10. October 2022
Wells Fargo, an American banking giant, is recognized as one of America's "Big Four" banks, offering a wide range of financial services to more than 70 million customers worldwide through more than 8,000 physical branches and a total of 13,000 ATMs.
One of Wells Fargo's many services includesbank transfers, which you can ship nationally and internationally. However, international transfers at Wells Fargo are particularly expensive. The bank offers low exchange rates in addition to a non-transparent transfer fee, which is charged in a variable amount. Here is a summary of the cost of doing an international bank transfer with Wells Fargo:
- $30 transaction fee for outgoing international wire transfers.
- 4% to 10% foreign exchange margin.
- (Potentially) $10 and $100 in correspondent banking fees.
This is why the fees for small international bank transfers at Wells Fargo can often weigh so much20% or morethe full value of your transfer, making the service expensive even compared to other banks. Find the cheapest and fastest alternative with Monito's live comparison engine below 👇
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International bank transfers from Wells Fargo
- 01. What are Wells Fargo's international bank transfer fees? scroll down
- 02. What are the Wells Fargo exchange rates? scroll down
- 03. How much are transfers at Wells Fargo? scroll down
- 04. Is Wells Fargo right for you? scroll down
- 05. Wells Fargo International Transfers FAQ, scroll down
Wells Fargo International Wire Transfer Fees
If you are banking with a regular consumer account at Wells Fargo, You pay an undisclosed amountfixed priceevery time you send money abroad. According to the bank, this fee will be displayed when you pay for your transfer as it is the standard fee$30 per transfer.
How long does an international bank transfer with Wells Fargo take?
Both national and international electronic transfers can take place in between1 to 2 business days. For a transfer made after 2:00 PM M. Pacific Standard Time, Wells Fargo is likely to send the transfer the next business day.
In rare cases, e.g. For example, when sending from the US into a less commonly traded foreign currency (e.g. Nepalese rupee or Mongolian tugrög), your transfer may take longer, possibly up to five business days.
Check out our step-by-step guidehereif you want to know how to make a bank transfer.
Other Wells Fargo transfer fees
In addition to the undisclosed transfer fee and exchange rate spread you can expect when making an international transfer with Wells Fargo, other fees may apply before your money finally reaches your recipient's bank account.
For example, depending on your circumstances, these fees will most likely be one of the following charged by external banks:
- andrate of changein an unknown amount if you enter your beneficiary data incorrectly or insufficiently;
- ACorrespondent bank commission(usually in the $10-$100 range) if your transfer cannot be made directly to your beneficiary's bank accountRot SWIFTand Wells Fargo must trust an outside bank to get the job done.
If you are asked to choose between "SHA", "BEN" and "OUR", we recommend that you avoid "OUR" payments if possible. These instructions can result in additional fees being charged by your beneficiary's bank or intermediary bank long after the transfer has been sent.Learn more.
Exchange rates from Wells Fargo
The total amount you pay in fees when making an international transfer with Wells Fargo does not end with the transfer fees listed above.
In addition, you also pay a so-calledexchange rate spreadwith every foreign transfer in a foreign currency. Essentially, Wells Fargo takes a hidden cut of the money you transfer by charging you an exchange rate lower than the exchange rate that banks use to trade with each other, known as themean exchange rate. You keep the difference.
At Wells Fargo, these exchange rate spreads vary from currency to currency and typically range from4% and 10%above the mid-rate and added to the final amount you pay in fees.
Beware of hidden fees
These FX margins are rarely fully transparently disclosed by banks. In the case of Wells Fargo, for example, while the bank is significantly more accommodating about this fee than many banks in the US and abroad, the fact that it pays a FX surcharge doesn't make it as transparent as the fact that it pays a transfer fee.
To that end, Wells Fargo publishes the following information in itsTerms and Conditions:
"Wells Fargo makes money by converting one currency to another for you. The exchange rate provided to you is determined by Wells Fargo in its sole discretion and includes a surcharge over Wells Fargo's cost of obtaining the applicable currency or currencies. "
The bank adds:
“The exchange rate provided to you by Wells Fargo may differ from the exchange rates you see online, in publications, at other banks or other currency providers. In addition, different customers may receive different exchange rates for transactions equal to or equal to".
Total cost for international bank transfers from Wells Fargo
Combined, Well Fargo's transfer fee and exchange rate markup can add up to a significant portion of the total value of your transfer, a portion you'll notice more if you're planning on sending less than $750 internationally.
For example, hypothetically, if you were to send $500 to a family member living in Mexico, you would pay $31.64 (or 6.73% of the value of your transfer) in exchange rate markups if you chose to send with Wells Fargo, as decide plus an additional minimum of $30 in transfer fees. Therefore, the full amount of the fee ($61.64) would applymore than 12% of the amount of your transferand leave MXN 8,934 to your recipient at the time of writing.
Find better deals by searching with Monito's comparison engine
Compare this to using the same transmissionremittent, a Seattle-based global money transfer service that was Monito's top real-time bidcomparison machineat the time of writing. When you send with Remitly for the first time, you pay no fixed fees and get a better than mid-rate for the equivalent of $11.73.
Compared to Wells Fargo, this would net your relative 10,410 Mexican pesos in total. That's 16% more than you would have gotten at the bank!
