Truist International Wire Transfer
This article will cover everything you need to know about Truist international transfers including: how much they cost, how long they take, and how to make a Truist international bank transfer.
Truist was formed recently after the historic merger of BB&T and SunTrust, and offers a great range of services to personal and business clients. Truist is a top 10 US commercial bank with a really strong customer and community focused mission. However, when it comes to sending money internationally, Truist’s services may not be the best value out there.
Alternative specialist providers like Wise, OFX and Western Union may be able to get your money where it needs to be faster and for a lower overall fee.
Truist international money transfer comparison
Let’s kick off with an overview of how Truist international money transfers compare with a couple of specialist services.
When you send money overseas you might end up paying one of more different fees:
- Provider’s transfer fee: varies widely by provider and bank
- Exchange rate markup: this can often be the highest of the 3 fees overall
- Third party charges: paid to intermediaries and your recipient’s own bank – you may not know in advance what these fees will be
Here’s how the costs look if we are sending 1,000 USD to a friend in the UK:
| Provider | Total fee | Recipient gets in the end |
|---|---|---|
| Truist | 65 USD transfer fee + exchange rate markup + third party charges | You’ll see the available exchange rate and applicable fees when you set up your payment, in order to estimate the delivery amount |
| Western Union | No transfer fee – an exchange rate markup will apply | 920.98 GBP |
| Wise | 7.40 USD | 918.05 GBP |
| OFX | No transfer fee – an exchange rate markup will apply | 912.31 GBP |
Data correct at time of research – 27 September 2022
International transfers with Truist have a high transfer fee, and may also include additional costs depending on how they’re processed. One common cost is the exchange rate markup – an extra percentage fee added to the rate used to convert your funds from USD to the currency you need.
The cost of the markup can often far exceed the costs of the transfer fee. Typically markups are in the region of 3%. It doesn’t sound like much, but that’s an extra 150 USD fee on a transfer worth 5,000 USD.
Specialist providers like OFX and Wise can often offer lower overall fees, and a better exchange rate compared to banks. Because international money transfers are their core business, getting set up and using the platforms is usually straightforward, too.
Truist international transfer fees
Truist international wire fees include costs for incoming and outgoing transfers. However, exactly what you pay will depend on the account type you have. Truist Wealth customers may not pay incoming wire fees, and some accounts are offered a limited number of fee free incoming and outgoing transfers per month.
Check your specific account terms and conditions to see how Truist international wires will work for you – here are the basic costs as an illustration:
| International wire type | Truist fee |
|---|---|
| Incoming international wire | 15 USD |
| Outgoing international wire | 65 USD |
Truist exchange rate
Truist notes in its account terms and conditions that the exchange rate used to convert your funds for an international payment may vary from the rate Truist gets itself.
This is likely to mean that Truist adds an exchange rate markup or margin to the mid-market rate they get when they buy currencies. That’s very common – but it is also an extra fee which is quite hard to spot when you make your payment.
Bank exchange rate markups are commonly about 3%. To give an idea, this is what you’ll pay in fees in the rate alone if a 3% markup is added, for a few different transfer values:
- Sending 1,000 USD – the exchange rate markup adds 30 USD to the total
- Sending 5,000 USD – the exchange rate markup adds 150 USD to the total
- Sending 50,000 USD – the exchange rate markup adds 1,500 USD to the total
| Note: |
|---|
| Check if there’s a markup added to the Truist exchange rate you’re offered by comparing the Truist rate to the mid-market exchange rate using a simple Google search. |
Here’s a reminder of the total costs – including exchange rate markups – from the providers we looked at earlier. This is what you’ll pay with each if you’re sending 1,000 USD to the UK:
- Truist: 65 USD transfer fee + exchange rate margin + third party fees
- Wise fees: 7.40 USD
- Western Union: No transfer fee – an exchange rate markup will apply
- OFX: No transfer fee – an exchange rate markup will apply
Truist additional fees
Truist notes that intermediary banks may deduct fees from incoming international payments, and it’s possible that the same will happen if you send an outgoing payment with Truist too. These intermediary fees apply when the payment is reputed through the SWIFT network.
