How to receive an international wire transfer with Truist
Truist was created through the merger of BB&T and SunTrust banks, and now offers a broad range of personal and business banking services covering checking and savings accounts, cards, investments and loans.
If you bank with Truist and need to receive a payment from overseas you may be wondering what you need to do – and what it’ll cost you to receive a wire to your account.
Read our full guide to receiving incoming international wire transfers with Truist, to learn all there is to know.
We’ll also touch on alternative ways you may consider to receive your money, such as multi-currency accounts from providers like Wise and OFX.
Key points: Truist receive international wire transfer
- You can receive an incoming international wire to Truist, which will be converted by the sender’s bank, an intermediary or Truist, for deposit in USD
- Truist incoming international wires have fees of 20 USD, waived for some accounts and payments
- Intermediary financial institutions may deduct fees while your payment is being processed, even if there is not a Truist fee
- International payments arranged by banks can take a couple of working days to arrive, or longer in some cases
- Alternative providers like Wise or OFX offer local account details in foreign currencies which let you receive payments conveniently
| FAQs | Answers |
|---|---|
| Does Truist charge a fee to receive an international wire transfer? | There’s a Truist incoming wire fee for most account types, set at 20 USD. Fees may be waived for Wealth and Asset Management accounts, and checking customers may be able to receive one payment a month fee free. |
| How long does it take to receive an international wire to Truist? | The time taken to receive a payment to Truist depends on the sending bank – transfers can take a couple of working days to arrive, or longer in some cases |
| Are there better alternatives to Truist for receiving international wire transfers? | With alternative providers like Wise or OFX you can get local account details to receive foreign currencies easily. More on that later. |
How to receive an international wire transfer to Truist: Step-by-step instructions
Receiving an incoming international wire to Truist shouldn’t be too tricky. You’ll need to make sure the person sending you money has all of the information needed to process the payment at their end, but then you can simply wait for the payment to show up in your account. Processing an international wire can take a few days, with SWIFT payments usually arriving in 1 to 5 business days.
Step 1: Give the sender your Truist account information
You’ll need to give the person sending you a payment your name and address, your account number, and the correct Truist SWIFT/BIC code. Truist uses several different SWIFT/BIC codes depending on the account you hold, so you may need to contact the bank to ensure you have all the correct details to pass to the sender.
Step 2: Agree who will pay the transfer costs
Most Truist accounts have an incoming international wire fee of 20 USD. If you’re expecting to receive a specific amount to your account, you might need to ask the sender to cover this cost, as well as any costs involved with converting currency or processing the payment through SWIFT.
Step 3: Wait for the money to be deposited into your Truist account
You can now sit back and wait for the money to arrive. The sender can set up your payment through their bank or preferred third party provider, and the funds will be converted to USD and deposited to your account automatically.
Truist fees to receive an international wire transfer
The Truist incoming international wire transfer fee applies to most payments, but might be waived in some cases.
Incoming wire payment fees are waived for the following account types:
- Truist Wealth Checking
- Truist Wealth Money Market Account
- Truist Asset Management Account
If you have a Truist One Checking account you can receive one incoming domestic or international payment every month for free, before the Truist wire fee is applied. Here’s a look at the Truist incoming wire fee for overseas payments:
| Truist incoming international wire transfer fee | |
|---|---|
| Incoming international wire fee | 20 USD |
| Currency exchange fee | A fee – known as a markup – may be included in the exchange rate used to convert your payment to USD for deposit If Truist manages currency exchange for your payment, this fee could be up to 3% |
Alternatives to Truist to receive an international wire transfer
Truist accounts hold USD only. This means that if someone sends you money from abroad, either their bank, an intermediary, or Truist must convert the funds to USD to deposit to your Truist account. There’s a fee involved in currency conversion which might mean you get less than you expect in the end.
As an alternative you may want to consider getting a non-bank multi-currency account which you can use to receive incoming international wires in foreign currencies. This means you can choose to hold your balance in the foreign currency if you want to, or pick your moment to convert your money back to USD when the exchange rates look good.
Here’s an overview of a few popular providers which offer multi-currency accounts for incoming foreign payments, looking at some key features. There’s more coming up about each in just a moment.
| Wise | Revolut | OFX | |
|---|---|---|---|
| Eligibility | Personal and business customers | Personal and business customers | Business customers |
| Supported currencies for holding | 40+ including GBP, EUR and USD | 25+ including GBP, EUR and USD | 7 including GBP, EUR and USD |
| Local and SWIFT account details | Local and SWIFT account details available in 8+ currencies | USD and GBP local account details provided SWIFT account details available in select currencies | Local account details for 7 currencies |
| Fee to receive money | Often free with local account details 6.11 USD for USD wires 10 CAD for CAD SWIFT payments | No fee | No fee |
| Exchange rate | Mid-market rate | Revolut rate with no additional fee, to plan limit – fair usage and out of hours fees may apply | Exchange rates include a markup |
Wise
The Wise Account is available for personal or business customers, and can be used to receive, hold, send, spend and exchange a broad selection of currencies.
