Need to send money overseas? If you’re a Truist Bank customer, read on.
We’ve put together a guide to making a Truist Bank international wire transfer, including those all-important fees.
We’ll even show you an alternative for overseas money transfers, which could save you money - Wise.
| 💡 Before we get started, a quick bit of background on Truist Bank. It’s a new bank created in 2019 following a merger between and SunTrust Banks¹. It’s now one of the largest commercial banks in the US, serving both consumers and business customers. |
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Does Truist do international wire transfers?
Truist does offer both domestic and international wire transfers. So if you have an account, you can wire money within the US and to recipients in other countries.
How much does Truist bank charge for a wire transfer?
Truist wire transfers aren’t free, unfortunately. There is a fee to pay, which varies depending on whether it’s a domestic or international transfer.
The only exception is if you hold a Truist Wealth Checking Account, which offers both US and international wire transfers free of charge.
Truist domestic wire transfer fees
To send money to someone within the US, you’ll pay a Truist Bank wire transfer fee of $30 USD per transaction².
There’s also a fee of $15 USD² to receive a domestic wire transfer with Truist Bank.
Does Truist charge international fees?
The Truist Bank international wire transfer fee is a rather high $65 USD² per payment. To receive a wire transfer from overseas, there’s a fee of $30 USD to pay².
There’s also a chance that additional fees may be charged by intermediary or correspondent banks along the way.
And of course, you’ll also need to factor in currency conversion and exchange rates. Like many banks, Truist is likely to add a markup to the mid-market exchange rate² when converting your USD to another currency. This can make the transfer more expensive for you overall.
Save money on international transfers with Wise
A traditional bank like Truist isn’t the only way to send money overseas - and it’s almost certainly not the cheapest.
Wise offers a convenient and low-cost alternative. Send money with Wise, and you’ll only ever pay low, transparent fees⁴. Plus, you’ll get the mid-market exchange rate with no markup or margin added on top. This means more of your money reaches its destination.
To give you an idea of how much you could save using Wise, here’s a quick comparison with Truist Bank.
Let’s imagine you want to send $1,000 to the UK (GBP) from the United States (USD). Here’s how much it could cost:
| Provider | Fee | Exchange rate | Total cost |
|---|---|---|---|
| Truist Bank | $65 | Exchange rate + markup | $65 + exchange rate markup + likely fees from intermediary and recipient banks |
| Wise³ | $7.40⁴ | The mid-market exchange rate - the same one you find on Google | $7.40 |
(11/01/2022)
As you can see, there’s quite a difference between the two upfront transfer fees. Not only this, but there’s no extra cost to worry about with the exchange rate, as Wise uses the mid-market rate.
Setting up an international payment with Wise is quick and easy. You can do everything online, in a fully secure process.
Start sending money with Wise here.
How do you make an international wire transfer with Truist?
Before you can make a wire transfer with Truist, you’ll need to enroll for wire services. To do this, follow these steps⁵:
- Log into your online banking
- Select ‘Transfer & Pay’ from the main menu
- Select ‘Enroll in wire services’
- Follow the instructions to verify your identity
- Set up your contact info
- Confirm, and you’ll see a list of Truist wire transfer fees that will apply to your account.
Once enrolled, you’re ready to set up your first payment. Here’s how to do it online, in person and over the phone.
Online
To set up a Truist wire transfer online, you simply need to go to the ‘Transfer & Pay’ section of your online banking. Then, follow these steps⁵:
- Select ‘Send a wire transfer’
- Choose the type of wire you’d like to send - domestic or international
- Select a recipient. These are filtered by the type of wire you’re sending (domestic or international). If you’re paying someone new, you’ll need to add a recipient in the ‘Manage Recipients’ page.
- Enter the wire details into the Truist wire transfer form, including the amount, frequency, date and other optional details such as a reference or reason for the payment.
- Review the details and submit.
- You’ll receive an authorization code through either a call or SMS message. Enter this when prompted and submit.
You can also set up wire transfers in the Truist mobile app, following broadly the same steps as above.
In person at a local branch
You may also be able to set up a wire transfer in person at a Truist Bank branch. Find your local branch here.
By phone
If you need help setting up a wire transfer with online banking, or want to find out if you can do it over the phone, call Truist on 844-487-8478.
What instructions do you need for a wire transfer with Truist?
You’ll need to give Truist wire transfer instructions in order to set up a payment. Here’s what to have ready:
- The recipient’s name and address
- Their account details
- Their wire routing number (for domestic transfers)
- The SWIFT/BIC code for their bank (for international transfers)
To receive money yourself, you’ll usually need to provide your Truist wire transfer routing number.
You may also need a branch-specific Truist address for wire transfers.
How long does an international bank transfer take with Truist?
As Truist is likely to use the SWIFT system for international transfers, you can expect it to take around 3-5 days for the transfer to arrive⁶.
Contact / Help - More questions around your transfer with Truist?
If you need more information on Truist Bank wire transfer limits, fees or the process itself, here’s how to contact customer services:
- Call 844-487-8478
- Find your local branch and schedule an appointment.
Bottom line
If you’re already a Truist customer, it’s useful to know that it’s possible to send domestic and international wires with the bank. And you can do it via online or mobile banking, which is pretty convenient.
However, Truist might not be the cheapest option for making a wire transfer - as there’s a $65 fee for sending an international payment. Compare it to a provider like Wise and you could save a bundle.
Learn more about Wise
Sources:
Sources checked on 01 November 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
