Brandon Lee
BB&T Bank offers international transfer services, allowing users to send funds overseas and exchange various currencies. The bank has merged with Truist Financial Corporation® and SunTrust® banks, providing a range of accounts and services for customers across the US. BB&T exchange rates are available on its website, and the bank offers a daily foreign exchange rate update subscription. BB&T charges a service fee of $65 for international wires and a 5% to 7% exchange rate margin, which can result in significant charges. Additionally, the bank includes FX margins, which are less transparent fees charged when the exchange rates offered are poorer than the mid-market rate. While BB&T provides currency exchange services, alternative platforms like Wise offer lower fees and the mid-market exchange rate without markups or hidden costs.
| Characteristics | Values |
|---|---|
| Exchange rate margin | 5% to 7% |
| Exchange rate fluctuation | Yes |
| Service fee | $65 per international wire transfer |
| FX margins | Less transparent; higher for less-traded currencies |
| Transfer time | 2-5 business days |
| Transfer method | SWIFT |
| Foreign currency exchange | Yes |
| Foreign currency deposits | Yes |
| Online banking | Yes |
| Bill payment options | Yes |
| Wire transfers | Yes |
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What You'll Learn
BB&T exchange rates
BB&T (Truist) does offer foreign currency exchange services. The bank provides international money transfer services, where the cost depends on the amount being transferred, the payment method, and the location of the sender and recipient. BB&T exchange rates are available on its website, and customers can also subscribe to a mailing list to receive daily foreign exchange rate updates.
When making an international transfer with BB&T, the exchange rate may fluctuate between the initiation and completion of the transfer. This means that the recipient may receive a smaller amount due to the markup kept by the bank on the conversion. BB&T does not disclose whether international wires can be made from all personal bank accounts, so customers are advised to verify this information with the bank before initiating a transfer.
Additionally, international transfers may incur additional fees, especially if there is a need to recall or trace the transfer. BB&T charges for international transfers can be avoided by using alternative services like Wise, which offers lower, more transparent fees and always provides the mid-market exchange rate without any markups or hidden costs.
It is important to note that the time required to process an international transfer through BB&T can vary depending on the destination country and bank. Customers are advised to contact BB&T's customer support for specific details regarding transfer times, fees, and exchange rates for their particular transaction.
In summary, while BB&T offers foreign currency exchange and international transfer services, there may be fluctuations in exchange rates and additional fees involved. Alternative services like Wise may provide more cost-effective and efficient options for sending money internationally.
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International transfer fees
BB&T international wires are processed as international wires, meaning that customers must use their online or mobile banking accounts to instruct a transfer. BB&T then wires the funds over SWIFT to reach its destination in a foreign country and currency. BB&T charges a service fee of $65 for every international wire transfer, and you may also be charged a correspondent bank fee of $10-$100 if BB&T cannot transfer your funds directly into your beneficiary's bank account. This fee is also called an 'agent charge'.
In addition to these fees, BB&T will include another less transparent fee in your transfer, known as an FX margin. These fees are charged when banks offer poorer exchange rates than the 'real' exchange rate, making a small profit on every dollar converted into a foreign currency. BB&T's FX margins are typically between 5% and 7% of the total transfer amount, but they can be lower if you're sending a dollar transfer to a major world currency like the British pound, US dollar, euro, or Singaporean dollar.
The BB&T exchange rate may fluctuate between the time you start a transfer and the time it’s completed, meaning the person receiving the transfer will see less money arrive in their account. BB&T exchange rates are available on its website, along with the option to subscribe to a mailing list to receive a daily foreign exchange rate update.
Using a debit or credit card to fund your transfers is usually the quickest but can come with an extra cost. Bank transfers are usually the cheapest option.
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Foreign currency exchange in person
BB&T Bank offers international transfer services, allowing users to send and receive funds in different currencies. However, it is unclear whether BB&T Bank allows for in-person foreign currency exchange.
BB&T Bank merged with Truist Bank in 2019, and Truist Bank does offer foreign currency exchange services. To exchange currency in person, you can visit your local Truist branch and speak to a teller to start your order. You may also be able to order currency in advance through online banking and then collect it in-branch.
It is important to note that foreign currency exchange rates may fluctuate between the time you start a transfer and the time it is completed. This means that the person receiving the transfer may see less money in their account due to the markup the bank keeps on the conversion. BB&T exchange rates are available on its website, and you can also subscribe to a mailing list to receive daily foreign exchange rate updates.
When exchanging currency in person, it is recommended to contact your local branch beforehand to confirm the process and any associated fees. Additionally, some banks may have minimum or maximum exchange amount requirements for certain currencies.
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Exchange rate margins
For example, if the standard exchange rate is $1.30 for every £1, a currency provider may sell you $1.28 for every £1. In this case, the margin would be $0.02 or around 1.5%. While this may sound small, these costs can stack up very quickly. Exchange rate margins are often referred to as 'hidden fees' because banks and currency exchange providers are not always forthcoming about how these fees are levied.
Financial institutions have overheads such as infrastructure, staff, and technology, and a portion of the exchange rate margin helps to cover these expenses. The margin also ensures revenue for the institution and acts as a buffer against potential fluctuations in the market.
Banks and traditional currency exchange providers tend to charge the highest exchange rate margins. Money transfer services and fintechs tend to charge the lowest. It is beneficial to compare rates from multiple sources before committing to a transfer.
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Alternative transfer options
If you want to avoid high bank fees and exchange rate mark-ups, you may want to consider a non-bank multi-currency account. This will allow you to receive incoming international wires in foreign currencies and choose when to convert your money back to USD. Some popular providers of multi-currency accounts include Wise, Revolut, and OFX.
Wise offers personal and business accounts that can be used to receive, hold, send, spend and exchange a variety of currencies. You can get paid in select currencies with local and SWIFT account details, often with no incoming payment fees. Wise also offers low, transparent fees, and you will always get the mid-market exchange rate with no mark-ups, hidden costs, or subscription charges.
Revolut offers personal customers in the US three different account tiers, all of which come with a linked debit card and some no-fee currency conversion each month.
The OFX Global Currency Account is a popular option for businesses, with 7 currencies supported for receiving, holding, and exchanging. Your account comes with local account details to take customer payments or get paid through PSPs and marketplace sites in major foreign currencies.
Another option is to use a debit or credit card to fund your transfers, which is usually the quickest option but can come with extra costs.
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Frequently asked questions
Yes, BB&T Bank offers foreign currency exchange and international transfers.
BB&T Bank charges a service fee of $65 for every international wire transfer. The bank also charges a 5% to 7% exchange rate margin, which can result in significant costs for outgoing international payments.
Yes, there are cheaper alternatives to BB&T Bank for international money transfers. For example, Wise offers low and transparent fees, without any markups or hidden costs.
BB&T Bank, now known as Truist Financial Corporation after its merger with SunTrust banks in 2019, offers foreign currency exchange services. You may need to make your foreign currency exchange in person, so it is recommended to speak to your local Truist branch for more information.