Your account offers ways to get paid in select currencies with local and SWIFT account details, often with no incoming payment fee.
You can then use your linked debit card to spend online and in person, with currency exchange which uses the mid-market exchange rate with low conversion fees from 0.33%.
You can also send payments to others from your Wise balance, or withdraw your money back to your USD bank account if you want to.
Wise Business customers get similar perks to personal customers, plus some extras like batch payment solutions and cloud accounting integrations.
Learn more: How to receive money internationally with Wise
Revolut
Revolut offers digital accounts which support 25+ currencies, and which come with local USD and GBP account details to receive payments from abroad via local transfer.
You can also get SWIFT details to be paid to your account in a broader selection of currencies, although Revolut does warn that with these details some intermediary fees (which are not paid to Revolut, but correspondent banks involved in processing the payment) may apply.
Revolut personal customers in the US can choose from 3 different account tiers depending on needs, all of which come with a linked debit card and some no fee currency conversion every month.
OFX
If you need an account for your business, the OFX Global Currency Account is a popular option, with 7 currencies supported for receiving, holding and exchange.
Your account comes with local account details to take customers payments or to get paid through PSPs and marketplace sites in major foreign currencies.
This makes it a good choice for online sellers working with international customers.
There’s no debit card with this account, but you can send or withdraw your funds whenever you want to – with no fee for outgoing transfers when you send money from your account.
Exchange rates include a small markup.
Learn more: OFX Review
What information is needed to receive a wire transfer at Truist
In most cases the information you need to receive an incoming wire to a Truist account will be the same, including your name and account information. However, some countries do ask for a few more details, such as the reason for the payment. This may mean that you need to give the sender a bit more information in some cases, depending on where they’re located. Here’s an outline of the most common information needed to receive an international wire with Truist.
| Information needed to receive an international wire transfer to your Truist account |
|---|
|
Truist SWIFT code for international transfers
A SWIFT/BIC code is a unique identifier, like a zip code, which is used to guide international payments to the correct bank overseas. To make sure your incoming international wire payment arrives safely you need to pass the person sending you money the Truist SWIFT/BIC code.
Truist was formed following the merger of 2 legacy banks, which means that some customers might have different SWIFT information depending on when they opened their account, and which institution it was initially held by.
Most Truist accounts will use the Truist primary BIC/SWIFT code, but it is still worth double checking the details for your own account to make sure you have the correct information to pass to the person sending you money.
| Truist SWIFT code |
|---|
| Truist primary BIC: BRBTUS33 Some clients may also need to use the following SWIFT codes: BRBTUS3X SNTRUS3A If you’re unsure which SWIFT code applies to your incoming payment, check with Truist directly |
How to find Truist SWIFT code
You may be able to find your Truist SWIFT code by logging into your online or mobile banking service, or by calling the bank to ask a team member for the details relating to your specific account.
Truist receive limits for incoming international wires
There’s normally no limit on the amount of money you can receive by wire to your Truist account. However, your sender may find that their bank places a limit on the value of payment they’re able to transfer.
If you’re expecting a high value transfer it’s worth having the sender check the limits applied by their bank well in advance so you’ll know what’s allowed.
How long does it take for Truist to receive an international wire transfer?
Truist can’t control the length of time that it takes to receive an incoming international wire.
This will depend on the bank or provider which the sender chooses to use, their location, the currency and the value of the payment. Generally if the sender uses their bank to process the payment, it’ll go through the SWIFT network.
SWIFT payments might take from 1 to 5 business days to be deposited to Truist.
Some of the services we highlighted earlier as alternatives to Truist might be able to offer a faster payment time. This is because alternatives like Wise and OFX offer local account details in foreign currencies which the sender can use to pay you with a local transfer method.
This is usually quicker than using international payments, and almost always much cheaper for the person sending the money.
Related: How long Wise takes to transfer money
How to track an incoming international wire transfer with Truist
If you’re concerned about an incoming payment to Truist, your first step should be to talk to the person sending you the money. They can check the payment has been processed from their account, and if necessary ask their bank to trace the transfer to see where it has got to.
If the sender’s bank can provide tracking information, you may then be able to pass this to Truist to have them investigate the missing payment at their end.
Related: How to send an international wire transfer with Truist
What can you do if your transfer is not delivered yet
Once you have tracking information for the missing wire, you can get in touch with Truist support at 877-882-1194, from 8 am to 8 pm ET, Monday through Friday on bank business days.
A team member can talk you through your options and help you to find the missing transfer.
Conclusion: Truist incoming international wire transfer
Truist accounts can receive incoming international wire payments, but in many cases, a fee of 20 USD will apply, plus any other charges involved in converting your currency and processing the transfer through SWIFT. This can mean you end up with less in USD in your account than you expected in the end.
Instead, consider getting an account with local or SWIFT account details, such as the Wise account or the OFX Global Currency Account, to get paid in foreign currencies easily.
This gives flexibility and often means lower costs in the end, as the sender can process the payment with a local transfer method, and you can choose to hold your foreign currency balance and switch it back to USD whenever the exchange rates look good.
