Brandon Lee
Fifth Third Bank offers foreign currency exchange services for travel, allowing customers to buy and sell over 70 different currencies. The bank also provides international wire transfer services, enabling customers with a checking or savings account to send money in numerous foreign currencies. Additionally, Fifth Third Bank offers global treasury solutions and FX trading services to help businesses navigate international banking and manage foreign activity. However, reviews suggest that the bank's exchange rates may not be competitive, and alternative providers may offer better rates and lower fees for currency exchange and international transfers.
| Characteristics | Values |
|---|---|
| Exchange of foreign currency | Yes |
| Exchange for non-customers | Yes |
| Exchange limit for non-Fifth Third customers | $1,500 USD per day and $4,000 USD per month |
| Exchange limit for Fifth Third customers | No limit |
| Exchange locations | More than 60 traditional and consignment locations |
| Exchange rate | Not transparent |
| Exchange fee | $50 for transfers sent in foreign currency |
| Exchange rate margin fee | 4-7% |
| Exchange of currencies | More than 70 different currencies |
| Exchange of currency for business | Multicurrency Account in more than 15 currencies |
| Exchange time | 1-2 days |
| Exchange of currency online | No |
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What You'll Learn
Foreign currency exchange for travel
If you are a Fifth Third Bank customer, you can exchange foreign currency for international travel. Fifth Third Bank exchanges more than 70 different currencies, and there is no minimum or maximum amount of foreign currency you can exchange. The bank offers competitive exchange rates, and you can buy and sell foreign currency at your local branch.
If you are not a Fifth Third Bank customer, you can still exchange currency at any of the bank's 60+ consignment locations, which are placed throughout the US from Michigan to Florida. However, non-customers can exchange no more than $1,500 USD per day and $4,000 USD per month.
All foreign currency transactions must be performed in person, and the bank does not offer online or at-home services. If the branch does not have your desired currency, they will order it, and it should arrive within 1-2 business days.
Fifth Third Bank charges fees for its currency exchange services. These include a $50 bank fee for transfers sent in foreign currency, as well as an exchange rate margin, which is a hidden fee. The bank does not publish its exchange rates, and its rates are weaker than the mid-market rate, averaging 4-7% lower.
There are alternative options for exchanging foreign currency for travel. Fintech alternatives like Revolut, Wise, and Chime offer more competitive exchange rates and lower fees. For example, Wise offers linked debit cards for spending and withdrawals worldwide, with currency conversion at the mid-market exchange rate and low conversion fees from 0.41%.
If you are travelling to the Cincinnati/Northern Kentucky International Airport, you can also access currency exchange services at the Fifth Third Bank branch located there.
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Exchange rates and fees
Exchange Rates
Fifth Third Bank does not publish its exchange rates, but it exchanges currency at a weaker rate than the mid-market rate and pockets the difference. This is a common practice among banks, which offer an interbank, spot, wholesale, or mid-market rate. Non-bank alternative providers, like Wise, may offer the mid-market rate and split out the transparent costs of the transfer.
Fees
There are two types of fees associated with Fifth Third Bank currency exchange: the bank fee and the exchange rate margin. The bank fee is a transparent fee that banks charge for the service. Fifth Third Bank charges $50 for transfers sent in foreign currency. The exchange rate margin is a hidden fee levied by all banks.
Account Type
The type of account you have with Fifth Third Bank will determine the fees and transfer times. If you have a checking or savings account, you can make an international wire transfer.
Payment Method
The payment method you use can impact the cost and speed of your transfer. 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.
Currency
The currency you are exchanging can impact the time and cost of your transfer. Sending money to some currencies can take longer than others.
Location
Fifth Third Bank has over 60 consignment locations that carry the most popular currencies on-site for same-day exchange. For all other currencies, you can order currency and receive it as soon as the next business day.
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International wire transfers
How to Send Money
To send money internationally through Fifth Third Bank, you must complete the process in person at a Fifth Third Bank branch. You will need to fill out a wire transfer request form, which can be picked up at any branch. You will also need to provide the recipient's full name, address, and bank account information, including the bank name, address, SWIFT/BIC code, and IBAN (if applicable).
Fees
Fifth Third Bank charges a flat fee of $50 for every international wire transfer. In addition, you may be charged a correspondent bank fee, or agent charge, by a third-party bank, which can range from $10 to $100. This fee is not always incurred but may be applied if Fifth Third Bank cannot transfer funds directly into the beneficiary's bank account and needs to rely on another bank.
