Currently, you cannot open a Truist bank account - the banks are still undergoing the merger process, so in this guide, we’ll be looking at both SunTrust and BB&T, as any account opened with either of these two banks will eventually become part of Truist.
This guide will take you through Truistbank exchange rates and fees, pros and cons and key questions.
About Truist Bank
Truist bank will be the result of a merger of SunTrust and BB&T banks, creating the sixth-largest bank holding company in the United States. The merger began in 2016 when Truist Financial was formed, and in 2019, the two bank’s began to merge their services. With over 275 years of combined experience between them, SunTrust and BB&T’s aim with Truist is to create a new company that delivers the best of both bank’s technology and processes.
The bank has a presence in 17 states, operates 2100+ branches, and serves 15 million customers across the US. It has assets amounting to $545 billion.
Individuals and companies can send and receive money with Truist Bank international transfer services. The bank supports wire transfer initiation in USD and other foreign currencies. Customers can use the web-based portal or call the bank’s representative.
Truist Bank International Transfers
Once the SunTrust and BB&T merger is complete, Truist bank will be the sixth largest bank in the United States with over 10 million customers. What’s more, SunTrust and BB&T customers will have far greater access to ATMs across the country with both banks making no-fee cash withdrawals available to each sister-company.
In this guide, we’re taking a look at Truist bank overall, Truist foreign currency exchange rates, and how it measures up as a bank for sending money domestically and internationally.
Truist Bank Exchange Rates and Fees
SunTrust and BB&T existing accounts will eventually become Truist bank accounts. As we don’t have clear details on exchange rates and fees for Truist bank at this point in time, we’ve taken a look at the fees charged by each bank.
Truist Exchange Rates
If you are looking for Truist foreign currency exchange rate, you should know that neither SunTrust nor BB&T explicitly states what markup they add onto the Truist exchange rate. Instead, both company’s select the exchange rate each day based on a range of rates available in the wholesale currency markets. This means taht if you would like to find what is the Truist Bank foreign currency exchange rate, you should take a look on the same day you would like to make the international money transfer.
BB&T states that customers “accept all risks of currency exchange rate fluctuations between the time you initiate a foreign wire request and the time it is completed”.
Customers can get Truist Bank exchange rates via treasury management. They’ll need to log in to treasury management to see the rates.
The bank explicitly states the currency conversion rate, which is 3%. Customers can also anticipate margins of 3%. This depends on the wholesale exchange market and the government.
A 3% margin on the exchange rates for Truist Bank is low compared to what most banks offer. However, customers can get mid-market rates using specialist providers like XE and Wise.
Truist Transfer Fees
The international transfer fees for both SunTrust and BB&T are as follows:
SunTrust outgoing international transfer: $50.00
BB&T outgoing international transfer: $65.00
Truist Bank money transfer fees are prohibitive, especially for smaller transfers. Customers can save upwards of $55 by using money remittance companies.
Additional Costs
For SunTrust international transfers, there is a fee of $30.00 when you are receiving a transfer. It’s also worth bearing in mind that you may be charged additional fees by the receiving bank when sending a transfer.
How do bank transfer fees compare to using a money transfer provider?
While we can’t say for certain whether Truist exchange rate and fees will mirror that of SunTrust and BB&T’s existing fees until more information is released, using the current figures we have for international transfers you may be able to find a cheaper way of sending money internationally with a money transfer operator.
How Do Truist Bank Transfer Fees Compare to Using a Money Transfer Provider?
We compare Truist Bank’s international transfer fees against money transfer providers.
Assuming a customer intends to send $1000 to a bank via wire transfer to an account in the following countries, here’s what they’d pay.
| Send Money To | Truist Bank Cost | Money Transfer Provider Cost |
|---|---|---|
| The United Kingdom | $65 | $2.5 |
| Mexico | $65 | $1.99 |
| Europe | $65 | $0 |
The comparison shows that Truist Bank international transfer fees are prohibitive compared to money transfer providers' offers.
Truist Bank Pros and Cons
Pros
Merger of two well-established brands: Truist bank is the result of a merger of two major financial institutions, so we can expect reliable, secure financial products from this brand.
ATM access: Truist customers have access to both SunTrust and BB&T ATMs across the United States with no fees for cash withdrawals.
Expansive branch network to help customers initiate transfers quickly.
Reasonable spreads for currency conversion.
Truist Bank exchange rate margins are moderate
Cons
Limited information available: Currently, the Truist website does not have a huge amount of information on the types of accounts on offer to new customers, nor about sending international wire transfers, so we can’t reliably compare this bank at this point in time.
