Wells Fargo International Transfer: Exchange Rates, Fees, and Transfer Times

Wells Fargo is great for a current account, but when it comes to international transfers, they’re a bit behind the competition.

We’ve analyzed the details of Wells Fargo’s international transfers. We’ve looked at their foreign exchange rates, fees, and transfer times.

Read on to find out how Wells Fargo’s international transfers stack up against the competition, and save money on your next exchange.

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Wells Fargo is best suited for US residents in need of a checking account for the majority of their income. If you only tend to make domestic transfers within the US, Wells Fargo may suit your needs perfectly.

Domestic transfers are managed in partnership with Zelle, keeping your transfers quick and easy. Plus, you can pay your bills online for more convenient banking.

But when it comes to international transfers, you might want to consider alternatives.

Wells Fargo for international wire transfers

Here’s an overview of Wells Fargo’s international transfers, and how they compare to money transfer companies.

Transfer type

Wells Fargo

Money Transfer Companies

$25 - $50 per transfer

$15 per transfer

1 - 5 business days

Instant - 3 business days

• International wire transfer
• Cash pick-up
• Direct credit transfer via ExpressSend
• Domestic Zelle transfer

• ACH transfer
• Credit/debit card
• International and domestic wire transfer
• Cash pick-up

Scoring Wells Fargo

It’s important to consider lots of things when making a transfer with Wells Fargo.

The obvious consideration is cost, but there’s also customer service quality, how easy it is to transfer money with Wells Fargo, and how quickly your money will arrive.

While transferring with your checking account may seem easier than using another provider, you might be surprised.

International transfers with your bank can take a long time, and often you’ll need to visit your local branch to be able to authorize them.

We’ve looked at and analyzed the exchange rates, transfer costs, support, and online user reviews. Here’s a quick summary of the top highlights and drawbacks.

• Well-known, big name in the US banking industry
• Lots of traditional, physical branches make it easy to visit in person if that’s your thing
• Wire transfers can be completed online

• International transfers are expensive. You pay the fee for sending and receiving money, plus the foreign exchange rate markup.
• Transfers tend to be slow, taking anything up to seven business days to complete
• There are strict limits on how much you can send abroad

Wells Fargo fees and exchange rates

Fees and rates

Exchange rates

Like a lot of traditional banks, Wells Fargo adds a markup to the mid-market exchange rate when you make an international transfer.

On average, we found that they add a 6% markup to the exchange rate, meaning you’ll get 6% less money back on your exchange than you would if you used the mid-market exchange rate.

Here are a few examples of where we got it from.

Amount

Wells Fargo rate

Mid-market rate

Markup

*Calculated on 28/02/2024.

You can get the right value for your exchange if you use a provider that offers the mid-market rate on exchanges.

Online money transfer providers like Wise, Revolut, and Instarem all make exchanges using the mid-market rate, but there’s a small fee for your transfer.

However, Wells Fargo does offer ExpressTransfer service, which limits the location and transfer limits but is much cheaper for smaller transfers.

Let’s take a look at the example below.

Let’s assume you are making a $1,000 transfer from the US to Mexico BVAA bank.

According to Wells Fargo, the exchange rate is 1 USD = 18.1925 MXN via ExpressTransfer, as well as a $6.00 fee on top. This means you will need to deposit $1,006 and will receive 18,192.50 MXN.

In comparison, using Wise you could send money at the mid-market rate (1 USD = 18.3848 MXN) and pay a 0.35% fee. This means you will send $1,000 ($996.50 minus the fee) and receive 18,320.45 MXN.

Meaning, you deposit less and get more with a money transfer company.

Here's how online reviews reflect Wells Fargo fees in comparison to Wise.

International transfer fees

Wells Fargo charges for incoming international wire transfers.

Receiving an international wire transfer into your Wells Fargo account costs $15. This isn’t uncommon; a lot of traditional banks charge a fee for receiving wire transfers.

They also charge a foreign transaction fee, these range from $4 - $30 per transfer, depending on your transfer method and where you’d like to send the money.

International wire transfers have a flat fee of $30.

While, bank deposits and cash transfers with ExpressSend are a bit cheaper, between $4 and $8 per transfer (for example, sending $1,000 from the US to Mexico will cost you $6).

Below is a summary of the transfer fees and rate markups on Wells Fargo wire transfers. We’ve compared them to two transfer providers, Wise and Xe, to put them into context.

*Fees taken 28/02/2024. We've also looked at what online users have to say about Wells Fargo in terms of fees (and how it compares to Wise).

Transfer speed

Transfer speed

On average, international transfers with Wells Fargo take around 2-7 business days. Most money transfer providers are quicker than this, with Wise and Xe being some of the fastest transfer providers out there. As for the user reviews, it looks like Wells Fargo's transfer speed is worse than money transfer provider Wise, averaging around 1/5.

