payment via PNC if you have a Virtual Wallet account (the PNC checking and savings account) or one of the other PNC savings accounts.
If you’d prefer not to deal with a customer service representative, you can save money by setting up your payment online.
You may be able to make a low-cost international money transfer depending on where you’re sending a payment and the amount you’re transferring. Your international transfer fees will apply if this option is unavailable to you.
When you go into your account and begin to set up the transfer online, you’ll be provided with your alternatives.
Pros
- If you need to send money abroad, you can do it for a modest price.
- Using the mobile app, online, via phone, or at a branch, you can make payments at any time.
Cons
- High fees for sending money internationally as a normal practise
- For example, transaction limit charges and third-party costs may also be incurred.
- Exchange rate markups apply
Transfer Costs Charged by PNC Bank
- To send cash overseas, you’ll pay 5 USD.
- 40 USD for a self-service international transfer.
- Outbound international transfer – facilitated by an agent: 45 US dollars.
- A fee of $15 via wire transfer from abroad.
PNC Rate of Exchange
The PNC desktop site does not provide access to the PNC exchange rate. Please log into your account, call the bank or visit one of our PNC branches to get the live rate for your transaction.
On Google or with a currency converter, you’ll likely find an exchange rate that includes a markup.
International Wire Transfers Through the US Bank
If you’ve had a US Bank account for at least six months and have an eligible account, you can use US Bank’s online banking service to transfer an international payment. To make a payment at a US Bank, you must do so in person.
The fee for sending an international wire transfer through a US Bank branch or online is $50 USD. The first step is to sign into your digital banking service and enter the recipient’s details. Then, you can proceed with the payment. Before confirming the transaction, you’ll see the total cost.
Pros
- A tried-and-true solution
- If you prefer in-person assistance, you can make your payment in a branch.
- Regardless of how you set up your payment method, there is a flat transfer cost.
Cons
- Digital banking transfers are only available to customers who have been with the bank for a minimum of six months.
- Transfer fees are excessive, and there is the potential for additional fees to be assessed by a third party.
- US Bank exchange rate markups apply.
Fees for Transferring Money from US Bank
- $25 fee for the money that has arrived via wire transfer from abroad.
- A fee of US$50 in an international wire transfer
The US Bank’s Exchange Rate
Exchange rates for international payments and currency conversions are regulated by US Bank.
As a result of factors such as market conditions and risk, economic and business factors, US Bank will convert your money at the retail exchange rate established by US Bank on the business day that such exchange is performed.
Their profit, fees, costs, and charges will be included in the exchange rate. This indicates that the mid-market exchange rate is likely to be marked up in the currency rate utilized by US Bank.
Rashid Nawaz is a professional blogger and a News report. He works for SMH News Agency in Jhang and he is a news reporter on Dunya Urdu as well.
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