If you’re looking to transfer money abroad with Wells Fargo, you’ve come to the right place. This article will address everything you need to know about Wells Fargo international wire transfers. We’ll cover how to initiate a transfer, how much it costs, and how long it takes your money to get there.
Even though Wells Fargo serves one in three U.S. households and over 10% of small businesses in America, it may not be the most efficient or cost effective option for international transfers.
Should you decide that Wells Fargo isn’t the right fit for you, there are many international money transfer alternatives available. Services such as Wise or OFX often prove to be much cheaper, faster, and easier to use compared to traditional banks. But more on that in a moment.
Before we get into the nitty gritty details of Wells Fargo international wire transfers, we’re going to compare how much it costs to send money with Wells Fargo and how long it might take compared to specialist providers.
The number one item to consider when deciding how to transfer money internationally is total cost. The total cost has two components:
Many providers like to offer “free” or low-cost transfers as a way to attract customers. In reality, they just add a larger margin to the exchange rate.
Let’s take a closer look at how much it might cost you to send $1,000 to Canada.
| Provider | Total cost | Transfer time |
| Wells Fargo | $46.86 + possible fixed fee* | 1-5 business days |
| Wise | $6.65 | Instant - 2 business days |
| WU | $37.02 | 0-8 business days |
| OFX | $23.65 | 1-2 business days |
**Fees and rates correct at time of research - 8th December 2021, 16:10 GMT+2
* You can make international money transfers with Wells Fargo through their online service. They charge a fee for this service, and they also add a mark-up to the exchange rate offered. They don't disclose what the fee is until the time of your transfer, making it difficult to truly compare services.
As far as fees go, the other services presented in the table above, are much more transparent. For example, Wise is the cheapest when it comes to total costs. You could save up to 46 USD just in exchange rate fees compared to using Wells Fargo. Wise uses the mid-market exchange rate and a transparent transfer fee and Wells Fargo adds a mark-up to the exchange rate they offer.
When you make an international transfer with Wells Fargo the total amount you pay could include 3 different charges:
Wells Fargo doesn't disclose their total fee up until the point of transferring. Even at that point, it's still not clear, as the lion-share of the fee is within the exchange rate, so unless you're going to compare that to the mid-market rate you won't know what the total cost is.
| Service | Domestic | International |
| Incoming | $15 | $16 |
| Outgoing | $30 | Fee disclosed at time of transaction |
| Repetitive outgoing | $25 each | Fee disclosed at time of transaction |
Banks typically add a margin to the exchange rate and take the difference as profit.
Wells Fargo has this to say about their rate:
“Wells Fargo makes money when it converts one currency to another currency for you. The exchange rate provided to you is set by Wells Fargo in its sole discretion, and it includes a markup. The markup may be based on several factors, including without limitation costs incurred, market risks, services rendered, the client relationship, the transaction and our desired return… Also, different customers may receive different exchange rates for transactions that are the same or similar.”
Small differences in the exchange rate can make a huge difference in the total cost of your transfer. Unfortunately, you can’t see all the rates unless you’re a customer and log in to your account. Even then, you won't know what it cost you unless you calculated the difference between that and the mid-market rate .
Here’s a quick recap of the USD-CAD exchange rate Wells Fargo used at the time of this writing, compared to other services:
Wise might be a better option as they use the mid-market rate with no added margin, and you can see the exact exchange rate on their website without logging into the service.
Wells Fargo international wire transfers may include additional fees charged by third parties or other banks. Often these fees appear during SWIFT transfers.
The SWIFT network is a global financial messaging system that allows banks and other institutions to send money all over the world. When you transfer from one bank to another with SWIFT, the currency typically gets passed to several different banks on its way to the recipient . These banks may charge additional fees . Plus, it slows down the transfer, as the speed at which your money travels depends on opening hours in different time zones or public holidays in different countries.
When you transfer money abroad with Wells Fargo , it can take 1-5 business days for your recipient to receive their money. The time it takes depends on the country you’re sending to.
Here’s a quick recap of how fast Wells Fargo transfers your money compared to other services:
If you need your recipient to get their money fast, Wells Fargo might not be the right provider for you. In comparison, Wise or OFX can send your money abroad almost instantaneously in some cases.
Cons:
Compared to Wells Fargo, other providers such as Wise, OFX, and WU offer visible price calculators on their websites, making it much easier to make a transparent comparison and select the best provider. However, Wise is the only service that doesn’t use the exchange rate markup as a way to make money.
Wells Fargo international bank transfers can be initiated several different ways:
You’ll need to have all the relevant information on hand to initiate a transfer. Make sure to double check account numbers; once a wire transfer has been initiated, you cannot cancel it.
Here’s what you’ll need to transfer money abroad with Wells Fargo:
Wells Fargo restricts the amount you are able to send online for standard international wire transfers. You can review these limits in online banking before you initiate a transfer. If you’d like to send more money than allowed online, you will have to visit a local branch.
Wells Fargo also offers a global remittance program called ExpressSend. It works only for sending USD to select countries in Latin America and Asia. If you frequently send money to one of these countries, this service may be a good option for you.
| Wells Fargo ExpressSend Transfer limits | Amount |
| Minimum amount | $25 |
| Maximum daily amount | $5,000 |
| Maximum consecutive 30-day amount | $12,500 |
*Different countries and receiving banks may have separate daily limits.
In addition to the countries supported by the ExpressSend service, Wells Fargo can send international money transfers in 20+ currencies.
