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Based in Birmingham, Alabama, Regions is one of the largest banks serving the Southern states of the USA. Although limited to regional operations, this financial institution is able to offer international transfer services to its US-based customers. In this guide, we will be reviewing the scope of Regions Bank’s cross-border remittances, comparing them to specialist money transfer providers in the global transfer industry, to discover who comes out on top and also the Regions Bank foreign currency exchange rates and fees.
About Regions Bank
Formerly known as First Alabama Bancshares, Regions Bank has being catering to customers with personal, small business, commercial and wealth management needs across the US since 1971.Regions Financial Corporation is the holding company of this US bank that has been named the largest deposit holder in Alabama and Tennessee. In addition to this achievement, as of 2021 Regions Bank’s total assets amounted to $156 billion USD.
The bank provides banking services for people, small businesses, commercial, and wealth management accounts. Additionally, Regions Bank offers foreign currency exchange conversion for international money transfers. Regions Bank is borne out of a merger of three banks; the National Bank of Montgomery, Alabama, Exchange Security Bank of Birmingham, Alabama and First National Bank of Huntsville, Alabama.
As its name suggests, this is a regional bank with services limited to the following 15 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
In this bank review, we will be taking a look under the hood to see how Regions Bank fares in comparison to its rivals in the international money transfer market, what the Regions Bank exchange rates and fees are and some pros and cons.
Can I Use Regions Bank for International Bank Transfers?
Yes, there are three different ways to arrange an international transfer with Regions Bank. However, you should be aware of the Regions bank foreign currency exchange rates and possible fees.
The first option for sending money to a contact overseas is to use your Regions Bank account for a traditional international bank transfer; this is best suited to individual account holders.
The second option is to utilise the bank’s partnership with Western Union Money Transfer®, moving money directly from your eligible consumer deposit account to any participating Western Union Agent location in the world; this is suited to personal or corporate account holders.
The third and final option is to utilise the corporate banking foreign exchange services, RegionsFX Online; this is best suited to those arranging mass international paymentsor large money transfers. RegionsFX Online is available to commercial customers only.
Regions Bank exchange Rates and Fees
There are two main things to consider when making an international bank transfer with Regions Bank:
Regions Bank exchange rate margins
Regions Bank international bank transfer fees
In this section we will assess the going Regions Bank exchange rate for foreign currency conversion, as well as the international bank transfer fees for sending and receiving international funds.
Regions Exchange Rate
The majority of banking institutions charge an exchange rate margin for converting foreign currencies as part of an international money transfer for their customers; this is referred to as a mark-up.
Banks tend to add a markup of 4 - 6% on top of the actual mid-market rate and the Regions Bank mark-up on exchange rates for foreign currency exchanges and international money transfers is no different.
The exact mark-up on exchange rates for foreign currency will depend on factors such as currency pairing, transfer amount and delivery method.
Regions Transfer Fees
Apart from Regions Bank exchange rate margins, there are some other costs and fees. When it comes to the cost of international bank transfersthere are typically two types of fee structures:
A fixed, flat fee per transfer
A small percentage of the transfer added on top as a fee
In this case fixed, Regions Bank employs a flat fee structure, with the following fees for international transfers between banks:
Incoming transfers: $18 per transfer
Outgoing transfers: $45 per transfer
The following flat fees are charged for international transfers sent through the bank’s partnership with Western Union:
Sending up to $50: $5 fee
Sending $51 to $300: $8 fee
Sending $300 to $500: $10 fee
Sending $500 to $1,000: $12 fee
For transfers over $1,000 the flat fees are scrapped and, instead, there is a fee of 1% of each transfer.
Additional Costs
The chosen delivery and pay-out options chosen will add further costs to the overall price of a Regions Bank international transfer.
How Do Regions Bank Transfer Fees Compare to Using a Money Transfer Provider?
Transfer fees and exchange rate margins charged by Regions Bank are a lot more complicated than the straightforward, low-cost foreign currency exchange services of most specialist money transfer providers. Check out our list of the Top 10 Transfer Companies to weigh up your options.
Regions Bank Pros and Cons
Whether you are well versed in the global remittance process or making your a transfer for the very first time, we believe it is important to present the various advantages and disadvantages of each banking service.
- Domestic and international cash transfer options
- Sophisticated, bank-level security using out-of-band authentication (OOBA)
- Commercial customers can deposit foreign currency to their Regions multi-currency account
- Commercial customers can obtain real-time currency exchange rates when purchasing or selling foreign currency, through RegionsFX Online
- Complicated and varied fee structure
- Available to US-based customers only
- Substantial exchange rate margings (mark-ups) and transfer fees applied to each foreign currency transfer
- Regions Bank Mobile app requires improvement
Regions Bank Swift Codes
How to Open an Account and Transfer Money With Regions Bank
There are a vast range of checking and savings account options available with Regions Bank, so in this section we will be running through how to open an account and set up your first money transfer.
Opening an Account
Customers interested in opening a Regions Bank account are encouraged to answer a series of questions designed to help decide on the best account for their financial needs. This online form should not take more than 5 minutes to fill in: customers can select Enrol in Online Banking once completed.
Transferring Money
Step 1. Once enrolled in Online Banking, customers should open the mobile app or visit the Online Banking section of the Regions Bank website, securely entering their Online ID
Step 2. Next, choose from the two send money options under the Transfer fab: Western Union Money Transfer or Online and Mobile Banking Transfers
Step 3. Follow the on-screen instructions, sending moving from your chosen checking or money market Regions Bank account
Step 4. Carefully review all the information in full before initiating payment; you will receive a confirmation message via Online Banking once sent
What Customer Support Options Are Available?
Regions Bank offers a wide range of support options their customers:
Calling the Regions Green Line® Customer Service Center on 1-800-734-4667 or the Online Banking Support phone line on 1-800-472-2265: check out this page for the full list of designated helplines available to customers
Reaching out via Facebook or Twitter
Searching Regions Bank FAQ centre
Message Reggie®, Regions Bank customer service chatbot, available through the Online Banking platform
Visit your nearest Regions Bank branch: search for the closest location to you
Summary
This is an exemplary regional bank that has many great products and services for customers based in Southern states of America. There is a great deal of information available online for personal and corporate bank account holders, with far-reaching customer service options available. We believe corporate and commercial customers will reap the benefits of the Regions Bank foreign currency exchange services offered, but generally speaking, this bank is a very expensive money transfer provider.
The Regions foreign currency exchange margins and the fees structure implemented by Regions and other banks, is vastly different from the simple, easy-to-use transfer solutions offered by leading money transfer companies like WorldRemit, Wise, XE, Currencyfair, Currencies Direct, Key Currency, Instarem and TorFX. See for yourself, by having a read through of our reviews of these specialist services providers. If you are still unsure about whether to use a bank to send money overseas, check out our useful money transfer comparison engine today.
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Answers to key questions about Regions Bank
We will be answering some of the most commonly asked questions in relation to Regions Bank international services.
