Ally Bank international wire transfer: Fees, rates and transfer time

09.04.18
5 minute read
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Looking to make an international money transfer with Ally Bank? Not sure how to handle all the requirements, processes and fees? You’ve come to the right place. There’s a lot of information out there when it comes to international transfers (sometimes called wire transfers), and knowledge is power when it comes to protecting your money and making the best choice for your transfer. Read on to learn all you need to know to make an international transfer with Ally Bank.

How do you make an international bank transfer (wire transfer) with Ally Bank?

Sadly, Ally bank discontinued outgoing international money transfer services in 2013.¹ However, depending on your branch, you may still be able to receive international incoming wires. Double check with your local office.

If you’re still looking for a way to send money internationally as an Ally Bank customer, consider an alternative money transfer service like TransferWise. You can still send the money from Ally Bank, but by using TransferWise’s platform and new technology.

TransferWise allows you to send money abroad at the exact mid-market rate — the same rate you find on Google — with minimal fees that are spelled out upfront. Fees range from 0.5-2.5%, depending on the transfer destination. And with TransferWise, money never actually crosses borders, so there are no international or intermediary bank fees to pay. You connect your Ally Bank account to your TransferWise profile, or, if the amount is small enough, you can just fund your international transfer with your credit or debit card, and you’re on your way.

TransferWise also offers borderless multi-currency accounts, which allow account holders to send, receive, hold and manage money in a number of different global currencies all at once.

Try TransferWise today to take the guesswork out of making international transfers.

What do I need in order to make an international money transfer with TransferWise?

To send an international transfer with TransferWise, you’ll first need to go to transferwise.com to create an account. From there, you’ll need this information to complete your first transfer:

  • Your full name, email address, date of birth and phone number and physical address
  • If paying by a credit/debit card, your card details
  • If paying by a domestic wire, you’ll be provided with TransferWise’s US bank details when you set up the transfer
  • If you want the money deducted from your Ally Bank account, you’ll need your ACH routing number, account number, and your online bank login information for Ally
  • The amount and currency of the transfer
  • The recipient’s full name and address
  • The recipient’s local bank details for a domestic transfer within their own country

If you want a bit more help, check out this article on a step by step guide of how TransferWise works.

What do I need or what should I give to the sender in order to receive an international bank transfer with Ally Bank²?

Even though Ally Bank doesn’t support outgoing international transfers, you can still receive them. Here’s what you’ll need to provide to the sender to make sure your incoming international wire goes to the right place:

  • Receiving Bank: JP Morgan Chase Bank, N.A.
  • ABA/Routing Number: 021000021
  • Address: 1 Chase Manhattan PLZ, New York, NY 10005
  • SWIFT Code or Bank Identification Code: CHASUS33
  • Beneficiary Account Number: 802904391
  • Beneficiary Name: List 'Ally Bank' since the wire is being processed by JP Morgan Chase Bank, N.A.
  • Further Credit: Your Ally Bank Account Number and your name as it appears on your Ally Bank account.

If you use TransferWise to send money to an Ally Bank account from another country, it will appear as a domestic ACH transfer, so you’ll need:

  • The name on the Ally Bank account
  • The Ally Bank account holder’s address
  • The ACH routing number
  • The account number
  • The bank name and type of account (checking, savings, etc.)

What are the fees for an international wire transfer with Ally Bank in the US?²

When you receive an international wire transfer into your Ally Bank account, here are the fees you can expect.

Ally Bank international wires Fee
Outgoing international transfer Not available
Incoming international transfer No fee
Intermediary fees These can vary. When you transfer money between banks, it’s generally done via SWIFT, which means your money may pass through multiple banks before reaching its destination. Each of those banks can charge a fee. Ally bank notes online, “We won’t charge you a fee to receive a wire transfer to your Ally Bank account, but an intermediary processing bank may charge a fee.”

TransferWise does charge a small, fair transfer fee for each transaction. Fees will vary transfer-by-transfer, but a single transfer general costs 0.5-2.5% of the total amount being transferred. Check out the full pricing for transfers with TransferWise.

Exchange rates

When Ally Bank receives an international transfer, it doesn’t charge you a fee. But it’s likely that there are other intermediary/correspondent banks that may charge you. And what you may not realize is that there could be up to 3 intermediary banks, who generally charge a flat fee that ranges anywhere from $10-$40.

On top of the possibility of intermediary bank fees, however, banks can mark up the exchange rates they use to convert your transfer into the destination bank’s currency, keeping the extra for themselves. This can leave you paying, on average, 4-6% more than the actual exchange rate.

TransferWise always uses the mid-market rate, or the rate you see on Google, unlike many banks and other transfer services that mark up their exchange rates. So if you want to make sure to skip this often hidden fee, you’ll want to ensure you use a service like TransferWise.

Contact / Help - More questions around your transfer?

Have further questions or concerns? Ally Bank offers a number of ways to get in touch with its customer service team. Numbers and emails can vary based on your location, so check online for the best way to get in touch.

You can get some support for with TransferWise by searching through the TransferWise help topics or get in touch with TransferWise by phone or email.

Hopefully, this information has made your choice of how to move your money easier. With this knowledge you can rest assured that you’re making the best and most informed choice for your finances.

Sources
  1. https://www.ally.com/files/pdf/ally-international-wire-transfer.pdf (April 9 2018)
  2. https://www.ally.com/help/bank/transfers.html (April 9 2018)
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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