Last Updated on December, 2024
Do you want to know all about wire transfers with Capital One Bank? You’ve stopped at the right place! We’ve got you covered with all you need to know about Capital One wire transfers.
Being among the 10 largest banks in the US, Capital One Bank provides various services to its clients, one of which is wire transfers both domestically and internationally.
If you already have an account at Capital One, you might wonder how to send a wire transfer. Unfortunately, you get only limited options with Capital One, and they can be costly, too.
By the end of the article, you will know all about wire transfers with Capital One. And for BONUS, we have explained cheaper alternatives as well!
So, what information do you need to make a bank wire transfer? Let’s find out!
Quick Summary
Capital One Bank provides wire transfer services to both domestic and international recipients, but fees can be high and limited to certain account types.
To make a wire transfer with Capital One, account holders need specific information depending on the recipient, and transfers can be made online, over the phone, or in a branch.
Cheaper alternatives to Capital One wire transfers include specialist providers like Wise, OFX, and Western Union, which offer better exchange rates and lower fees.
Contents
- What Do You Need to Make a Wire Transfer With Capital One?
- How Do You Send Wire Transfers With Capital One?
- Capital One Wire Transfers: Limits and Policies
- How Long Does a Wire Transfer Take With Capital One?
- Receiving Money From Wire Transfers With Capital Bank
- Capital One Wire Transfer Fees and Charges
- Best Alternatives for Capital One Wire Transfers
- Conclusion
- FAQs
What Do You Need to Make a Wire Transfer With Capital One?
Account Types That Can Send Wire Transfers
Any Capital One account holder can initiate a domestic wire transfer through the phone in the U.S. But not all Capital One account holders can initiate an online domestic wire transfer. That can only be done by specific account holders.
They are the following account types:
These account holders can initiate wire transfers in a Capital One branch. This includes international wire transfers, too.
Some account holders can make an international wire transfer to a certain extent. They can only arrange a wire transfer over the counter at a Capital One branch.
These accounts are:
If you are a new sender, contacting 1-800-655-2265 before visiting the branch is better.
Information You Need to Make a Wire Transfer
You will need different information based on whom you are making the wire payment to.
If you want to pay a Title Company, you will need the following information:
When making payments to a Person or Non-Title Company, you will need:
To pay to an External Linked Account, you need to provide:
To wire money to an external account, you must first link it to your Capital One account. This can be done online, too, but you will have to wait for 30 days to make a payment.
Along with this information, to make international payments, you will also need the following:
How Do You Send Wire Transfers With Capital One?
With Capital One, you can send a wire transfer online, over the phone, or by going to the nearest branch. If you hold an eligible Capital One account, online wire transfers are the easiest. Here is how you do it.
Online
That said, international money transfers with Wise include two distinct and transparent fees:
When you make a payment to an external account, you need to link it first. You can do this by logging in to your online banking. To do this:
Click on your profile >> Settings >> External Accounts >> Add External Account
You can then enter the recipient’s information as required.
You need your mobile phone number for two-factor authentication when sending funds for both business and external accounts.
Over the Phone
Any Capital One bank account type holder can send a domestic wire with phone support. You can contact the Capital One team at 1-877-383-4802 and connect to the wire team. This service is available at any time during business days.
By Visiting a Branch
You can request a local or international wire payment by visiting the nearest Capital One branch if you have one of the following accounts:
You must have the required information with you. The Capital One team will guide you through the entire payment process.
Despite the process seeming simple, Capital One wire transfers have certain limits.
Capital One Wire Transfers: Limits and Policies
Some specific limitations and terms are applicable for wire transfers done with Capital One Bank:
| Mode | Eligible Recipient | Daily Limit |
| Online | Title Companies | $500,000 |
| Person/Non-Title Company | $50,000 | |
| External Linked Account | No Limit | |
| Over the phone | Title Companies | No Limit |
| External Linked Account | No Limit | |
| Visiting a branch | Any Person or Company | No Limit |
How Long Does a Wire Transfer Take With Capital One?