In this case, it’s passed through one or more intermediary banks until it reaches its destination – with intermediaries deducting a processing fee as they handle the transaction. Ultimately this can mean the recipient gets less than expected.
How long does a Truist international money transfer take
International money transfers with Truist are likely to be processed through the SWIFT payment network. That can mean that they take several days. While the delivery time will vary based on destination, it’s common for SWIFT transfers to take 3 – 5 working days once they’re on the move.
Here’s a roundup of how long it takes to get payments with Truist compared to the specialists we profiled earlier:
- Truist: SWIFT payments can take 3 – 5 working days
- Wise: Over 50% are instant, and 90% of payments arrive in 24 hours
- Western Union: Up to 2 days usually
- OFX: 1 – 2 business days
Pros and cons of transferring money abroad with Truist
Pros:
- No need to create an account with another provider
- Familiar and reliable
- Some account types have fee waivers for international payments
Cons:
- 65 USD transfer fee is very high compared to competitors
- Exchange rate markups are likely to be used
- Third party charges may apply
How to make an international transfer with Truist
Before you can send international transfers with Truist you’ll need to enroll for wire services, and then add the recipient you want to send to. This process can all be done online or in the Truist app, and you’ll be able to start making payments from an eligible Truist account as soon as you’ve completed the registration process.
To initiate a payment:
- Log into Truist online or in app
- Select Transfer and Pay, they Send a Wire transfer
- Tap International to set the payment type
- Select the recipient you want to pay, and pick the account you want to pay from
- Enter the payment details including amount and currency
- Review and confirm the transfer
- You’ll need to complete a verification step, and your money will be on the way
What information do you need to make an international transfer with Truist?
When you make an outward international transfer with Truist, you’ll be asked to provide the following information when you register your recipient in the Truist app or online banking site:
- Name of beneficiary
- Receiving bank name and address
- Receiving bank SWIFT code
- Account number or IBAN
Other information may also be needed based on the destination country – a sort code for the UK, CLABE number for Mexico, or BSB for Australia for example. Depending on the transfer, intermediary bank information including bank name and address, and SWIFT code may also be required.
Transfer limits and available countries
International transfer limits with Truist vary by account, and can run up to 500,000 USD per 3 working day period for business bank accounts. However, limits may be lower, based on your account type – check your terms and conditions for more.
Truist doesn’t publish a list of the countries which are available for transfers, but you’ll be able to check by logging into your Truist account and starting to initiate a payment.
Receiving money from abroad with Truist
You can receive payments in your Truist account, although a fee may apply depending on the account type you hold. Your sender will ask you for your account information and details, including:
- Your full name
- Your bank address
- Your account number – routing information may also be needed
- Truist’s SWIFT/BIC code
Truist SWIFT code
When you receive an international payment you’ll need to give the person sending your money the Truist SWIFT/BIC code. This is like a zip code for cross border payments, and identifies the right bank to pass the money to. It’s important to use the right SWIFT code so your payment isn’t delayed or returned to the sender.
Truist SWIFT code: SNTRUS3A
Conclusion
If you need to send or receive foreign currencies to your Truist account, using the bank’s own international wire service may seem like the obvious choice. However, it’s not always the cheapest, fastest or easiest way to get your money moving. Truist has a fairly high transfer fee for international wires, and the process to make a payment – even online – involves several different steps, which can slow you down. All in all you may be better off using a specialist online or in-app service to send your transfer.
Compare a few options against the fees and rates you’re quoted by Truist, to see if you could save money using a different provider.
FAQs
How much does a Truist international transfer cost?
You’ll need to pay a 65 USD transfer fee + exchange rate markup + potential third party charges depending on how the transfer is processed.
How long does a Truist international money transfer take?
It usually takes in the region of 3 -5 days for a SWIFT payment with Truist to arrive.
How to transfer money internationally with Truist?
Log into your account online or in the Truist app to enroll for wire transfers, register a recipient and make a payment overseas.
