5 Best Bank for International Transfers (2024 Updated)

Last Updated on October, 2024

Extremely high international transfer fees are borderline inevitable.

Or are they?

If you’re planning to transfer money internationally, you should read this to the end.

In this detailed review, I have ranked six of the best US banks for international money transfer services, especially focussing on the fee structure and everything you need to know.

That said, if you’re not in the mood to pay high fees, online money transfer services like Wise and Revolut with low cost, comparably better exchange rates and faster transfers, are much better options. 

But, why trust me?

Why Trust Me?

I have been a customer for the first three banks on this list for over a decade. On top of that, I’ve had my fair share of experience with the other banks, especially to send money abroad.

I also did thorough research on how they behave with international money transfers. I looked up the details, called the banks, and even tested some. I didn’t miss researching on Quora, Reddit, and even on YouTube just to triple-check.

This article is the cream of that research.

Without further ado, let’s start with the most suitable bank for international money transfers; Bank of America.

Best 6 Banks for International Transfer Purposes

1. Bank of America

With a strong track record since 1904, the bank provides outbound wire transfers via its BoA app or through the Bank of America website. Bank of America charges you $45 for any international wire transfer worth $1,000 but doesn’t charge you if it’s foreign currency, as mentioned above.

Apart from that, any BoA international money transfer can also be arranged in person. This can be done at a Bank of America Financial Center. As one of the top banks in the US, the Bank of America works in 200+ countries. Not only that, you can do your transactions in 140+ currencies. 

Even as the best bank in the US, BoA can only promise you a delivery time of 1 or 2 banking days to deliver your money. They also use an ‘all in’ exchange rate that includes all the profits and fees added by BoA. This is not the mid-market exchange rate.

BoA also states clear wire transfer fees and limitations. The bank’s online transfer limit is $1,000 for consumer accounts and $5,000 for business ones. These limits can be adjusted with additional security measures for any payment method.

When you put all of this information together, Bank of America is the best recommendable bank for international transfers.

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2. Chase

If you didn’t already guess, the transfer period typically depends on three factors; the processing time of the receiving bank, the transferred amount, and the country the money is transferred to.

Being able to do that in 1-5 business days is maintaining better industry standards, coming closer to what Bank of America does. This is the first reason why Chase Bank’s international money transfer services are the best alternative to Bank of America.

Similar to the leading banks, Chase also has its banking app which is super user-friendly. When it comes to money transferring, you can do that through their website, the app or by visiting their broad branch network in the US. 

Chase only charges you $5 for wire transfers under $5,000 transfers. You can also send money to 90+ countries making Chase a dependable service provider for personal accounts. For business accounts, you can send money to 140+ countries.

The silver lining here is that there is no fee for transfers of $5,000 or more. That said, it’s important to note that Chase adds its own exchange rate markup, which means the exchange rate you receive may be less favorable compared to the market rate. 

Conclusion: Chase is a great alternative bank for Bank of America.

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3. Citibank

Citibank is up next, for starters, it is one of the well-reputed banks with FDIC insurance.

Their pricing structure is unique. Citi has several account packages, and their fee structure varies based on that. Some examples would be Citigold® Private Client, Citigold®, Citigold® International and Citi Alliance.

All of these accounts can send money to nearly 20 countries making international transfers easier. In parallel, CitiBank’s international transfers are known to have lower transfer fees compared to most banks when sending money internationally. 

However, you must understand that they still charge a considerable exchange rate markup when sending money internationally, even with the mid-market exchange they use.

Another silver lining is its Citigold account type. Here, all transfer costs are waived for online payments made in a foreign currency. Most of the premium accounts provide you with several fee waivers.

What about limitations? Similar to fees, international transfer limitations depend on the account type. For regular accounts, there’s about a $50,000 daily limit for transfers made to non-Citibank accounts.

You can monitor and manage all these operations on your free Citi Mobile app, bringing the benchmark convenience. Citibank may have some flaws, but it is one of the best alternatives to the BoA when sending money internationally.

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4. Wells Fargo

The next best substitution for Bank of America is Wells Fargo. Wells Fargo lets you send money to 200+ countries whether it is personal or business accounts that you use. I’d say it’s their strongest competitive advantage with international transfers.

To compliment that, Wells Fargo also promises same-day transfers at their best. In my experience, they too take 1-5 days for the average international wire transfer although domestic transfers are much faster.

Wells Fargo was founded in 1852, making it a ‘familiar’ brand to most Americans. The bank has a versatile digital banking system adjusting to modern times where you can use their free mobile app or the website.