To get a better idea of the exact costs you might pay when making an international money transfer with Wells Fargo, take a look at the fee breakdown below. Please note that we apply the $30 minimum fee to all of the following wire transfer examples:
Is international money transfer from Wells Fargo worth it?
All in all, Wells Fargo is an expensive option for sending money abroad from the US, and while the bank has a trusted reputation and an impressive range of services, we therefore recommend that you avoid international transfers using Wells Fargo for your money transfers, especially funds going to countries like Pakistan, the Philippines and Brazil
However, if you already trust Wells Fargo to get the job done and don't mind paying extra fees, then sticking with the bank might make sense for you.
Wells Fargo international bank transfer limit
It's important to know that the minimum amount you can send with Wells Fargo is $25. The bank also sets a maximum daily amount of $5,000.
The maximum total amount that Wells Fargo will allow its customers to ship using the Wells Fargo ExpressSend service during any 30-day period is $12,500.
Find a faster and cheaper deal
In almost all other cases, however, we recommend that you examine your alternatives by comparing the existing competitive market for specialized services. Run a real-time scan for Monitocomparison machineto see which services offer you the best prices. For more information on how money transfer specialists differ from banks when it comes to sending money abroad, see our guidehere.
Save money by using one of the best money transfer providers:
Wells Fargo International Wire Transfer Alternatives
To show how much you could save by switching, take a look at how Wells Fargo compares to some of these services for a $500 transfer to Mexico:
Bank Transfer, Credit/Debit Card
Direct bank payment, bank transfer, credit/debit card
On the same day
Direct bank payment, credit/debit card
On the same day
Deadline: 02.04.2021 at 16:30 +01:00 GMT
Frequently asked questions about Wells Fargo international bank transfers
⏲ What are the cut-off times for international money transfers at Wells Fargo?
The cut-off time for international bank transfers at Wells Fargo is 2:00 p.m. p.m. Pacific Time (5:00 p.m. Eastern Time). If you send your international transfer after this time, Wells Fargo will send your money the next business day. Once your money has been sent, it usually takes 1-2 business days for Wells Fargo international transfers to arrive. However, certain extreme countries may take up to five business days to arrive.
🔐 Are international bank transfers safe?
yes they are very safe International money transfers are facilitated by banks and institutions that are fully licensed and regulated to operate money exchange services. In addition, international transfers work through the SWIFT network, a widely used international framework designed to move money around the world safely and efficiently.
🔢 What is the Wells Fargo routing number for international money transfers?
An ABA number, also known as a routing number, is only used for domestic bank transfers within the United States. If you wish to receive an international transfer from abroad in a foreign currency, you must provide the Wells Fargo SWIFT code WFBIUS6WFFX. On the other hand, if you want your international transfer to arrive in US dollars or you don't know the currency, use WFBIUS6S as the SWIFT code.(Video) How to transfer money from Wells Fargo account to a non Wells Fargo account
🛑 Does Wells Fargo have an international transfer limit?
Yes, the minimum amount you can transfer internationally with Wells Fargo is $25. The maximum varies from transfer to transfer and is shown in the type field where you enter your amount. If you want to increase the limit, you need to contact the bank directly.
🚀 Are international bank transfers instant or same day?
no International bank transfers can sometimes be relatively quick, but unfortunately not instantaneously or on the same day. Depending on various factors, it takes an average of one to five business days for international bank transfers to reach the recipient's bank account. To learn more about how to make fast money transfers abroad, take a look at our in-depth guidehere.
💻 What is the Wells Fargo SWIFT code for international money transfers?
For international transfers from abroad in foreign currency, the SWIFT code applies: WFBIUS6WFFX. For international transfers from abroad in US dollars or an unknown currency, you must use WFBIUS6S as the SWIFT code.
🧾 Are international transfers taxable?
Generally, if you are a regular consumer sending money abroad or sending transfers from the US to your home country, you are not subject to taxes on your international transfers. Taxes are generally only levied on companies wishing to import goods from abroad.
More money transfer tips
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Transfers to established recipients from a Wells Fargo Bank Funding Account may be made up to a daily dollar limit of $3,500 and a 30-day rolling dollar limit of $20,000.How long does it take for a Wells Fargo transfer to go through? ›
Domestic and International Wire Transfers sent through Online Wires are typically sent the same business day if they are submitted by 2:00 pm Pacific Time. Otherwise, they will be sent the next business day. Easily access your online wires history through Wells Fargo Online.How much does it cost to transfer money from Wells Fargo to another bank? ›
Wells Fargo Fee
No fees are charged for Direct Pay payments made to Wells Fargo personal bank accounts. Direct Pay payments to non-Wells Fargo personal bank accounts cost $0.50 per payment.
A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise. For a domestic wire transfer, you'll need the routing number, account number, the name of the recipient and possibly the recipient's address.Can you Zelle from Wells Fargo to another bank? ›
Recipient is not a Wells Fargo customer? No problem. You don't need to be a Wells Fargo customer to send or receive Zelle® payments. Your contact just needs to be enrolled with Zelle® through their bank or the Zelle® app.How much does it cost to transfer money from bank to bank? ›
Wire transfer fees typically range from $0 to $50. Domestic outgoing wire transfer fees typically range from $0 to $35, while international outgoing wire transfer fees are usually $35-50.