US Bank is one of the largest financial institutions in the United States, with over 60,000 employees and millions of customers worldwide. Sending money internationally and domestically is a fairly straightforward and simple process with US Bank - provided you have an active bank account with them.
In this guide, we’ll be taking an in-depth look into US Bank, opening an account, the pros and cons, and sending money abroad.
US Bank (stylized as US Bancorp) is the fifth-largest bank in the United States and a leading financial institution around the world. Established in 1863, the company provides banking services as well as investment, mortgage, and payment services products to individuals and businesses.
US Bank has over 18.5 million customers, with more than 3,106 across the United States and 4,800 ATMs primarily located in the Western and Midwestern United States.
When sending money internationally, exchange rates and transfer fees are the two costs that you need to be aware of. Unlike money transfer operators who tend to be transparent about the costs involved with sending money abroad, it can be more difficult to get a full picture of what you will be charged for sending an international wire transfer via your bank.
We’ve covered that for US Bank here:
The exchange rate used to convert your funds into a foreign currency is set by US Bank on the business day your exchange is processed. While the margin added onto the mid-market rate is not specified by US Ban, they do state that it is “processed based on factors such as market conditions and risk, economic and business factors”.
The exchange rate you are offered is therefore unlikely to be exactly the same as you see on Google, for example, as it includes US Bank’s “profit, fees, costs and changes”. You will be given more information on the exchange rate you are being offered upon selecting the foreign currency you want to convert to when making your transfer.
The wire transfer fees for a personal account with US Bank are as follows:
Incoming (Domestic): $20.00
Outgoing (Domestic): $30.00
Incoming (International): $25.00
Outgoing (International): $50.00
The fees are different for business accounts, with wire transfer fees as follows:
Incoming foreign wire transfers: $15 per transaction
Outgoing foreign wire transfers: $70 per transaction
US Bank does note that there may be additional charges from the receiving bank when sending an international wire transfer, which can result in your recipient receiving fewer funds than initially agreed. If you need to send a specific amount to someone abroad, make sure you have taken fees from both the sending and receiving bank into account.
How do US Bank transfer fees compare to using a money transfer provider?
Overall, you are likely to find a more cost-effective way of sending money abroad when using a specialist money transfer provider such as WorldRemit or XE Money Transfer, who tend to have lower transfer fees and more transparent exchange rate margins. Use our comparison tool to find the best service for your transfer needs.
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Follow these steps to open your US Bank account and start transferring money internationally.
You can open a US Bank account either online or by visiting your local branch in-person. Regardless of how you choose to open your account, you’ll need to provide:
Social security number
A valid photo ID such as a driving license or passport
The minimum opening deposit of $25 (payable via card or transfer from another US Bank account)
You can send a wire transfer either at your local branch, or you can use your banking app. You must be a U.S. Bank customer with an active account to send your wire transfer.
You’ll need to provide the following information for an international wire transfer:
Valid identification (such as a passport or driving license)
The amount you are sending in dollars and the currency you are converting to
Full name of the bank the funds are being wired to
Swift Code or BIC (Bank Identification Code)
Name of the person the funds are being wired to
Account number the funds are being wired to
Any additional notes for the receiving bank (loan number to pay, etc.)
Here is the SWIFT/BIC information you’ll need for US Bank.
Bank Name: US Bank
Bank address: 800 Nicollet Mall BC-MN-H20I 55402
In summary, US Bank is a large and long-established financial institution and as you might expect, this means the process of sending and receiving money is extremely straightforward, secure, and easy to use once you have an active account in place.
However, in terms of fees, you are likely to find far more cost-effective ways of sending money internationally by using a specialist money transfer operator with fairer exchange rates and lower transfer fees. Use our comparison tool to find a real-time breakdown of the best transfer services for your needs.
From opening an account to transfer limits, we’ve answered some of the most frequently asked questions about US Bank in this section.