Ally Bank International Transfers & Exchange Rates

Ally Bank, based in the United States, was formerly known as General Motors Acceptance Corporation (GMAC) until the bank rebranded in 2010. In a bid to provide a full rundown of Ally Bank's global money transfer options, we will be reviewing each aspect of their remittance services, in detail.

About Ally Bank

Ally Bank, also known as Ally Financial, is a bank holding company headquartered in Detroit, Michigan. Due to its genesis as the General Motors Acceptance Corporation, a company offering a range of loans to automotive customers, to this day Ally is best known for its car finance and leasing services. However, over the course of its century-long operations, Ally has gradually become one of the biggest banks in the United States by total assets.

According to recent data, Ally has 9,500 employees and 6.5 million customers across the USA. Launched in the year 2000, Ally’s online marketplace, SmartAuction, is a popular host of auto auctions and through this venture, the company has reported more than 5 million vehicle sales.

From starting out in auto finance back in 1919, to expanding to credit and lending and wealth management, and adapting to online financial services, Ally Bank has grown exponentially since its inception. How does the company fare, however, when it comes to international services? We will be looking closely at this area of banking in this review.

Can I Use Ally Bank for International Bank Transfers?

It seems, as of 2013, Ally Bank customers are no longer able to request or send money abroad. However, some customers may still be able to receive incoming international wire transfers.

Ally Bank Exchange Rates and Fees

We will use this section to evaluate how closely this bank matches the mid-market rate of foreign exchange for each currency, along with the fee structure applied to international transfers.

Exchange Rate

Ally bank doesn’t support sending money to other countries. Customers can utilize alternative money transfer services such as Worldremit and XE. These companies can send funds globally and have competitive exchange rates.

Transfer Fees

Ally Bank money transfer fees are non-existent because customers cannot send transactions internationally.

Customers can, however, arrange domestic wire transfers and the flat-fee for this service is $20 per transfer; unless the funds are being sent from an Ally Bank account to an Ally Invest account, in which case the fee will be reimbursed.

Additional Costs

Although Ally Bank doesn’t charge any fees for receiving transactions, the bank warns of possible fees arising from intermediary banks. These fees largely depend on the structure of the transaction.

How Do Ally Bank Transfer Fees Compare to Using a Money Transfer Provider?

It’s impossible to compare Ally bank's international money transfers to other money providers because the bank lacks an international remittance unit.

Here’s what you’d have to pay for the transaction, assuming you send $100 to selected countries using a money transfer service like Paysend.

Ally Bank pros and cons for international transfers

How to Open an Account and Transfer Money With Ally Bank

In this section we will run through how to open an account, a process that is simple and takes less than 10 minutes to complete, thanks to the intuitive online optimisation of Ally Bank services.

Opening an Account With Ally Bank

We recommend customers opening an account with Ally Bank use the website’s View Rates tool to discover what products and services the bank offers.

Next, follow the link to Open An Account with Ally, choosing the option that best describes your banking needs.

Then you will need to select the Account Type, the amount you wish to deposit and choose whether you would like additional solutions such as a free debit card or overdraft protection.

During the final stages of the application process, customers will need to provide the following information:

• A Social Security or Tax Identification number

• A U.S. residential street address

• Legal name

• Birth date

You will receive an email confirmation of your new Ally Bank account once complete.

Transferring Money With Ally Bank

You cannot transfer money overseas with Ally Bank. If customers wish to send a domestic wire transfer, this can be arranged by submitting a completed Ally Bank Domestic Wire Transfer PDF form and faxing it to 1-866-608-2635.

Additional Information

It is possible to receive wire transfers from customers at other banks in the United States and abroad. To do this effectively and without any delays, customers should share their bank details with the beneficiary in a safe and secure manner.

To Receive a Wire Transfer From a Bank in the US, Provide the Beneficiary With the Following Information:

Receiving Bank: Ally Bank

• ABA/Routing Number: 124003116

• Address: 6985 Union Park Center, Midvale, UT 84047

• Beneficiary Account Number: Your Ally Bank Account Number

• Beneficiary Name: Name as it appears on your Ally Bank Account

Incoming international wire transfers from outside of the US will be processed by JP Morgan Chase Bank, as the designated receiving bank.

To Receive a Wire Transfer From a Non-U.S. Bank, Provide the Beneficiary With the Following Information:

• 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.

What Customer Support Options Are Available?

As an exclusively digital bank, Ally ensures customers can reach customer service representatives 24 hours a day, 7 days a week. The customer service team can be reached via the following channels:

Alternatives to Ally Bank

Customers who need to send and receive money in the US have plenty of money transfer providers to choose from. Here are some leading options:

• XE

• Wise

• WorldRemit

• VertoFX

Summary

In short, Ally Bank is a great option for banking, investing, home loans and auto finance, but it does not offer international transfers. For this reason, we would instead recommend our customers use the MoneyTransfers comparison engine, to find out which specialist service provider has the best deals for their foreign currency transfer. Whether you are sending money to a country in the western world, or across the world to Asia, our comparison tools can find the perfect solution for you.

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