If you are a USAA customer and have travel plans abroad, you may also be thinking about sending money abroad. This guide will walk you through all the relevant information regarding USAA International Wire Transfer fee structure and other related processes to do so!
- There is a flat fee of $20 for every USAA transfer, whether domestic or international.
- The delivery time for an overseas wire transfer might be up to 15 days.
- The currency rate that USAA uses is not specified on their website. The mid-market rate of exchange is what you see when you search for exchange rates.
…and Much More!
USAA International Wire Transfer – Everything You Need To Know
A vast range of insurance, banking, and monetary products are offered by USAA. Before making the payment, you should make sure you understand how to transfer money internationally because the details of doing so may be complicated.
Money transfers are not always simple; occasionally, the information you need cannot be found on a website and must be sought through emails and phone conversations.
You can get some assistance from this guide regarding USAA international wire transfers and other available alternatives like Wise, OFX, and Western Union.
You might be interested in reading: USAA Money Order Deposit Methods.
Wire Transfer Fees for USAA
The cost of a USAA international wire transfer might be high. There is a flat fee of $20 for every transfer, whether domestic or international.
- However, they charge an extra $25 if you’re sending money internationally to meet correspondent bank charges that can be incurred during the SWIFT transfer.
On its transit to the intended recipient, your transaction passes through multiple banks. USAA charges you extra up front in to be able to meet any costs that one of these banks potentially impose.
|Outgoing Transfer Fees||$20|
|Fees For International Wire Service||$25|
|Total Fees Charged||$45|
USA Wire Transfer Time
The duration of an international wire transfer varies on several variables, including the currency you’re transferring, the destination nation, national holidays, and the time of day you start the transfer.
- With USAA, the delivery time for an overseas wire transfer might be up to 15 days. This is a lot longer than what most specialised providers offer.
Consider a case where a decision must be made quickly, such as when a family member requires money to cover medical or school expenses. USAA might not be your greatest choice if you urgently need money to travel abroad. You ought to think about another option. The transferring times for some alternative services have been listed here as a reminder:
|USAA||15 Days Approximately|
|OFX||0-8 Business Days|
|Western Union||1-2 Business Days|
Exchange Rate For USAA
Since USAA exclusively conducts business within the United States, they employ the Bank of New York Mellon for handling international wire transfers. As a result, there will be an additional bank involved in the transfer procedure before your money leaves the United States.
- Additional steps entail additional expenses and time. Due to this, transferring money abroad with USAA is frequently not the most affordable or quick option.
The currency rate that USAA uses is not specified on their website. The mid-market rate of exchange is what you see when you search for exchange rates. This is the exchange rate used by banks when transferring money.
Most banks routinely add a margin, often as much as 3%, to a mid-market exchange rate. Numerous banks profit from currency conversions by adding a markup.
Attention! Only Wise employs a mid-market exchange rate for converting currencies, with no additional margin.
Method To Do USAA International Bank Transfer
Calling USAA’s customer care staff at 800-531-8722 is the sole way to start an overseas bank transfer. On weekdays, lines are open from 7:30 am to 3:30 am, CT. You will need to choose a different provider outside of these periods if you want to set up your transaction through USAA directly. You will just be told to call back later if you phone the service number after business hours.
Transferring Funds to A Non-USAA Account
When you call to commence your payment, a support representative will walk you through to the USAA wire transfer procedures in detail. When you call, you’ll need to be prepared with the following details:
- Transmit funds in USD or another currency.
- The recipient’s full name and location
- Recipient’s bank’s name and address
- The recipient’s account number as well as the bank’s SWIFT and perhaps other bank code
- Reason for the payment
How to Communicate with the Bank: USAA Contact
Call the number provided above if you have a particular query concerning your overseas payment. Otherwise, you could try some of the following:
- Call USAA at (210) 531-8722 or (800) 531-8722,
- Write to them at USAA, 9800 Fredericksburg Road, San Antonio, Texas 78288.
- Follow USAA on social media.
USAA International Wire Transfer Vs Alternatives
The total cost of transferring funds must be considered; it is not only the bank fee. You must consider the following while determining the overall cost:
- Transfer fees
- marked-up exchange rate
- Bank fees for correspondence
Before diving into the specifics of USAA transfers, let’s compare the expenses of using USAA vs some of the specialised companies we listed above when sending money overseas.
You can see how much it would cost to send $1,000 from the United States to Canada in the table below as an example:
|Service Providers||Total Fees|
|USAA||$45 + Exchange Rate Margin|
|Western Union||$1.99 + Exchange Rate Margin|
|OFX||No Transfer Fee + Exchange Rate Margin|
The only service in our example given that makes usage of the mid-market rate of exchange is Wise. There is no extra margin; this rate is the same as what you would find via Google or XE.com.
The other providers who focus on international money transfers increase the mid-market rate by a margin. You might not be aware of the precise rate you’ll be charged until you’re prepared to transfer because it fluctuates regularly.
You might be interested in reading: Does USAA Have Zelle?
The Bottom Line
If you belong to USAA, they are most likely the first option you would think of when transferring money abroad. Since so many of its members serve in the military and might be assigned abroad, it stands to reason that this notion is correct. USAA, however, is not a global bank. In addition to having a small window for receiving wire transfers, their international wire transfers might be expensive and time-consuming.
It is worthwhile to consider an alternative specialised providers who can send money swiftly and for a lot less money.
- With Wise, for instance, you may start a wire transfer online whenever it’s convenient for you—not just during business hours.
Additionally, it will take no longer than two business days for your money to arrive. In comparison to Wise, which charges a lesser fee and utilizes a mid-market exchange rate without additional margin, USAA’s $45 price is also significantly higher.
Frequently Asked Questions
Are international wire transfers received by USAA subject to a fee?
Receiving a wire transfer is free of charge at USAA. To receive your transfer, the recipient’s bank can impose a fee.
Can USAA transfer funds to a foreign bank?
Depending on the sending nation, international wire transfers may require up to 15 days for the receiver to get their money. Online transfers of up to $10,000 might be possible. Please call us at (800) 531-USAA if you need larger transfers (8722).
Do USAA charge fees for international transactions?
Debit card purchase and cash withdrawals made with a retailer, commercial bank, or ATM abroad that are made in a currency apart from U.S. dollars are subject to a 1% international transaction fee.
How to Create an Online USAA Travel Notice?
Access your USAA account online. Select “Accounts,” followed by “Travel Notifications.” Choose “Add a notification” in next step. Type in your travel dates and destinations. Verify your phone number for contact. Then, Send in your travel notification.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.