Your bank can be a help if you need to send money overseas. But before you plan your transfer, it’s important to make sure you know the right steps to take. Below is all you’ll need to know about how to avoid large fees, long wait-times and other helpful hints before transferring money internationally with Huntington Bank. Suggestion of the day, you might be able to save if you use a service like TransferWise. But more on that later.
Here’s your guide to what you need to know, and how much it will cost you.
Here’s an example before we get started.
Let’s say you need to transfer $1,000 to a pound sterling account in the UK. Here’s what it would look like if you made that transfer via Huntington Bank, or with TransferWise.
|Provider||Fee||Exchange Rate||Total Cost|
|Huntington Bank (USA)||$75¹||Exchange rate + markup||$75 + exchange rate markup + likely fees from intermediary and recipient banks|
|TransferWise||$8.70||The real exchange rate - the same one you find on Google||$8.70|
In this scenario, Huntington Bank’s fees are clearly higher.
But there’s more to your transfer cost than just fees. Consider also that when you transfer money internationally, there’s likely going to be a markup on the exchange rate — this averages 4-6%. Plus, there can be 1-3 intermediary and recipient banks involved who also charge fees.
This is getting expensive.
Use an online currency converter to compare your bank’s exchange rate to the mid-market rate to find out how much your international transfer is really costing you.
Fees might differ based on the terms and conditions of your transfer. Check with Huntington Bank about your particular account and the country where your money is going, for additional information. You can see the generals Huntington Bank international wire fees in the table below.
|Huntington Bank Transaction||Fee¹|
|Incoming international wire||$15|
|Outgoing international wire||$75|
|Additional fees may apply||See below|
Sending or receiving money in a different currency can be tricky. International transfers typically use the SWIFT transfer system to get your money from one country to another, meaning the money travels through multiple intermediary banks before arriving. The more banks your money moves through, the more you end up paying. Apart from deducting their fees from the amount being transferred, they may also convert the currency instead of your bank. Any bank can choose the exchange rates they offer, generally marking them up by about 4-6% in comparison to the mid-market rate - the rate you see on websites like xe.com or Google.
Should you specifically ask Huntington Bank to convert the currency, you may still not be able to find out what rate they’ll use, as they don’t post their exchange rates online. You may be able to get a quote from a bank representative if you give them a call, but bear in mind that the rate they quote may not be the rate they’ll then use to convert your money.
When making international wire transfers, many banks use the SWIFT system, which can route your transfer through an average of 1-3 intermediary banks. Each of those banks is entitled to charge a fee. Therefore, when setting up an international transfer, you’ll be given the following options in the ‘charges’ field:
- OUR - you choose to cover all sending and intermediary bank costs. An additional fee will be deducted from your bank account to cover these charges. Bear in mind that the recipient bank may still deduct a charge from the amount received.
- BEN - the recipient of your money will cover the intermediary bank charges. You will still be liable to cover the sending fee of Huntington Bank. The recipient bank may also deduct a fee upon receipt of the transfer.²
If you’re looking for an alternative to sending international payments through Huntington Bank, the TransferWise online money transfer service is a strong choice. Using TransferWise’s peer-to-peer system allows you to send money quickly and easily. TransferWise saves customers confusion, markups, and hidden fees when they’re transferring money. TransferWise uses local bank accounts to transfer money locally, so you don’t have to pay international transaction fees, as money never crosses borders.
With the new TransferWise borderless multi-currency account, you’re able to quickly and easily open an account in dozens of currencies - including US dollars. You can use the borderless account to receive money from around the world and pay bills internationally, using the real exchange rate. Also, TransferWise charges a small transparent fee on each transaction.
Huntington Bank allows a couple ways to send an international wire transfer, depending on the type of your account, including:
● Online or by phone, business accounts only
● In person at a local branch
Business account holders can quickly send money around the world by logging into their online account with their personal ID and password and using the International Wire Transfer feature².
If you’re a personal account holder you can unfortunately only send money internationally through your local Huntington Bank branch. So you’ll have to pay your bank a visit. A bank teller can initiate your transfer once they verify your information³.
(Source 19 February 2018)
Similar to the online feature, business account holders may wire money internationally over the phone using their previously created ID and password and following the directions at the prompts⁴.
To make an international transfer with Huntington Bank, you’ll need the following²:
- Your name and bank name
- Your account number
- Your recipient’s name as written on their bank account
- Recipient bank name
- The recipient’s account type and number for international payments
- Recipient bank SWIFT code (check the BIC/SWIFT code online)
- The amount and currency you wish to transfer
What do I need or what should I give to the sender in order to receive an international wire transfer?
If you’re going to receive an international payment, keep in mind that Huntington Bank will charge you for receiving the money, as well as intermediary banks may deduct their charges from the amount you receive. Therefore, make sure you’ve agreed with the money sender as to who will cover the sending costs, before deciding on an amount to be transferred.
To receive the money, you’ll also need the following information:
- Your account number
- Your full name as written on your bank account
- Your personal address
- Huntington’s SWIFT/BIC code - HUNTUS33
- Huntington Bank’s address
- The amount and currency you’d like to receive the payment in
All outgoing transfers need to be set up by 4.30pm or they won’t be processed until the following business day. All incoming transfers received before 5:45 p.m. EST are credited to your Huntington Bank account the same day⁵.
Huntington Bank doesn’t mention how long an international wire can take to reach the recipient bank account, but it does warn that:
International wire transfers may take more than two days to settle at the receiving bank.⁶
Huntington Bank warns that international transfers can take more than 2 days to arrive⁶, but doesn’t guarantee they’ll arrive within any specific time frame. A bank representative might be able to give you a better estimation if you ask about sending to a specific country.
- Huntington Bank online Helpdesk
- Huntington Bank Phone number: (800) 480-2265 or +1(616) 355-8828 from abroad
- Huntington Bank Support Chat online
Dealing with international wire transfers and banks can leave a lot of unanswered questions. Make sure to refer to this post as your Huntington Bank international payment transfer guide, and make sure you know all there is to know before sending money abroad.
¹https://www.huntington.com/pdf/Personal-disclosures.pdf, February 19th, 2018
²http://paymentscenter-elearning.huntington.com/, February 19th, 2018
³https://www.huntington.com/pdf/ConvWelcomeBro.pdf, February 19th, 2018
⁴https://www.huntington.com/Commercial/industries/international-trade-services/imports, February 19th, 2018
⁵https://www.huntington.com/Commercial/payables-management/payment-center, February 19th, 2018
⁶https://www.huntington.com/pdf/AdminInstructions.PDF, February 19th, 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.|