About Wells Fargo Bank
Wells Fargo has been operating since 1852 and is the fourth largest bank in the US. Headquartered in San Francisco, California, the company offers a range of products from asset management and brokerage services to traditional banking, foreign currency exchange, finance and insurance services.
As of June 2018, Wells Fargo operated in more than 35 countries and had over 70 million customers globally. The bank has more than 8,050 branches in the US and 13,000 ATMs.
Wells Fargo exchange rates and fees
Like all banks, the two charges you need to be aware of when sending money internationally are the exchange rate margin and international transfer fees. We’ll breakdown the charges you can expect from Wells Fargo in this section.
Exchange rate
Wells Fargo does not provide a clear indication of the markup they add onto the exchange rate for international transfers, although you should be able to see the exchange rate you are offered if you are an existing customer about to send money abroad.
The bank states that the exchange rate offered “typically includes Wells Fargo’s sell or buy rate for that particular foreign currency, and/or a charge in order to compensate Wells Fargo for any number of considerations, such as risks taken, costs incurred and services rendered (i.e., “mark-up”), including the amount of revenue Wells Fargo expects to earn as a profit”.
Transfer fees
The transfer fees you can expect for an international wire transfer are as follows:
- Incoming international transfer: $16 per transfer
- Outgoing international wire transfer: fee disclosed at the time of your transaction
Additional costs
If you are sending a domestic wire transfer, you will be charged $15 per incoming transfer and $30 per outgoing domestic transfer. Repetitive outgoing domestic transfers are reduced to $25.
It’s worth noting that these fees are considerably higher than you would get if you were sending money abroad with a specialist money transfer provider, so you may want to consider getting alternative quotes before going ahead with your transfer.
Wells Fargo pros and cons
Swift Codes
Does Wells Fargo have an app?
Yes, Well Fargo has an app available to both Apple and Android devices. The app is designed to enable you to manage your money 24/7, allowing you to transfer money and pay bills, make deposits with your phone, and lock/unlock credit or debit cards.
About Wells Fargo Mobile App
Wells Fargo is a global banking group with a market value of $181.6 billion USD. According to data from June 2021 the Wells Fargo customer base currently stands at an estimated 69 million people. The bank continues to improve its digital offerings, optimising the Wells Fargo Mobile app to keep up with the growing demand of digital financial services.
The bank’s mobile app is different from its internet banking platform in a number of ways, namely its specially developed design, which is compatible with all recent versions of Android and iOS devices. The helpful built-in features include biometric authentication by way of facial and fingerprint recognition, location services and mobile check deposit: whereby the device’s camera is used to capture the front and back of the check, depositing it remotely via the app.
Through multiple layers of ironclad safeguarding – such as 128-bit encryption protecting sensitive data and two-factor authentication to prevent unauthorised access – Wells Fargo vows; “security is our priority.”
A list of the following services available through the Wells Fargo Mobile app:
- Pay bills and set up direct deposits
- Send domestic transfers to people you know and trust using Zelle®
- Send international transfers to more than 100 countries in over 70 currencies
- View account balances and search transaction history
- Activate, freeze and replace credit/debit cards
- Search for ATM locations
- Enable push notifications and alerts
- Digital wallet services
How do I get the Wells Fargo Mobile App?
Custom-made for iOS and Android devices, users can download the Wells Fargo Mobile app for free from the App Store and Google Play Store: available in all 35 countries that Wells Fargo operates in across North America, Africa, Asia Pacific, Europe, Middle East and Latin America.
Wells Fargo customers based in the USA can be sent a link to download the app to their mobile device: iOS users text IPH to 93557; for Android, text AND to 93557.
Can I make international transfers with the Wells Fargo Mobile App?
Yes, foreign currency exchange and international transfers are just one of many services offered by the bank, with remittances to over 100 countries in more than 70 different foreign currencies available.
How does the Wells Fargo Mobile App perform?
Compatible with Android, iPhones and iPads, the Wells Fargo Mobile app is private, secure and simple to use. The layout and format of the app is in keeping with the website, with features clearly displayed and instant access to account information.
The main concern flagged by users are issues with the fingerprint login function. However, as with any mobile application, glitches and bugs may occasionally occur, depending on the device used. Generally speaking, users of the Wells Fargo Mobile app are very satisfied with its performance.
How to Send Money with the Wells Fargo Mobile App
How long does it take to send money with the Wells Fargo Mobile App?
If submitted by 14:00 PM Pacific Time, transfers will be sent the same working day: transfers submitted after this cut-off time will be processed the next business day. Bear in mind national holidays and weekends will interfere with delivery speed.
Can you add money directly to the Wells Fargo Mobile App?
As a mobile banking app, this is not necessary, as users will have full access to funds held in their Wells Fargo bank account(s).
Ratings and Feedback for Wells Fargo Mobile App
The online rating given to this mobile app is 4.8 out of 5 stars on both the Google Play Store and App Store. These near-perfect scores indicate the app lives up to its word, is reliable and trustworthy. Negative ratings generally refer to the mobile deposits feature and personal preferences related to the design of the app’s user interface.
Answers to key questions about Wells Fargo
Below we’ve addressed some frequently asked questions regarding Wells Fargo, opening a bank account with them, and sending money internationally.
Can I open a Wells Fargo bank account in any country?
Yes, you can open a Wells Fargo bank account online, so you don’t necessarily need to be in the US to get your account set up (although you could also visit a local branch if you would prefer).
Are there transfer limits?
Wells Fargo confirms that the amount you can send to recipients is restricted for your security, with account limits shown below the ‘Wire amount’ field when you send a wire transfer.
If you would like to request higher limits, however, you can visit your local branch to discuss your case with staff in-person.
How long do transfers take with Wells Fargo?
If you submit your international wire transfer by 2 PM Pacific Time, your transfer will typically be sent on the same business day. If you submit your transfer beyond this cut-off time, your transfer will be processed the next business day (something to be aware of if sending around a Bank Holiday or a weekend).
What customer support options are available?
You can contact Wells Fargo customer service on 1-800-956-4442, visit a local branch in-person, or use their help centre online for more information and advice about your account.
How to open an account and transfer money with Wells Fargo Bank
This section will detail exactly how to open an account with Wells Fargo and send money domestically and internationally.
Opening an account
You can open a new Wells Fargo account at a local branch (the bank has over 8,000 branches so you should be able to find one nearby!), but you can also apply for your new account online for added convenience.
To do this, you’ll need to provide:
- Your contact information
- Your Social Security Number
- A copy of a valid photo ID (passport or driving license)
- The minimum opening deposit amount
Transferring money
You can transfer your money online, on the Wells Fargo banking app, or at a local branch in-person.
If you’re sending money online, you’ll simply need to navigate to the ‘Wire money’ section of your account, enter your recipient’s details, the sum you are sending, and what currency you are looking to exchange between.
Wells Fargo should give you a clear breakdown of your maximum sending limit and the exchange rate you will get – make sure you keep in mind the fees you’ll be charged for a wire transfer too.
Summary
Wells Fargo one of the largest banks in the US, with a huge presence and millions of customers relying on their services every single day around the world. It is, therefore, safe to assume that you will be using a reliable and secure service to manage your money and make international transfers with this company.
However, compared to most specialist money transfer operators, you will pay more in fees and exchange rate margins when sending money internationally. If this is your main priority, you may want to consider comparing money transfer operators to find a better deal for your transfer needs.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.