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Regions Bank International Transfers

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 providers in the global transfer industry, to discover who comes out on top and also the Regions Bank foreign currency exchange rates and fees. 

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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. 

Regions Bank exchange rates and fees

There are two main things to consider when making an international bank transfer with Regions Bank:

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 transfers there 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.

Pros
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
Cons
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

BankCountryCity
Regions BankUsaBirmingham Al
Regions BankUsaMiami Fl

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.

Can I open a Regions Bank account in any country?

No, Regions Bank is available to customers in the United States only. 

Does Regions Bank have an app?

Yes, the Regions Bank Mobile app is available to download for free on iOS or Android devices. Compared to other money transfer apps, the Regions Bank app has been given a pretty low rating of 3.7 by customers on the App Store and 3.9 on the Google Play Store. These sub-par scores suggest this app is not yet functioning at the same standard as its competitors, so we would advise customers stick to accessing the Online Banking services via the Regions Bank website. 

Are there transfer limits?

Transfer limits are calculated on a case by case basis, depending on the total amount being sent or received. Customers can view the limit for each international transfer through their Online Banking account: Regions Bank advises customers to check if any external restrictions may apply to intermediary or receiving banks involved with the transfer. 

How long do transfers take with Regions Bank?

The transfer speed of a global remittance is determined by the chosen currency, transfer amount, destination country and receiving financial institution. For each international transfer initiated through Regions Bank, customers are given various delivery options which will directly impact the cost of the transaction. Typically, we advise customers to expect a delivery window of 3 – 5 working days once a transfer is submitted.

Can I use a Regions Bank debit card when travelling abroad? 

Yes, it is possible to use your Regions Bank card overseas, there is no need to inform the bank of your travel. 

Does Regions Bank offer foreign currency exchange services?

Yes, Regions Bank offers foreign currency exchange services for international money transfers. However, you should check the Regions Bank foreign currency exchange rates.

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 Enroll 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:

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 WorldRemitWiseXECurrencyfairCurrencies DirectKey CurrencyInstarem 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.

April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.