Transfer fees: If Truist bank international transfer fees are in the same $50 - $65 figure as SunTrust and BB&T, you will be able to find more cost-effective international transfer services with a money transfer operator.
How to Open an Account and Transfer Money With Truist Bank?
If you’re thinking about eventually opening an account with Truist bank, this section will talk you through the steps to follow.
Opening an Account
At the moment, you can’t open a Truist bank account, either online or in-person. However, any account you open with BB&T or SunTrust will eventually become a Truist account. If you want to join the bank, therefore, you can visit BBT.com or SunTrust.com, or you could visit your local branch to open a new account.
You’ll need to provide:
Your full name and contact details
(Video) Dave Ramsey's Advice For Choosing a BankSocial security number
Existing bank details if you are transferring from another bank
Transferring Money
You can transfer money via the BB&T or SunTrust apps or by visiting a branch in-person. You will need to provide:
The BIC/SWIFT of your recipient
IBAN or account number
Your debit account number
Social security number/identification
The amount you want to transfer
The currency you need your funds converting to
Your recipient’s full name and address
Recipient’s account banks (account number, name, and identifier code)
Transferring Money Internationally With Truist Bank
Here are the guidelines on how to transfer internationally with Truist Bank via online/mobile banking.
Step 1: Log in to your Truist mobile app/online account.
Step 2: Select “ Transfers and Pay” from the main menu.
(Video) Best High Yield Savings Accounts in 2023 (Try One of THESE Banks!)Step 3: Select “Send a wire transfer.”Choose the type of wire transfer.
Step 4: Select the recipient and choose an account.
Step 5: Enter the wire details.
Step 6: Review and approve the transfer.
Summary
Truist is a promising brand in theory. The merger of two large, well-established banks set Truist up to be one of the biggest financial institutions in the United States with millions of customers, thousands of branches and ATMs across the country, and years of experience to deliver excellent financial products to individuals and businesses alike.
However, at this point in time, Truist is essentially just a name. You cannot currently open an account under Truist or find a huge amount of information about the products the bank will offer as the merger is still under way. At the moment, you are better off choosing between SunTrust or BB&T as any new account opened with either of these two banks will eventually become a Truist bank account.
In terms of international transfers, we can’t say specifically how cost-effective or efficient international transfers with Truist will be until more information is released about the products the bank is offering. However, it’s always a good idea to compare your options.
Use our comparison tool to find a clear, unbiased analysis of the best money transfer providers based on your specific transfer needs.
What Customer Support Options Are Available?
Here are details on how to contact Truist Bank customer support.
| Support Type | Y/N | Details |
|---|---|---|
| Email Support | N | No contact form provided |
| Telephone Support | Y | 844-487-8478 |
| Chat Support | N | N/A |
| In-Branch Support | Y | 2100+ branches available |
Alternatives to Truist Bank
Truist Bank is not the best way to send money abroad. Choosing an alternative transfer provider will save you significant sums of money. They offer a mix of variable and fixed rate fee structures. This means you can get a good deal for large and small transfers. Additionally, the more competitive FX rates for money transfer companies ensure that you get a great deal. Use our comparison engine to compare the rates for yourself.
Companies like XE and Wise are top-tier examples of services that offer the best value for sending money internationally. They regularly match the mid-market rate for currency conversions and offer some of the lowest rates in the money transfer industry.
Send Money with XE
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FAQs
How much does Truist charge for international transfer? ›
How much does a Truist international transfer cost? You'll need to pay a 65 USD transfer fee + exchange rate markup + potential third party charges depending on how the transfer is processed.
Does Truist bank do international wire transfers? ›With Wire Transfer Services for Mobile Banking, you can initiate two types of wire payments: Domestic and International, based on your entitlements. You'll need to register two valid authorization phone numbers to send one-time or recurring wire transfers.
What is the rate for international bank transfer? ›How much do international bank transfers cost? Every bank is different, but in general you can expect them to take as much as 3-4% of your total transfer as a fee when you send money internationally.
Does Truist charge for transfers? ›Truist One Checking account receives one no-fee incoming domestic wire, one no-fee incoming international wire, or one no-fee funds transfer per calendar month.
Do I need to notify Truist of international travel? ›Notify Truist before you travel anywhere outside your typical stomping grounds. Use trusted methods of payment within online banking and the Truist Mobile App (like Zelle®).
How do I avoid fees with Truist? ›- Maintain a minimum daily ledger balance1 of $300 OR.
- Schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings Account OR.
- Waived for a minor under the age of 182 OR.
