Easy and Secure Wire Transfer for U.S. International Students

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    Bhavya Rawal

    Study Abroad Expert

    A wire transfer is also known as money transfer in electronic form. International students may find wire transfer to be important as it allows speedy money transfer between their home country and current country. Through online wire transfer you can send and receive funds quickly and securely.

    They can perform transactions in large amounts to cover expenses such as university tuition fee and accommodation charges. The bank identifier number known as SWIFT (Society for Worldwide Interbank Financial Telecommunications) number transact money between the home country and the current country.

    The transactions through wire transfer are preferred over bank transactions as the latter may take few days to deliver the money but wire transfer may take only minutes to transfer the money.

    Types of Wire Transfer

    Mentioned are the different types of wire transfers: -

    Domestic Wire Transfer

    The transactions within the country belong to domestic wire transfer. Usually, the money is transferred on the same day or within few hours. Domestic transfers are usually not very important and involve smaller amount.

    International Wire Transfer

    The transactions between the countries fall in the category of international wire transfer. The process is quick and secure and could be conducted under suitable category for wire transfer.

    Inter-bank wire transfer

    The transactions between different countries and different banks fall under the category of inter-bank wire transfer.

    Intra Bank

    The transaction between different countries but same bank fall under the category of intra bank wire transfer.

    Methods for Wire Transfers

    Apart from traditional bank transfer or e-wallet, there are other methods for the international students to do transactions which do not involve banks such as: -


    TransferWise is a U.S. based online money transfer website service which helps cutting down the cost up to 8 times. It is one of the most effective methods of money transfer. This technique basically shows two local transfer instead of one international transfer.

    Suppose, you want to send pounds to euro, so you will send the pounds to the UK based account of TransferWise likewise, the equal amount of money would be transferred from the TransferWise euro account to the receiver.

    This shows that money was never transferred overseas and the conversion of the currency was made on the basis of real mid-market exchange rate. This saves the customers from paying the hidden charges on the currency exchange.

    Mid-Market Exchange Rate

    Mid-market price is decided as the median at which the customers are ready to ‘buy’ or ‘sell’ a specific currency. This concept is a fair deal for the exchange rate.

    Western Union or Moneygram (U.S.)

    You can save your dollars by not going to the bank or e-wallet. If students are US local, they may transfer money domestically or internationally in a fast and reliable way. The charges are decided on the basis of speed of transfer, location, and amount of money for the transfer.

    In the case of international money transfers, you have to pay an exchange rate, though they are not competitive rates but may incur hidden charges.

    Technically, Moneygram is faster and is ready to transfer within 10 minutes. Online transfers are faster than most of the competitors.

    Suppose if the transaction is happening for the international students for accommodation charges, if they plan to send or receive money between their current country and home country, they need to specify the given details.

    Information required for Money Transfer

    Sending Funds to US Account

    Sending Funds to an International Account

    Name and address of the account holder

    Name and address of the account holder

    Name and Address of the Bank or Credit Union

    Name and Address of the Bank

    Routing Number

    SWIFT Code or BIC of Bank

    Account Number

    IBAN Number or Account number

    ExTravel Money (India)

    Looking for a secure way of online money transfer?, an online outward remittance and currency exchange marketplace startup in India, allowing students who are planning to study in the US or are already pursuing their education abroad to transfer and receive money through wire transfer. With more than 6000 partner branches across India, they make it easy for students to pay their tuition fees for US universities without any hassle. 

    Online money transfer through ExTravel Money may take a maximum of 48 hours as soon as the KYC details of the student’s bank are verified. The document requirement for fees transfer through ExTravel Money is minimal, these include:

    • University letter depicting the amount that is being transferred
    • Copy of passport 
    • PAN card
    • ID proof (Voter ID card/Adhaar card/Driving license).

    Which kind of Fees is to be paid for U.S. Bank Wire Transfer?

    • Incoming International fees – For receiving money from overseas bank account.
    • Outgoing International fees – For sending money to an overseas bank account.
    • Initiation fee – For conducting a transaction other than wire transfer method.
    • Tracer Fee – For tracing services for a previous wire transfer.

    Wire Transfer U.S. Bank Fee

    Mentioned are the charges for incoming and outgoing money through wire transfer. International students may pay the fee accordingly.

    Bank Name

    Incoming International

    Outgoing International

    Ally (online bank)

    0 USD

    Not offered

    Bank of America

    16 USD (waived for Platinum Tier)

    35 USD in foreign currency and 45 USD for US Dollars


    18 USD

    65 USD

    Capital One 360 (online bank)

    0 USD

    Not Offered


    15 USD (waived for Platinum Tier)

    40 USD Online, 50 USD in person

    Citi Bank

    15 USD or Citibank accounts (waived for Citigold and other versions)

    $35 for Citibank accounts

    PNC Bank

    15 USD

    45 USD

    TD Bank

    15 USD

    40 USD

    US Bank

    15 USD

    40 USD

    Wells Fargo

    16 USD

    45 USD

    Note: The values may change periodically.

    Apart from that, there are websites which host wire transfer fast and secure saving students’ time and effort:-

    • HostGator
    • LiquidWeb
    • Hostinger
    • LogicWeb

    Factors involved while assessing the Fee for Wire Transfer

    • Location of the receiver.
    • Incoming or Outgoing money- Incoming is comparatively cheaper.
    • Domestic or International transaction – As the domestic services are simple as compared to international wire transfer, domestic facility is cheaper.
    • Initiation fee – For conducting a transaction other than wire transfer method.
    • Exchange Rate – Students can get the exchange rates from the banks. However, banks add their profit to the rate. Contact the banks to know about the current exchange rate.
    • Tracer Fee – For tracing services for a previous wire transfer.

    Ways to reduce Wire Transfer Fee

    • Online money transfer is cheaper when compared to manual transfer at the bank branch or through phone which adds around 10 USD more to the fee. The Chase bank wire transfer fee is charged 35 USD through bank assistance while 25 USD through online.
    • Sending money in the foreign currency is cheaper than sending it in US dollars.
    • Recurring wire transfers are charged less per transfer. This method is a good option until the student exceeds the limit.

    Pros and Cons of Wire Transfer

    Mentioned are various pros and cons of wire transfer for the international students: -


    • A highly secure real-time method for money transfer.
    • Transfers can be performed at any time of the day. Great convenience.
    • Fast transfers (maybe in 24 hours or hardly 10 minutes).
    • Large amount money is handled safely and reach the destination quickly.
    • User-friendly online interface.
    • Reduced risk of loss or theft while transfer.


    • Hidden Fee.
    • Scams.
    • Restrictions on payment system regarding limit of transfer, number of transactions and more.
    • The fees can be quite high in certain conditions.
    • Problem during transactions.
    • Need of internet.

    IBM’s Blockchain World Wire

    IBM has launched its new product called ‘Blockchain World Wire’ which can transform the payment system. The concept of the transaction would be Stellar’s blockchain network which connects banks, customer and payment system at low cost.

    This system eliminates the banking liabilities, associated cost, and time lag for transfer of money over real-time network. The difference in speed of internet for different activities performs optimized usage of speed accordingly.

    They provide speedy transactions, low for nil transactions and enhancement of operational efficiency.