Truist Bank For International Transfer | Fees & Rates Compared (2024)

Since the merger of SunTrust and BB&T in 2019, Truist Bank is now the sixth-largest bank in the United States with over 15 million customers.

The merger of SunTrust and BB&T began in 2016 when Truist Financial was formed, and in 2019, the two banks began to merge their services.

Post-merger, the bank has a presence in 17 states, operates 2100+ branches, and has total assets amounting to $545 billion.

Truist Bank for international wire transfers

Here’s a quick overview of how Truis Bank compares to money transfer services.

RATING BREAKDOWN

Scoring Truist Bank

We’ve looked at and analyzed the exchange rates, transfer costs, support, and online user reviews. Here’s a quick summary of the top highlights and drawbacks.

COST

Truist Bank fees and exchange rates

When it comes to international transfers with high-street banks, there are two main fees you need to be aware of, mainly:

• Transfer fees: a fee you pay for sending (and sometimes receiving) international wire transfers. These are usually fixed fees that are clearly displayed.

• Exchange rate markup: an additional percentage added to the “real” exchange rate you see on Google or our currency converter.

Exchange rates

There’s no clear information on the exchange rate markup offered by Truist Bank post-merger.

We know that the average exchange rate for a high street bank can vary between 3-6% based on our internal data.

In the past, Truist Bank had clearly stated that their exchange rate is 3%, but since then, the page explaining the rates has been completely removed.

Even with a 3% markup, you will be overpaying compared to Wise’s 0% markup. However, it is cheaper than using other high street banks such as Wells Fargo (6% markup) or NFCU (5% markup).

Here’s a summary of average user reviews in terms of exchange rates for the past year.

International transfer fees

Truist Bank also charges fees for international and domestic transfers. Truist Bank charges $65 for sending money abroad, and $20 for receiving money into your account.

We’ve put together this table to summarize their fees:

Here’s a summary of average user reviews in terms of transfer fees for the past year.

For comparison, here’s how Truist international transfer fees stack up against the competition.

Let’s assume you’re making a $1000 transfer from the US to a bank via wire transfer to an account in the following countries:

SPEED

Transfer speed

For international wire transfers made via the SWIFT network, the recipient typically receives funds within 3-5 business days.

When it comes to speed, users seem to not care much, which is evident by the lack of online reviews.

LIMITS

Transfer limits

Truist Bank doesn’t explicitly state the transfer limits for international transfers. Instead, it is reviewed on a per-transfer basis.

Here’s a breakdown of their transfer limits:

• Online and mobile transfers: $5,000 per transaction and $10,000 per day.

• External transfers: $5,000 per transaction and $10,000 per day.

• Wire transfers: Limits may vary and specific details can be found by contacting Truist customer service.

Here’s a summary of average user reviews in terms of transfer limits for the past year.

PRODUCT

Product offering

Mobile App

Truist Bank has an app called Truist Mobile, which now has over 1m downloads on the Play Store and 780K on the App Store. It is rated as 4.7 and 4.8 on both stores.

The app offers all the usual features you get with a digital banking account, including making international and domestic transfers.

Foreign currency exchange

Truist Bank offers foreign currency exchange services for international money transfers.

However, you should check Truist exchange rate margins on the same day before you make the international money transfer.

Here’s how other users have rated the product features offered by Truist Bank.

USABILITY

Ease of use

Ease of use and convenience are a must for any bank, especially if you’re using it day-to-day. Here’s a summary of user reviews regarding their product features.

Customer service

Truist Bank offers multiple support options, including:

• Phone support: Customers can reach Truist's customer service by calling the dedicated phone numbers for various services such as general banking inquiries, credit card support, and mortgage support. Available 24/7 for general banking.

• Online chat: Truist offers an online chat option for quick assistance through their website. This service connects customers with a live representative for immediate support.

• Email support: Customers can send inquiries via email for non-urgent matters. Truist Bank typically responds within a few business days.

• Mobile app support: Truist's mobile app includes a support feature where customers can send messages, find answers to frequently asked questions, and access account services.