- Waived with ANY related3 Truist checking product.
| Provider | Fee for $1000 to Germany | Exchange rate |
|---|---|---|
| Bank of America³ | $45 | exchange rate + likely markup |
| BB&T (now Truist)⁴ | $65 | exchange rate + likely markup |
| BECU⁵ | $35 | exchange rate + likely markup |
| Capital One⁶ | $50 | exchange rate + likely markup |
The SWIFT/BIC code for Truist is BRBTUS33XXX. If you're sending money to the US from overseas, you will need to provide this number, plus your recipient's full name and bank account number. Truist uses different SWIFT codes for different banking services.
What is Truist international transfer code? ›BRBTUS33 XXX BIC / SWIFT Code - TRUIST BANK United States - Wise.
What is the cheapest way to pay international transfer? ›- Best for bank transfers: Wise.
- Best for cash transfers: Remitly.
- Best for mobile money: WorldRemit.
- Best for card transfers: Paysend.
- Best for additional banking features: Revolut.
- Best for coverage: XE Money Transfer.
- Best for large transfers: OFX.
How do I avoid international wire transfer fees? ›
- Ask the Bank to Waive the Fee.
- Use Multi-Currency Accounts.
- Make Cross-Border Payments.
- There's No Reason to Pay Wire Transfer Fees.
The cheapest way to send money internationally is to transfer funds directly from your bank account to a recipient's bank account. Most transfer services charge additional fees for debit card or credit card payments and cash pickups.
How many transfers can you make with Truist? ›If the linked protector account is a savings or money market account, transfers will count towards the maximum number of six (6) withdrawals and transfers allowed per monthly statement cycle before a Withdrawal Limit Fee is incurred.
What is the daily limit for Truist? ›Benefits include: Truist Wealth Debit Card with deals or Delta SkyMiles® Debit Card. Increased daily ATM withdrawal limit of $3,000 and daily purchase limit of $25,000.
Can I transfer money from my Truist account to another bank account? ›Choose the account you want to transfer money from in the first drop-down menu. Choose the account you want to transfer money to in the second drop down menu. Select when to transfer. For One-time transfers, select or enter a transaction date.
How to let your bank know you will be traveling internationally? ›To set a travel alert for your credit card over the phone, call the number on the back of your card to get in touch with your bank. The customer service line will either let you speak to a representative on the phone or work with an automated system.
Can I use my Truist card in Europe? ›None of the Truist cards charge foreign transaction fees, which means that using the cards abroad won't be expensive.
Do I need to call my bank before traveling internationally? ›Generally, you should tell your bank the locations you are traveling to and the dates/duration of your travels. This will allow you to continue using your credit cards and debit cards without the fraud detection on your accounts being triggered, preventing you from using your cards.
Can you use Zelle with Truist? ›Access Zelle® by signing into Truist Online or Mobile Banking. Enroll with Zelle® using a U.S. mobile number or email address. Let customers know you accept payments with Zelle®—they can send payments to you by entering your enrolled email or U.S. mobile number.
What is Truist withdrawal limit fee? ›Withdrawal Limit Fee $5 is assessed, regardless of balance, for each withdrawal over six with a maximum of six Withdrawal Limit Fees per statement cycle.
Is Truist Bank a safe bank? ›
Truist Financial is an FDIC-insured institution, so all of your deposits are covered up to the maximum amount. On top of its banking services, Truist also features a number of online security measures to keep your money and personal information safe.
Is Swift code enough for International wire transfer? ›IBAN and SWIFT are the two common standards for sending international bank wires. Both can be used to identify a recipient's bank, so that other parties can send money to them, even across borders.
Why are international wire transfers so expensive? ›Global Network: When large amounts of foreign currencies are traded, banks charge other banks a midmarket, or interbank, exchange rate. If the foreign bank has to convert the money on the receiving end, they will usually charge a higher markup.
What bank offers free international wire transfers? ›- Wells Fargo. Wells Fargo's Premier Checking provides free outgoing wire transfers for both domestic and international transfers. ...
- Bank of America. Bank of America Preferred Diamond members pay no fees for incoming domestic wire transfers.
- Fidelity. ...
- HSBC. ...
- Mercury Business. ...
- CIT Bank. ...
- Citibank. ...
- Eastern Bank.
Due to delays related to the COVID-19 pandemic, Truist announced in April 2021 that core conversion to combine the branches will be performed in early 2022. However, on the day the merger closed, SunTrust Bank merged into Branch Banking & Trust Company, forming Truist Bank as the merged company's legal banking entity.
