As a business owner, you constantly seek ways to cut costs, especially when sending payments to global suppliers or managing cross-border transactions. High international wire transfer fees can quickly add up, while slow transfers can delay payments. By choosing a bank with low fees, competitive exchange rates, and fast processing, you can reduce your overall business costs and keep your overseas payments on track.
Here is a list of our best banks for international wire transfers.
- Overall best business bank for international wire transfers: Chase
- Best for businesses focused on international trade: Citibank
- Best for variety of global services: Bank of America
- Best for competitive fees and user-friendly online platform: Capital One
- Best for digital banking tools and strong customer support: Truist Bank
- Best for strong international connections to Europe and South America: Santander Bank
- Best for businesses owned or associated with military members: Navy Federal
Best business banks for international wire transfers quick comparison
| Chase | Incoming: Up to $15 Outgoing: Up to $50 |
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| Citibank | Incoming: $15 Outgoing USD: $65 ($27 if online) |
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| Bank of America | Incoming:$15 Outgoing USD: $45 (USD); $0 (non-USD) |
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| Capital One | Incoming: $15 Outgoing USD: $50 (USD); $40 (non-USD) |
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| Truist Bank | Incoming: $20 to $75 Outgoing: $36 to $75 |
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| Santander Bank | Incoming: $15 Outgoing USD: $40 (USD); $31 (non-USD) |
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| Navy Federal | Incoming: $0 Outgoing: $25 |
Chase: Overall best business bank for international wire transfers
Our rating: 4.15 out of 5
Chase is one of the largest traditional banks in the United States, offering a wide range of business products and services, including three business checking accounts with waivable monthly fees. By opening the entry-level Business Complete Checking account, you can earn a welcome bonus of up to $500 after completing qualifying activities. This limited-time offer is available until April 17, 2025.
Why I chose it
I chose Chase as the overall best business bank for international wire transfers due to its global presence in over 140 countries and strong foreign bank relationships, which ensures faster wire processing. It also offers multi-currency accounts, foreign exchange services, and high security. Receiving an international wire costs $15 but is free if sent through a Chase banker or online/mobile banking. Meanwhile, sending a foreign currency wire costs just $5 or is free for transactions of $5,000 or over, resulting in more savings.
Fees
International wire transfer fees
- Incoming: Up to $15
- Outgoing: Up to $50
Monthly fees
- Chase Business Complete Banking: $15; waivable
- Chase Performance Business Checking: $30; waivable
- Chase Platinum Business Checking: $95; waivable
Features
- $0 or $5 wire fees for outbound FX transactions facilitated online or via Chase’s app
- Free associate and employee debit cards upon request
- Chase Bank QuickBooks integration
- Built-in card acceptance through its mobile app
- Fraud protection services
- Payment and invoicing services via Chase Payment Solutions
- Digital banking and branch locations in 48 states
- Online and branch customer support
Pros and cons
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Citibank: Best for businesses focused on international trade
Our rating: 4.14 out of 5
Citibank is another leading global financial institution that offers a broad array of business products and services to meet the needs of businesses of all sizes. It has several business checking accounts with waivable monthly fees to suit different business requirements. Opening the entry-level CitiBusiness® Streamlined Checking account lets businesses enjoy essential banking services with low fees and flexible transaction options.
Why I chose it
I chose Citibank as another best bank for international transfers on this list, given its global reach of over 100 countries with offices. This provides easy access to international payments and multi-currency transactions. It also offers foreign exchange services for businesses, helping you manage currency risks. Like Chase, Citibank’s direct relationships with major global banks enable faster, more reliable transfers, reducing the need for multiple intermediary banks and helping lower processing fees.
Fees
International wire transfer fees
- Incoming: $15
- Outgoing: $65 ($27 if initiated online)
Monthly fees
- CitiBusiness® Streamlined Checking: $15; waived by maintaining an average collected balance of $5,000
- CitiBusiness® Flexible Checking: $30; waived by maintaining an average collected balance of $10,000
- CitiBusiness® Interest Checking: $30; waived by maintaining an average collected balance of $10,000
Features
- Lower outbound international wire transfers done online
- Over 65,000 fee-free ATMs nationwide
- $2,000 welcome bonus (in selected areas)
- Send money, transfer funds, and deposit checks through mobile
- Overdraft and uncollected funds protection
- CitiBusiness® Preferred programs include waived international wire fees.