The bank also includes an additional, less transparent fee in the form of FX margins. These margins are the difference between the 'real' exchange rate, or mid-market rate, and the rate offered by the bank, allowing them to make a small profit on each dollar converted. FX margins typically range from 4% to 7% of the total transfer amount but may be lower for major world currencies and higher for less-traded currencies.
Transfer Time
Alternatives
There are several online money transfer providers that offer lower fees and faster transfer times, such as Wise, Revolut, Instarem, and Remitly. These providers use the mid-market exchange rate, providing greater transparency and often resulting in lower overall costs.
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Global treasury solutions
Fifth Third Direct® and Multicurrency Account
Fifth Third Bank's online banking portal, Fifth Third Direct, allows users to initiate wire payments and access Canadian and domestic account activity and balance reporting. The bank's Multicurrency Account enables businesses to manage foreign payables and receivables in over 15 currencies, thereby reducing the risk of currency value fluctuations. This account can be beneficial for importers, exporters, and multinational corporations, allowing them to make payments in real-time and virtually anywhere through Fifth Third Direct and their global network of correspondent banks.
FX Trading with Fifth Third Market Trade
The Fifth Third Market Trade platform, housed within Fifth Third Direct, simplifies the process of sending foreign wires. It provides live, executable foreign exchange rates, and user-level configurability allows for preference-driven views based on currency pairs, product types, and activities. There is no cost associated with adding Market Trade to your Fifth Third Direct profile, and it offers cost-saving benefits like competitive conversion rates and waived foreign wire fees.
Multibank Reporting with Infopool
Fifth Third's Multibank reporting, Infopool, provides online access to all third-party international bank accounts through Fifth Third Direct. This service helps businesses increase access and control over their foreign accounts and gain uninterrupted access to all banking information.
Foreign Exchange (FX) Strategy
Fifth Third Bank has one of the largest regional trading desks in the United States. They assist businesses in identifying exposure to exchange rate fluctuations, measuring risk, and establishing an FX strategy to protect their interests. This includes offering various financial instruments like forward contracts, FX options, collars, and participating forwards.
Global Commercial Payments Services
Fifth Third Bank leverages its relationships with international banks to simplify the management of foreign activity. Their global commercial payments services focus on Canadian accounts and foreign accounts in multiple currencies. The Fifth Third Canadian Canlink Account is designed to streamline doing business in Canada, allowing for paper check deposits, electronic check deposits, and check disbursements with fraud protection.
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Foreign exchange trading
Fifth Third Bank offers foreign exchange services for both personal and business use.
For personal banking, Fifth Third Bank allows customers to exchange foreign currency for international travel. There is no minimum or maximum amount that customers can exchange, and the bank buys back unused foreign currency. Non-customers can also exchange currency, but with a limit of $1,500 USD per day and $4,000 USD per month. All transactions must be performed in person at any Fifth Third location.
For business banking, Fifth Third Bank offers a range of services to support international operations, including foreign exchange trading. Fifth Third's Multicurrency Account helps businesses manage foreign payables and receivables in more than 15 currencies, reducing the risk of currency value fluctuations. The bank also provides access to dedicated corporate traders and service specialists who can facilitate international wire transfers.
Additionally, Fifth Third Market Trade is a platform within Fifth Third Direct that streamlines the process of sending foreign wires. It provides live, executable foreign exchange rates, and there is no cost associated with adding Market Trade to a Fifth Third Direct profile.
However, it is important to note that some sources suggest that Fifth Third Bank's currency exchange services may not offer the most favourable rates for customers. There are alternative providers, such as Wise and Revolut, that may offer better exchange rates and lower fees for international transfers. These alternatives are worth considering when making decisions about foreign exchange trading.
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Frequently asked questions
Yes, Fifth Third Bank offers currency exchange services for travel. All Fifth Third Bank locations can assist customers who wish to exchange foreign currency.
If you are a Fifth Third customer, there is no minimum or maximum amount of foreign currency you can exchange. Non-Fifth Third customers can exchange the equivalent of no more than $1,500 USD per day and no more than $4,000 USD per month.
No, all foreign currency transactions must be performed in person at any Fifth Third location.