What bank did Truist use? ›Truist is the product of the merger between BB&T and SunTrust, the largest bank deal in more than a decade. In late 2019, BB&T and SunTrust completed the largest bank deal in a decade to become Truist Financial Corp (TFC 0.56%), the sixth-largest bank by assets in the U.S.
Is Truist a USA bank? ›Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $574 billion as of March 31, 2023. Truist Bank, Member FDIC. Learn more at Truist.com. 15MM clients we serve across the U.S.
Does Truist have foreign currency? ›Will Truist Bank do currency exchange? Yes, Truist Bank does do foreign currency exchange but they charge commission fees as well as hidden exchange rate margins.
What is the best day to transfer money internationally? ›The best day of the week to transfer money internationally
Mondays often experience the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price. Friday has a definite effect which is called the summary effect.
Can I use Zelle® internationally? In order to use Zelle®, the sender and recipient's bank accounts must be based in the U.S.
How can I transfer large amounts of money internationally? ›
Both Western Union and PayPal are popular choices for sending large sums of money overseas. However, they can be expensive compared to other service providers. This is because both charge fairly high fees and don't guarantee the best exchange rates.
Does IRS monitor international wire transfers? ›The IRS does monitor international wire transfers, and that there's an overseas money transfer limit of $10,000¹ before your transfer will be reported to the IRS.
What are the disadvantages of international wire transfer? ›- High costs. Not surprisingly, there's a price to pay for the convenience of wire transfers. Fees vary depending on factors such as provider or method used (online, over the phone, or in person). ...
- Irrevocability. Once a wire transfer is sent, the issuer can't get the money back.
Understanding the basics of international money transfer laws is important if you're receiving or sending large amounts of money abroad. If transactions involve more than $10,000, you are responsible for reporting the transfers to the Internal Revenue Service (IRS).
How do I get the best exchange rate when transferring money? ›- Know the mid-market rate for your currency. Money transfer providers skew exchange rates in their favour. ...
- Compare providers. Use our table to compare online providers. ...
- Skip the bank. ...
- Use transfer tools to save money. ...
- Send larger amounts.
RDC doesn't have a deposit limit. for service fees. You'll see new Truist branding within the site where you access your services. navigation and account management.
Is Truist Bank insured by FDIC? ›Deposit Insurance: General
Balances in the Deposit Accounts (including principal and accrued interest) are insured by the FDIC, an independent agency of the U.S. Government, up to $250,000 for all deposits held in the same insurable capacity.
It's in the app.
Banking with Truist is seamless. And so straightforward. Register now for an online personal banking account., opens in new tab or see what you can do with Truist simulators.
- Log into your bank's website or connect via the bank's app.
- Click on the transfer feature and choose transfer to another bank.
- Enter the routing and account numbers for the account at the other bank.
- Make the transfer.
Unless your bank has set a withdrawal limit of its own, you are free to take as much out of your bank account as you would like. It is, after all, your money. Here's the catch: If you withdraw $10,000 or more, it will trigger federal reporting requirements.
What are the different types of bank transfers? ›
There are three main electronic methods of transferring money: ACH transfers, wire transfers, and electronic transfers via third-party systems.
Can I use my Truist credit card internationally? ›None of the Truist cards charge foreign transaction fees, which means that using the cards abroad won't be expensive. Some cards charge such fees — typically 3% — when you use your card internationally, which can add up when you're making frequent purchases from non-U.S. merchants.
Does Truist have foreign currency exchange? ›Yes, Truist Bank does do foreign currency exchange but they charge commission fees as well as hidden exchange rate margins. Revolut and Wise exchange currency at the real mid-market rate and let you hold money in digital accounts on your smartphone.
Does Truist have a swift code? ›You and your partners will continue to receive FIN messages with the Truist primary BIC: BRBTUS33.
What happens if I use my credit card internationally? ›A foreign transaction fee is an extra charge from your credit card issuer that equals a percentage of every transaction you make abroad. Credit cards with foreign transaction fees typically charge an extra 3% to 5% for every foreign purchase.
Which cards allow international transactions? ›- SBI Global International Debit Card. With SBI Global International Debit Card, you can access your fund whenever and wherever you want. ...
- ICICI Bank Sapphiro International Debit Card. ...
- Axis Bank Burgundy Debit Card. ...
- HDFC EasyShop Platinum Debit Card. ...
- HSBC Premier Platinum Debit Card. ...
- Yes World Debit Card.
Visa, Mastercard, American Express, and Discover credit cards can be used internationally, though Visa and Mastercard are the most widely accepted abroad. The best type of credit card for international use is a Visa or Mastercard credit card with no foreign transaction fees.