- Specialized business checking accounts
Pros and cons
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Bank of America: Best for variety of global services
Our rating: 4.04 out of 5
Bank of America is a major U.S. bank offering extensive business products, including global payment solutions, cash management, and business checking accounts with waivable monthly service fees. You can enroll in the free Preferred Rewards for Business program to unlock loan rate discounts, enhanced savings interest, and free incoming international wire transfers for higher-tier members.
Why I chose it
I selected Bank of America as the best traditional business bank for international wire transfers because it provides a complete range of global services, including payments and foreign exchange for businesses. With a strong presence in many countries, Bank of America’s global network ensures smoother processing of international wire transfers. Additionally, it does not charge fees when you send non-USD wire transfers, which can reduce your expenses.
Fees
International wire transfer fees
- Incoming:$0
or $15 - Outgoing: $45 (USD); $0 (non-USD)
Monthly fees
- Business Advantage Fundamentals Banking: $16; waivable
with no monthly fee for the first 12 months - Business Advantage Relationship Banking: $29.95; waivable
Features
- Physical and digital debit cards
- Free Dun & Bradstreet business credit score
- Free enrollment for Preferred Rewards for Business
- Loan rate discounts and savings rate boosts via preferred rewards program
- Business checking accounts with waivable monthly service fees
- QuickBooks and Zelle integration
- Cash Flow Monitor® tool connecting accounting, analytics, and payroll apps
- Variety of business products (credit cards, lending, savings, and investments)
Pros and cons
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Capital One: Best for competitive fees and user-friendly online platform
Our rating: 3.9 out of 5
Capital One is a prominent U.S. bank with branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C. It offers several business products and services, including business checking accounts with easily waivable monthly service fees and access to comprehensive financial tools. Digital transactions, such as mobile deposits, ACH payments, and select online bill pay options, are fee-free, helping small businesses curb banking costs.
Why I chose it
I chose Capital One as another best bank for international transfers due to its simplicity and transparency, offering straightforward fees and a highly rated, user-friendly interface with over 10 million reviews. Although international wire transfer support can only be initiated at Capital One branches, its clear fee structure and efficient digital platform make it easy for businesses to manage and process their day-to-day fee-free digital transactions seamlessly.
Fees
International wire transfer fees
- Incoming: $15
- Outgoing: $50 (USD); $40 (non-USD)
Monthly fees
- Basic Checking: $15; waivable
- Enhanced Checking: $35; waivable
Features.
- Free inbound domestic wire transfers under a higher-tier checking
- Free overdraft protection
- QuickBooks and Xero integration
- Waived monthly fees for additional accounts
- Remote deposit capture and fraud prevention services
- More than 70,000 in-house, Allpoint, and MoneyPass network ATMs
- Multiple business credit cards are available
- Features business savings, certificates of deposit (CDs), and lending products
Pros and cons
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Features
- No monthly fees
- Offers free cash deposits
- Checking reward levels under Dynamic Business Checking
- Debit card cash back
- Integrates with QuickBooks and Zelle
- Four free incoming domestic wires (Dynamic Business Checking)
- Unlimited fee-free cash deposits (Community Business Checking)
- Free integration with accounting software, QuickBooks, and Zelle
Pros and cons
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Santander Bank: Best for strong international connections to Europe and South America
Our rating: 3.61 out of 5
Santander Bank is a well-established financial institution offering a variety of business banking products, including business checking accounts with waivable monthly fees and solutions tailored for international businesses. With a Business Checking account, you can enjoy up to 300 transactions monthly and deposit up to $10,000 in cash each month with no fees. The bank also provides several ways to waive the monthly fee, making it cost-effective to manage your account.
Why I chose it
Santander Bank is my best bank for wire transfers, especially if you frequently send payments to Europe and South America, thanks to its strong global presence in over 10 countries. With competitive exchange rates, multi-currency accounts, and international trade finance services, Santander helps business owners lower fees and efficiently manage cross-border payments.
Fees
International wire transfer fees
- Incoming: $15
- Outgoing: $40 (USD); $31 (non-USD)
Monthly fees
- Business Checking: $15; waivable
- Business Checking Plus: $50; waivable
Features
- High transaction limits
- Generous cash deposit allowance
- First check order discounts
- Access to merchant services
- Business money market accounts and small business CDs
- Auto investment and sweep accounts
- Escrow and IOLTA
- Multiple lending options
Pros and cons
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Features.
