Fees are one of the most important parts of every banking transaction. Have you been confused about the USAA transfer fees? Not anymore! We have perfectly articulated everything you need to know about USAA transfer fees to prepare you for a smooth wire transfer journey. So let us begin.
With the upsurge in technology, there has been a great boost in the interrelationship between the various countries of the world. Not only has communication improved, one can transact business and exchange money with individuals in other countries and continents.
If you are a customer of USAA and you intend to send money to other countries, then you should first consider the cost or the fees that you would be charged for that service. And because of this, many USAA customers including you want to know the USAA transfer fees.
This article has simplified the USAA transfer fees in such a way that you will have no other questions after reading this. It promises to be a very interesting and educative read. So relax and join me as we go through the information together.
What Is USAA Wire Transfer?
Let us understand the concept of USAA wire transfer before going into detail. A wire transfer simply means an electronic transfer of funds from one bank to another especially when it is from one country to another. So, if you are moving money from any bank account in the United States to a bank account in any other country of the world, you are performing a wire transfer.
The USAA wire transfer, therefore, is the electronic transfer of funds from your USAA bank account to another bank account, especially in another country. USAA wire transfer also includes the transfer of money from another bank to your USAA bank account. Either way, it is a wire transfer if the money is going out or coming into your USAA bank account from another country.
Does USAA Have A Transfer Fee?
Yes, there are USAA wire transfer fees. These are the fees that you are required to pay for your wire transfer to be processed and delivered successfully. This is not peculiar to USAA alone as that is what is prevalent among all banking and financial institutions all over the world.
However, the fees or charges vary from one institution to the other. Hence the USAA wire transfer fees are not the same as that of Wise and other financial institutions.
The major reason for the USAA wire transfer fees could be traded to the fact that the transfer would be processed to a partnering bank (Bank Of New York, Mellon). And that process demands some payment. Having said all of these, you may ask “What are the USAA wire transfer fees?”. Read the next paragraphs to see them.
What Are The USAA Wire Transfer Fees?
When considering making a wire transfer from your USAA account, the fees should be the major things to look at. It is important to note at this juncture that there are 3 categories of USAA wire transfer fees that you should consider before proceeding to place a request. In the following paragraphs. I will show you each of the USAA Transfer Fees.
USAA Wire Transfer Fees For Every Outgoing Transaction
The first category of USAA wire transfer fees to consider is the fee for every outgoing transaction. You will be charged a fee for every individual transaction that you send through the services of USAA site transfer.
The few that are charged by USAA for every outgoing transaction is $20. In other words, a sender is charged $20 per outgoing transaction by USAA. This is the first category of the USAA transfer fees. However, that is not all there is to the fees as there are other charges that you would also need to pay before your transaction would be processed successfully. Read on to see the next category of USAA wire transfer fees.
USAA Wire Transfer Fees For International Transfers – Correspondent Bank Fees
Apart from the USAA wire transfer feed for outgoing transactions that was explained above, there are other categories. And so, let’s look at the fees for international transfers. USAA site transfer fees for international transfers other called the correspondent bank fees is another set of fees added to that explained above.
You will be charged $25 as wire service fee for international transfers when using USAA wire transfer. This is the fee for the correspondent bank. This is what it means. USAA is not an international bank. And as such, it can not independently process wire transfers.
So what it does is partner with another bank that serves as an intermediary to process the transfer and make sure it gets to the receiver. The bank that processes the USAA wire transfer is the Bank of New York Mellon. Hence the charges of $25 for each transaction.
With this, the USAA wire transfer fee is $45. This is quite much if you ask me. But there is a guarantee that your funds will get to the recipient in time. It would interest you to know that these are not the only charges or fees to consider when talking about USAA wire transfer, as more money will be deducted in the process of exchanging the currency to that of the recipient’s country. See the details of this below.
USAA Exchange Rates
As noted above, USAA is not an international bank hence it uses the services of a correspondent bank (Bank of New York Mellon) to process transfers. So what happens is that the Bank of New York Mellon will convert the currency to that of the recipient before sending it across to the right destination.
And the conversion usually is not done at the general mid-market rate that is seen online. The exchange rate is not also listed on the USAA website. Most financial institutions have a mark-up rate that is used and thus again varies from one institution to the other. Most of them use 4-6 percent as the mark-up rate. If you wish to know beforehand, then you can reach out to the customer care section of the institution to enquire.
So the USAA wire transfer fees are a combination of $20 for every outgoing transaction, $25 for a correspondent bank, and the exchange rate. After considering all of these, you can now go ahead and make the transfer. See how to do that in the next section.
How To Make USAA Wire Transfer
You can not initiate or carry out a USAA wire transfer yourself. So if you wish to use the wire transfer service of the bank, you have to request it by calling the customer service unit in charge of wire transfers.
The numbers to call are 800-531-8722 and 210-531-USAA (8722). The calls should be made between 7:30 AM and 3:30 PM on Mondays to Fridays. You will be asked to provide the following information.
Requirements For USAA Wire Transfer?
The following are the requirements needed to process a USAA wire transfer.
- The full name of the recipient.
- The recipient’s address.
- The account number of the recipient used for receiving wire transfers.
- The bank address of the recipient.
- The SWIFT code of the recipient’s bank.
- The full amount of money that you want to send.
- A brief note to describe the purpose of payment.
Before opting to transfer money with the USAA wire transfer service, you must first consider the cost. This article has explained USAA wire transfer fees in the best way that you can ever get. All things being equal and with the correct information provided, the recipient will receive the money in 15 days.