A domestic money transfer can be delivered on the same day if the request is received within the cutoff times.
International transfers can take up to 10 days to be delivered to the recipient’s account, depending on the destination.
Receiving Money From Wire Transfers With Capital Bank
When being the recipient, you will be charged with fees if you’re an Essential Checking, Saving Account, or a High Yield Savings account holder. $15 will be charged when you receive money either domestically or internationally.
All the other Capital One accounts will NOT BE charged any fees to receive a wire.
When receiving a wire transfer, you need to provide your sender with the following information:
Capital One Wire Transfer Fees and Charges
Depending on your type of account, the fees charged for your wire transfers can vary. These fees are shown in the following table:
| Account Type | International Wire Transfer Fees | Domestic Wire Transfer Fees | ||
| Outgoing | Incoming | Outgoing | Incoming | |
| Essential Saving | $40 (for foreign currency) + exchange rate markup | $15 | $25 | $15 |
| Essential Checking | $50 (for sending money in USD) | |||
| High-Yield Checking | ||||
| 360 Checking 360 Savings 360 Money Market Performance Savings Total Control Checking Confidence Savings Savings Now Simply Checking | Not disclosed | No fee | $30 | No fee |
Exchange Rates
If you thought the fees in the table were only the cost you incur, IT’S NOT. These are more costs which will add up to this.
You will be paying an additional cost as an exchange rate markup, which will be covered by the exchange rate used to convert USD to the currency you send. Typically, the bank exchange rate markup will be 3%. This may seem minor. However, larger valued transfers can mount up to be costly. Additional Fees
And that’s not all. You will incur more additional costs, especially to send international wires. This additional fee typically goes to the intermediary banks involved in your money transfer in the SWIFT network. These costs cannot be predicted beforehand. So, your recipient will ultimately get less than what you expect.
Best Alternatives for Capital One Wire Transfers
As promised earlier, we will provide you with some cheaper alternatives which you can use to send money.
The best option would be to go for specialist wire transfer service providers. Among the many specialist wire transfer service providers, Wise and OFX provide better exchange rates and lower fees.
Wise
Wise can be an excellent alternative for various reasons. Wise uses the mid-market rate when you wire money abroad. With Wise, you can send money to over 80 countries, with over 50% of the payments arriving promptly. And above all, you can quickly request these transfers through the Wise app from the comfort of your home!
OFX
OFX can be another alternative. You can send payments to more than 50 countries through OFX. Along with this, they also have a 24/7 phone support team to clear your doubts and currency risk management services.
Western Union
Being among the largest payment providers, Western Union can also be another better alternative. Through them, you can make payments to bank accounts, mobile wallets, and even for cash collection.
All these mentioned alternatives give you better rates and are a cheaper option. A summary of the rates they provide are in the table below:
| Provider | Domestic Transfer Fee | International Transfer Fee | Exchange Rate |
| Capital One Bank | $25 – $30 | $40 – $50 + exchange rate markup | Exchange rate + markup |
| Wise | $4.15 | $9.03 | Midmarket |
| OFX | Not disclosed | $10.15 + exchange rate markup | Midmarket + markup |
| Western Union | $20 – $35 | $35 – $50 | Vary depending on several factors |
Useful guides:
Conclusion
To conclude, Capital One Bank is one of the top 10 banks in the US. Along with the various services it provides, wire transfers are one. Sending wire transfers with Capital One Bank can be pretty expensive, takes time, and can be limited to certain account types as well.
So, there are better, cheaper, and faster alternatives that you can opt for, which include Wise, OFX, and Western Union. If I were you, I would do my transfers with Wise as it provides me with wire transfer services at a lower cost. It also covers a large number of countries and is quicker.
FAQs
Was this article helpful?
Was this article helpful?