• In-person branch support: Customers can visit any Truist branch for face-to-face assistance with their banking needs. Branch hours may vary by location.

• Social media support: Truist provides support through its official social media channels, including Twitter and Facebook, where customers can send direct messages or post inquiries.

• Online banking support: Truist's online banking platform offers a support section with FAQs, troubleshooting guides, and secure messaging for account-specific help.

• Secure message center: Through Truist's online banking portal, customers can send secure messages directly to customer service for assistance with their accounts.

• Automated phone service: Truist offers an automated phone system for customers to check account balances, recent transactions, and other basic services without speaking to a representative.

• ATM support: Truist ATMs provide on-screen help and support for transactions, including a customer service hotline for more complex issues.

Here are the details on how to contact Truist Bank customer support.

Similarly, here’s an overview of how other users see customer service at Truist Bank.

SAFETY

Safety and trust

When it comes to safety, Truist offers the following security features for its customers:

• Multi-factor authentication (MFA): Adds an extra layer of security by requiring multiple forms of verification.

• Fraud monitoring: Continuous monitoring for suspicious activities and transactions.

• Encryption: Uses advanced encryption to protect data in transit and at rest.

• Secure login: Features like biometric login (e.g., fingerprint or facial recognition) for added security.

• Account alerts: Real-time notifications for account activity and potential security breaches.

• Secure messaging: Encrypted communication channels for exchanging sensitive information.

• Identity theft protection: Offers services and tools to help detect and prevent identity theft.

• Regular security updates: Frequent updates to software and systems to address new security threats.

• Password management: Guidelines and tools for creating strong, unique passwords.

• Customer education: Resources and tips for customers on how to protect their accounts and personal information.

Here’s a summary of average user reviews in terms of security for the past year.

REVIEWS

Customer feedback

Here's a summary of average user reviews so far this year.

SIGN UP

Opening an account with Truist Bank

Opening an Account

Before sending money to Truist Bank, you will need to create an account. Here’s a list of steps on how to get started with Truist Bank.

SEND MONEY ABROAD

Making international transfers

International transfer requirements & details

To make an international wire transfer with Truist, you’ll need the following details:

• Recipient’s full name: The full legal name of the person or organization receiving the funds.

• Recipient’s address: The recipient’s complete address, including country.

• Recipient’s bank name and address: The name and physical address of the recipient's bank.

• Recipient’s bank account number or IBAN: The recipient’s bank account number, or an International Bank Account Number (IBAN) if required.

• Recipient’s SWIFT/BIC code: The SWIFT or Bank Identifier Code (BIC) of the recipient’s bank, which identifies the bank internationally.

• Currency of transfer: The currency in which the funds will be sent.

• Amount to transfer: The amount of money you wish to send.

• Your account details: Your bank account number and any necessary details required by your bank for processing the transfer.

Use the search box below to find your recipient’s SWIFT code.

Making wire transfers

Once you have everything you need, to make an international wire transfer with Truist Bank, follow these steps:

Use Wise to send money from your Truist Bank account

It may be simpler to fund your transfer with your Truist Bank account, but use a transfer provider like Wise to send your money overseas.

RECEIVING MONEY

Receive international transfers

To receive an international wire transfer to your Truist Bank account, you’ll need to provide the following information to the sender.

ALTERNATIVES

How Truist Bank compares to money transfer services

As we’ve established already, Truist Bank is not the best way to send money abroad.

Choosing an alternative transfer provider will save you significant sums of money, especially if you’re making large transfers. Here are a few alternatives we’d recommend:

For example, companies like XE and Wise are top-tier examples of services that offer the best value.

They match the mid-market rate for currency conversions and offer some of the lowest rates in the money transfer industry.

SUMMARY

Truist Bank: Is it good for transfers abroad?

Truist Bank is a good bank for day-to-day transfers, but is significantly more expensive than an average bank, and even more expensive than a money transfer provider when it comes to international transfers.

If you already have an account, we’d recommend using it to make an international transfer through Wise. It is quick, simple and will save you a lot of money.

Alternatively, use our form below to get the best exchange rate deals for your needs.

FAQS

A bit more about Truist Bank

Help & FAQ