Similar to Citibank, Wells Fargo also has an account type-based operation. That decides the final fee per cross-border transfer.

In parallel, fee is waived for international outgoing transfers and there is no fee for outgoing international transfers in foreign currencies. As a well-established and reputed American bank, Wells Fargo is a reliable option for international transfers.

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5. US Bank

US Bank belongs to the same timeline as Wells Fargo being founded in 1863. Since then, the bank has improved and is one of the best ways for international transfers.

International wires are facilitated to 40 countries. Additionally, If you desire to make transfer money between the bank and credit unions with ACH (Automated Clearing House network), you can do that too. Wait, it gets better.

You can transfer money internationally to 180 countries with the US Bank, with 48 currencies. What makes it even better is that this all happens with an integrated real-time exchange rate. US Bank also has several account types. It’s another way of saying that their transfer fees can heavily vary.

For instance, US Bank’s incoming wire transfer fee is $25 and international currency transfers have a $50 fee. This is the same whether you send funds online or at branch. This feature gives a competitive advantage to the US Bank as fees typically vary depending on how you set the payment.

Moreover, US Bank will always show all the rates and fees before you confirm the transaction. Transfer limits of US Bank typically depend on the payment type. This information is shown at the point of transfer, or you can simply contact the bank.

The combination of all these features makes the US Bank reliable for international money transfers with some performance gaps compared to the Bank of America.

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How to Choose a Bank for International Transfers?

How did Bank of America come to the top? How did the US bank end up last? This section is dedicated to answering that question – this is how to choose a bank for foreign transfers.

• Fees

Banks always charge the highest, and these are per-transfer fees, with several hidden costs in exchange rates. Practically, you cannot avoid these. The only solution is to compare upfront fees and the exchange rate markup to find the most economical option.

• Transfer method

Does the bank allow online, mobile app, or phone transfers for international transactions? Be sure to choose a bank that offers the preferred option, preferably without any alarmingly additional cost.

• Transfer management 

It’s better to pick an option where you can see all the details from exchange rate to receiving date, within one centralized mobile app.

• Transfer speed

Do you want the transfer to go almost instantly? Or do you have enough time for a day or two? Or maybe a week? You must clarify this with the bank. Be mindful to read into the fine print as for some banks ‘quick transfers’ take a few days whereas it takes just a few minutes for some.

• Transfer limits

Is there a minimum or maximum amount you can send abroad? This is important depending on your transfer needs.

• Cancellation and recall policy

It’s better be safe than sorry. You need to check the rules if you need to cancel or recall a transfer after initiation.

• Customer support

Choose an option that is known to provide great and 24/7 (or the best) customer support, because you don’t realize its value until you need it in the fullest capacity.

• Security

The higher the security, the better it is. These matter in aspects such as security of the transaction, the funds, personal details, and more.

Fee Structure Breakdown of US Banks for International Transfers

Banks impose several fees for international transfers and this is inevitable.

How to Avoid High Bank Fees for International Transfers?

As I said before, banks will never stop charging you bigger fees for international transfers. The impact is significant even if you choose the Bank of America. But, there’s a workaround for banks that minimizes international transfer fee.

Entrepreneurs in the early 2010s noticed this market gap. This is how the best international money-transferring platform, Wise, emerged.

Wise is a financial service in the form of a prepaid debit card built specifically for low-cost international transfers. That’s why Wise uses competitive exchange rates; mid-market exchange rate with zero markup and hidden fees, unlike all banks. There are no foreign transaction fees too.

Additionally, you can send, receive, and keep more than 40 currencies in your Wise account. You can also convert them within the platform, making this card a multi-currency card. There are many more features, and you can manage all these features with their Wise mobile app.

In summary, if your requirement is to transfer money internationally and not set to stone on using banks, you should probably check out Wise before spending a little fortune on international transfers.

Relevant article:

• Best Money Transfer Services to Send Money Internationally
• Best Ways to Receive Money Internationally

Over to You

International transfers can be expensive generally; especially with banks, although some would say it’s worth it. 

Bank of America is the best recommendable bank for this process, in full compliance with the world bank. However, even the best banks charge high for international transfers.

In parallel, there are financial institutions that specialize in international transfers. Wise is the best solution for this with features such as built-in currency conversion. None of the banks can provide you with the mid-market exchange rate, unlike banks. However, you won’t get access to checking accounts etc.

Banks are great, but their fees are so high for international transfers. So, it’s better to consider better alternatives before choosing expensive options.

I hope this review was helpful. Feel free to share this with your community to raise awareness.

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