Last Updated on December, 2024
Sending money abroad is a confusing thing. But don’t worry, I’m here to help you.
Have you ever wondered how to send money overseas? I’ll tell you about Truist’s method and suggest others, such as Wise, Western Union, and OFX.
In this piece, I’ve discussed Truist fees and how long it takes so you can choose wisely and save money.
Why trust me? (Because I’ve done a lot of research and figured out how it really works.)
So, keep reading…
Quick Summary
Truist charges significant fees for both incoming ($15) and outgoing ($65) international wire transfers, often taking 3-5 business days to complete.
Alternatives like Wise, Western Union, and OFX offer more competitive rates and lower fees, with faster transfer times and better exchange rates.
To make an international transfer with Truist, you’ll need the recipient’s name, bank details, SWIFT code, and possibly intermediary bank information.
Contents
- Truist International Wire Transfer: Comparison
- How to Make an International Transfer With Truist?
- Truist International Transfer Fees
- Truist Exchange Rate
- How Long Does a Truist International Money Transfer Take?
- Pros and Cons of Transferring Money Abroad With Truist
- Alternatives to Truist
- Transfer Limits and Available Countries
- How to Receive Money From Abroad With a Truist Account?
- Truist SWIFT Code
- Conclusion
- FAQs
Truist International Wire Transfer: Comparison
Sending money abroad can cost you in a few ways. (You should definitely know them.)
Sending money abroad can cost you in a few ways. (You should definitely know them.)
Comparing sending $1,000 to the UK:
GUESS WHAT? Truist’s international wire transfers can be expensive due to high fees and potential additional charges like markup. Specialist providers like OFX and Wise usually offer better exchange rates and lower costs (can save money).
How to Make an International Transfer With Truist?
Before you transfer money internationally with Truist, you’ll need to sign up for wire services and add the recipient to whom you want to send money. You can do this easily online or through the Truist app.
Once you’ve completed the registration process, you can start making payments right away from an eligible Truist account.
To send payment:
When you make an international payment with Truist, you’ll need to provide the following information for your recipient:
Depending on the destination country, you may also need additional information, such as a sort code for the UK, a CLABE number for Mexico, or a BSB for Australia. For some transfers, you might need intermediary bank information, including the bank’s name, address, and SWIFT code.
Truist International Transfer Fees
Truist charges fees for both incoming and outgoing international wire transfers. However, the amount you pay depends on the type of account you have.
Truist wealth customers might not have to pay fees for incoming wires, and some accounts get a set number of FREE incoming and outgoing transfers each month.
To know how Truist International Wires works for you, check the terms and conditions of your specific account.
Here are the basic costs:
When you send money abroad with Truist, intermediary banks might take fees from your payment. This can happen with incoming and outgoing payments through the SWIFT network.
Here’s how it works: Your payment goes through one or more intermediary banks before reaching its destination. These banks deduct a processing fee as they handle the transaction.
As a result, the recipient might end up with less money than they expected.
Truist Exchange Rate
When you transfer money internationally with Truist, the rate they use might not be the same as the actual rate. They often add an extra fee called an exchange rate markup, which can take time to notice.
This markup is usually about 3% of the total amount you’re sending. So, for example:
To check if there’s a markup, compare Truist’s rate to the regular rate you find on Google.
Here are the cost details for different services:
How Long Does a Truist International Money Transfer Take?
When you transfer money internationally through Truist, it usually goes through the SWIFT payment network. This method can take a few days to complete. Typically, SWIFT transfers take 3 to 5 working days to reach their destination.
Here’s a comparison of how long it takes for payments to arrive:
Pros and Cons of Transferring Money Abroad With Truist
Yes, what you’re thinking is correct. Like every other money transfer service, Truist also has its pros and cons based on the services it provides.
Check them out to see whether it suits your needs or not.
Pros of Truist
Cons of Truist
Alternatives to Truist
Wise
Wise offers fast and affordable international transfers with low fees and real exchange rates. You can easily set up transfers online or through their app. They also provide transparent fee structures and quick delivery times, with many transfers arriving within hours.
Plus, Wise offers multi-currency accounts and debit cards for convenient international banking.
If Wise has caught your eye, check out this review for more insights.
OFX
OFX specializes in international money transfers for individuals and businesses. They have competitive exchange rates and low fees, making them a cheaper OPTION for larger transfers.
With OFX, you can transfer money online or through their mobile app, and they provide personalized service and dedicated support for your transfer needs.
If OFX has caught your eye, check out this review for more insights.
Western Union
Western Union is a widely recognized option for international money transfers. They offer various transfer methods, including online, in-person, and mobile app transfers.
While Western Union may charge higher fees than other providers, It provides convenience and accessibility with a huge network of agent locations worldwide.
If Western Union has caught your eye, check out this review for more insights.
PayPal
PayPal provides international money transfers through its platform, allowing you to send money overseas to friends, family, or businesses worldwide.
While PayPal’s fees can vary depending on the country and currency conversion rate, they offer fast and convenient transfers with options for bank transfers or credit/debit card transfers.
Plus, PayPal provides buyer and seller protection for added security in transactions.
Transfer Limits and Available Countries
Truist sets international transfer limits based on your bank account type. For business accounts, these can be up to $500,000 every three working days. However, your limits might be lower depending on your specific account.
You can find more details in your account terms and conditions.
Truist doesn’t publish a list of countries available for transfers. To check which countries you can transfer money to, log into your Truist account and initiate a payment.
How to Receive Money From Abroad With a Truist Account?
Listen, the following details will be asked to send payments to your Truist account.
So always remember to share:
Depending on your account type, there might be a fee for receiving payments.
Truist SWIFT Code
When you get money from abroad, tell the sender to use Truist’s SWIFT/BIC code, SNTRUS3A, which is like a zip code for international payments. This code helps direct the money to the correct bank.
It’s crucial to use the right SWIFT code to avoid delays or having the payment sent back to the sender.
It’s crucial to use the right SWIFT code to avoid delays or having the payment sent back to the sender.
Useful guides:
Conclusion
So, if you’re ready to make smarter choices with your international money transfers, Choose:
- Transparency
- Convenience, and
- Affordability
Explore Truist’s services today for seamless transactions worldwide.
Don’t let hidden fees and long wait times hold you back. Take control of your finances and start saving on your international transfers now.
If you want to know more about Truist, check this.
FAQs
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