Last Updated on December, 2024
Are you wondering if Wells Fargo is the right option for transferring your money abroad?
Let’s find out, but before that, we’ll take a quick look at Wells Fargo. Wells Fargo is one of the top five biggest banks in the US. It has 70 million clients worldwide, with 8000 branches and 13,000 ATMs.
Quick Summary
Wells Fargo is one of the top five biggest banks in the US with 70 million clients worldwide and offers various services, including wire transfers.
Wells Fargo international wire transfers can be costly with high fees and exchange rate markups.
While Wells Fargo is a convenient and secure option for wire transfers, it may be more expensive and time-consuming compared to other specialist providers like Wise and OFX.
Contents
- About Wells Fargo International Wire Transfer
- How to Send International Wire Transfers Through Wells Fargo?
- Information Needed to Make an International Trade With Wells Fargo
- Receiving Money Through Wells Fargo International Wire Transfer
- Wells Fargo SWIFT Code
- Wells Fargo International Transfer Fee
- Additional Fees for Wells Fargo International Transfers
- Wells Fargo International Transfer Exchange Rates
- Wells Fargo International Money Transfer Comparison
- Wells Fargo International Wire Transfer Limits And Policies
- The Time Taken for Wells Fargo International Transfers
- Advantages of Wells Fargo
- Disadvantages of Wells Fargo
- FAQs
- How to Do an International Wire Transfer With Wells Fargo?
- What is the Wells Fargo Swift Code?
- What is the Limit for International Wire Transfers Through Wells Fargo?
- Is Wells Fargo International Wire Transfers Safe?
- What is the Cut-Off Time At Wells Fargo?
- Can an International Wire Be Canceled?
- Does Wells Fargo Have Iban Number?
- Conclusion
About Wells Fargo International Wire Transfer
Wells Fargo offers its customers various services, including wire transfers. Wells Fargo provides different ways for you to make wire transfers. This includes online, through mobile applications, over the phone, and physically.
But they can be costly. This includes a transfer fee that is disclosed along with a poor exchange rate. It can be the major drawback of Wells Fargo wire transfers. That is why I have also covered some cheaper alternatives that will get you the job done! Keep reading to find out.
Firstly, how can I send wire transfers from Wells Fargo? Let’s find out!
How to Send International Wire Transfers Through Wells Fargo?
You can perform international wire transfers through different mediums:
The following are the steps to send an international wire transfer online or through the app:
And that is it!
Information Needed to Make an International Trade With Wells Fargo
When making an international trade with Wells Fargo, you must provide specific information:
Note: Some countries require the purpose of payment.
Receiving Money Through Wells Fargo International Wire Transfer
Only the sender is capable of initiating a wire transaction. Then what should a receiver do?
As a receiver, you must provide the following information to the individual or business sending the money:
Wells Fargo SWIFT Code
The SWIFT code is critical because it specifies the eventual destination of the transferred funds.
The Wells Fargo SWIFT code for transfers made in USD or unknown currency is WFBIUS6S. The Wells Fargo SWIFT code for transfers made in a foreign currency is WFBIUS6WFFX.
Wells Fargo International Transfer Fee
When you make a wire transfer with Wells Fargo, you will be charged a fee, which is on the higher side.
You will be paying a total of 3 different charges:
If you are a regular Consumer Account holder at Wells Fargo, you will be charged an unrevealed fixed fee in advance for each international money transfer. Wells Fargo will communicate this fee when payment is made. $30 is the average fee per transfer.
An incoming international wire will be charged a transfer fee of $16.
4% to 10% is the range of exchange rate margin provided by Wells Fargo.
A correspondent bank fee ranging from $10 to $100 also might be charged.
Phew! Lavishly priced, isn’t it?
Also, international wire transfers of a smaller scale are charged 20% or more of the total transfer value. (I might have to earn more just to transfer this money!)
Read our guide if you are wondering what is fees of Wells Fargo cards foreign transaction.
