While Capital One does not publish the exchange rates that it uses to process your wire transfers internationally, we have found that its American bank competitors charge rates from 4.2% to 9.5%. more than €2,500.00) where the total cost of the transfer can rise dramatically. With both fees and exchange rates taken into account, Capital One international transfers can become rather costly, especially for larger transfer amounts (i.e. Capital One is not a specialist in sending money internationally, which is why we will later discuss alternatives for clients who want this service done.Ĭhristian Lue on Unsplash The Costs Combined These costs add up quickly, especially if your transfer amount is quite large. While Capital One does not publish its daily currency exchange rates publicly, other large American competitors charge exchange rate fees that range between 4.2% to 9.5% of the transfer amount depending on the currency involved. These hidden exchange rate margin fees are fairly high. We highly recommend assessing their exchange rates before you complete your transaction because Capital One will charge you its own exchange rate that's slightly poorer than the one that you'll see on Google (this is known as the mid-market exchange rate). Instead, you will have to ask your bank representative when you visit your branch to request an international transfer (only domestic wires can be done by phone or online with Capital One).
In addition to the fixed fees highlighted above, Capital One will also charge another fee called an exchange rate margin on every transfer you send abroad.Ĭapital One does not publish the exchange rates that it uses when processing international wire transfers. We recommend that you ask your Capital One representative for an estimate of these fees before you complete your transaction. Capital One generally does not waive these fees when they occur. Since traditional banks like Capital One send money through the SWIFT network, it is likely that 1-3 intermediary banks will be involved in the process.Ĭorrespondent banks, which help to get your money to its final destination, add their own fees. dollars: $50 per transfer.Īnother fee you may pay is a correspondent bank fee (typically ranging between $10.00 and $100.00 per transfer) if your wire transfer cannot be made directly to your beneficiary's bank. If the wire is in foreign currency: $40 per transfer.The bank representative will then wire your funds over SWIFT to reach its destination in a foreign country and currency.Ĭapital One international transfer fees are charged as fixed fees based on the type of currency that you are sending ¹. If you do not hold these kinds of accounts, you will be able to send money abroad but you will have to physically visit a Capital One branch to initiate the international transfer. This service is generally reserved for Capital One Essential Checking, High-Yield Checking, and Essential Savings retail account customers. Capital One conducts international wire transfers to send your money abroad.
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