- Free incoming international wire transfers
- Debit card with zero liability for unauthorized transactions
- Competitive APY for business checking and savings
- Business savings, MMAs, and CDs
- Merchant services, payroll processing, and business insurance
- Business credit cards
- Commercial real estate (CRE) loans, lines of credit, and term loans
Pros and cons
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Alternatives to traditional banks (fintechs and online banks)
Unlike traditional banks, which often have higher fees, slower processing times, and less transparency, you can consider fintechs and online banks, which typically offer lower fees, faster transfers, and greater convenience for international wire transfers.
See the table below for a comparison of various fintech options and digital-only banks.
| Mercury | Incoming: $0 Outgoing: $0 |
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| Bluevine | Incoming: $15 Outgoing : $25 (USD) Outgoing : $25 plus 1.5% (non-USD) |
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| Novo | Incoming: $0 Outgoing: available through Wise for a “low” fee |
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| Grasshopper Bank | Incoming: $5 Outgoing: $25 |
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| Axos Bank | Incoming:$0 Outgoing: $50 (USD) |
Based on your international wire transfer business needs, here’s how each provider stacks up:
- Mercury: Best for startups and tech companies, offering free incoming and outgoing international wire transfers, support for over 160 countries, and an attractive new account promotion.
- Bluevine: Best for small businesses and service-based companies, with fast 24-hour transfers and tiered pricing for international payments.
- Novo: Best for eCommerce businesses, offering free incoming international wires, low-cost outgoing transfers through Wise, and support for over 150 countries.
- Grasshopper Bank: Best for startups and venture capital-backed companies, offering lower international wire transfer fees than other banks.
- Axos Bank: Best for small to midsize companies, providing free incoming international wires and a solid new account promo.
Factors to consider when choosing the right bank for your business
When looking for the right bank for business international wire transfers, several factors are crucial to ensure the process is efficient, cost-effective, and aligned with your business needs.
Here are the key factors to consider:
- Transfer fees: International wire transfer fees vary by bank, with outgoing and incoming charges that may be flat or percentage-based. Compare fees and choose a bank with transparent structures.
- Exchange rates and markups: Banks often mark up the exchange rate, so to minimize costs, compare exchange rates to the market rate and check for any additional foreign currency conversion fees.
- Transfer speed: International wire transfers typically take 1 to 5 business days, depending on the bank, country, amount, and currency. Some banks and fintech companies offer faster processing and provide tracking options to monitor progress and receive alerts.
- Global coverage and network: Make sure the bank supports transfers to the countries where your business operates and has a strong network of correspondent banks for faster, more cost-effective transfers.
- Customer support: Responsive customer support is essential for international transfers, so check if the bank offers 24/7 assistance or support in the languages of the countries you’re transacting with.
- Online and mobile banking: Choose a bank with a user-friendly online or mobile platform that simplifies initiating and tracking international wire transfers.
- Transfer limits: Check if the bank has transaction limits for international wire transfers, as some may restrict large amounts.
- Integration with business financial tools: If your business uses accounting or payment software like QuickBooks, check if the bank integrates with these platforms to simplify financial tracking.
- Reputation and reviews: Check customer reviews and seek feedback from other business owners. Choose a bank with strong experience in international finance or one specializing in businesses of your size and industry.
Hidden fees and costs in international wire transfers
- Exchange rate markups: Banks profit by offering less favorable exchange rates.
- Wire processing fees: Unexpected fees charged by the sending or receiving bank.
- Intermediary bank fees: Fees taken by banks between the sender and receiver.
Tips to avoid hidden fees in crossborder payments
- Be cautious of hidden fees: As a former banker with experience assisting customers with international wire transfers, I know intermediary banks can charge unexpected fees. I recommend confirming with your bank if they’re involved and inquiring about their fees.
- Use a bank’s rate calculator: Before proceeding with payment online, you can get real-time requests for foreign exchange (FX) rates to know how much you’re sending to avoid surprises.
- Know the fees: Watch out for high fees and exchange rate markups with traditional banks.
- Consider alternative methods: Fintech companies like Mercury, Bluevine, and Novo can offer faster and cheaper transfers compared to traditional banks and have the best business bank accounts for international payments.
- Check the timing: Wire transfers don’t process on weekends or holidays, so it is vital to be aware of cutoff times to avoid delays and protect your business relationships.
Methodology
To identify the best banks for international wire transfers, I evaluated criteria such as global reach, fees, transfer speed, supported countries, and customer service. I gathered data from official bank websites and used a rubric system to compare incoming and outgoing international wire transfer fees and business checking account pricing and features. Limitations include undisclosed data, such as specific exchange rate markups, which are at the bank’s discretion.