Transfer limits

Transfer limits

The daily transfer limit varies depending on where you’d like to send the money, ranging from $600 to $5,000 for bank credits, and $500 to $1,500 for cash pickup. There’s a consecutive 30-day limit on all transfers of $12,500. Wire transfers are limited to $25,000 per transfer, but this can be lifted in some cases if you visit a Wells Fargo branch. All these amounts are on the low side when compared to most transfer providers. Global66 for example has the strictest limits at $15,000 per transfer, with some providers like TorFX and OFX having no upper transfer limits. Similar to what we found, lower transfer limits are mentioned in user reviews. On average Wells Fargo is rated as 1/5 for transfer limits.

Product offering

Product offering

Wells Fargo lets you send money abroad by wire transfer, credit deposit, or cash for pickup. Bank deposits and cash transfers are available through ExpressSend, but this can only send money to 12 countries around the world. Wire transfers are managed by Wells Fargo directly. They cost $30 each, and add a markup of about 6% to the exchange rate.

You can send money from your Wells Fargo account to an international money transfer provider. Transfer providers are cheaper than sending wire transfers with your bank, and they’re often faster too.

There’s no fee for buying foreign currency with Wells Fargo, but there is a markup of around 6% on the mid-market exchange rate.

You can buy more than 50 different currencies with Wells Fargo, including:

Online

You can order foreign currency via Wells Fargo Online. Log into online banking, go to Accounts, and select ‘Foreign currency cash’.

Mobile

You can order your foreign currency via the Wells Fargo Mobile app. Tap the Menu button, tap Account Services, and choose ‘Foreign Currency’.

In-person

If you’ve got an account with Wells Fargo, you can go to your local branch and order foreign currency for pickup. You won’t be able to get your currency right away.

By phone

You can contact Wells Fargo using their phone number, 1-800-626-9430. Lines are open Monday - Friday 8 am - 8 pm, and Saturday 10 am - 5 pm, Eastern Time. They can arrange for your foreign currency to be delivered to your home address or your local branch.

Similar to other areas of this review, Wells Fargo is rated 1/5 on average for the product features. Companies like Wise outperform traditional banks due to their innovative, online only approach.

Ease of use

Ease of use

In terms of ease of use, Wells Fargo is just like any regular bank. Online reviews suggest they have a decent offering and an easy-to-use platform (even when compared to money transfer providers).

Customer service

• Customer Service Phone Number (U.S.): 1-800-869-3557
• Online Banking Support Number: 1-800-956-4442
• Lost or Stolen Cards: 1-800-869-3557 (Debit) / 1-800-642-4720 (Credit)
• International Access Codes: Varies by country, available on Wells Fargo's website
• Social Media: Twitter (@Ask_WellsFargo) and Facebook (Wells Fargo)
• Mailing Address: Wells Fargo, PO Box 6995, Portland, OR 97228-6995

There are not many reviews for Wells Fargo support, however, it seems to be generally in line with money transfer operators. Unfortunately, in both cases, it seems to be the main pain point for the users and almost a standard in the industry.

Safety and trust

Safety and trust

Wells Fargo, as one of the biggest banks in the US is safe to use and is regulated by the Central Bank of Ireland and the OCC.

Similarly to the support, there aren't as many positives and negatives online about the safety features.

This is likely due to the general perception of high security around traditional banks. On the other hand money transfer services do get more attention from the users regarding the safety features (likely because they are newcomers to the market in comparison to the banking giants).

Customer feedback

Customer feedback

Wells Fargo is rated very low on TrustPilot, getting only 1/5 stars. In general, users seem to have mixed opinions on Wells Fargo.

Overall, the majority of online reviews focus on customer service and fraud protection. Customers seem to have positive experiences with Wells Fargo's customer service and fraud detection, there are considerable complaints about inefficiency, poor communication, and significant service failures that have caused distress and financial loss for others.

On the positive side, some highlight instances where staff were helpful, professional, and quick to resolve issues. For example, some mentioned satisfaction with Wells Fargo's proactive approach in detecting and addressing fraudulent activities on their account and felt supported during financial hardships such as a painful divorce. In general, users say that the staff is consistently friendly and professional, contributing to a highly satisfying banking experience.

However, many customers criticize the bank for its poor customer service, with agents described as unhelpful, lacking knowledge, and often providing inaccurate information. Some reviews highlight issues with international transactions, where the accounts are getting blocked while traveling abroad, causing severe disruption and incurring significant costs on return home to the US.

Additionally, there are accusations of mishandling disputes and engaging in practices perceived as fraudulent, further tarnishing the bank's reputation among some users.

Here's a summary of average user reviews this year.

Jan 24

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International Transfers