Additional Fees for Wells Fargo International Transfers
Wait, there is more…
If third-party banks are involved before the money reaches your beneficiary, additional charges will be made. These fees can vary for individuals.
These additional charges include:
Wells Fargo International Transfer Exchange Rates
The exchange rate margin is the difference between the exchange rate used by Wells Fargo and the mid-market exchange rate that banks use to trade with one another.
This exchange rate margin is an additional fee charged by Wells Fargo. This rate is not determined, varying from currency to currency and typically ranging from 4% to 10% above the mid-market rate.
4% to 10% as an exchange might seem small, but this small difference can make a huge impact on the total cost you incur.
But sadly, you will not be able to see all these rates if you don’t log in to your account. Unless you calculate the difference between the cost and the mid-market rate, you still won’t know what it costs.
That is A LOT of charges. Having second guesses?
Wells Fargo International Money Transfer Comparison
There are specialist providers through whom you can perform wire transfers as well. Let’s compare the cost and time for international wire transfers from Wells Fargo and specialist providers.
Let’s compare the fees for sending $1000 in international wire.
Provider | Cost Incurred | Time Taken |
Wells Fargo | From $25* + fee disclosed at the time of payment. | 1 – 5 business days |
Wise | 4.17 USD (fixed fee) + 0.49% from transfer amount (variable fee) | 1 – 2 business days |
OFX | 9.77 USD standard fee (for transfers under 6514 USD) 0 USD for transfers above 6514 USD | 1 – 4 business days |
Wells Fargo Addresses For International Wire Transfers
You need to remember several details when doing an international wire transfer through Wells Fargo.
Wells Fargo International Wire Transfer Limits And Policies
Are there any limits with Wells Fargo international wire transfers?
Yes, they do.
Wells Fargo is available in locations around the world. They provide services in the Asia Pacific, Canada, Europe, the Middle East, Africa, and Latin America.
Wells Fargo services are available in the following locations:
The Time Taken for Wells Fargo International Transfers
Wells Fargo takes about 1 to 3 business days to process a wire transfer fully.
If your recipient is also a Wells Fargo customer, it can take up to 24 hours. It may take between 2 to 3 business days for non-Wells Fargo transfers to be processed.
On average, it might take between 1 – 5 business days for the transfer to reach the recipient.
Advantages of Wells Fargo
So, what are the pros and cons of using Wells Fargo for international wire transfers?
Convenient
Wells Fargo is a very convenient option to send money to other countries. Being a Wells Fargo customer, you can initiate international wire transfers online or through the mobile app. Making this a very convenient option.
Quick
Funds can be sent and received quickly through the Wells Fargo wire transfers. Often within a few business days. This can be a viable option if you need to send or receive money urgently.
Currency
For international wire transfers, money can be sent in US dollars or as foreign currency through Wells Fargo.
Secure
Wells Fargo uses encrypted channels to protect your financial information, making it highly secure. Other safety measures are employed to prevent fraud and unauthorized access. Therefore, you will not have to worry about the safety of your financial information as well as your funds,
Disadvantages of Wells Fargo
Everything has two sides. So, we’ll also look into the disadvantages of Wells Fargo international transfers.
Expensive
The biggest drawback of international wire transfers through Wells Fargo is its cost. A fee of $15 to $45 is charged for each transaction, varying according to the destination and type of transfer. Even if you are on the receiving end, you need to pay a fee of $16 for international wire transfers.
Consumes More Time for Paperwork
To complete a wire transfer, you have to fill out lengthy paperwork. This is time-consuming and delays the process. And who likes to sit and fill long lists of papers?
Time Constraints
All Wells Fargo wire transfers must be initiated during regular business hours, which means that you will not be able to transfer money after these working hours. This is a concern.
FAQs
Conclusion
Wells Fargo is one of the leading banking providers in the US, which makes it a go-to option to send money abroad.
But, there are other options when considering factors such as cost and speed of the transfer. Other specialist providers such as Wise and OFX offer faster transfers for lower prices as well.
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