Citizens Bank International Wires in 2024: Charges, Exchange Rates, and Alternatives
Byron Mühlberg
Guide
Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.
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Read moreFocusing almost all of its business efforts on the East Coast, Citizens Bank offers a wide range of retail, business, and investment services to American customers, including foreign exchange and remittance services.
Although Citizens Bank gives you excellent banking services all around, when it comes to making international wires from the USA in particular, the bank can be surprisingly pricey. When sending an international payment online (either through your Citizens Online Banking or the Citizens Bank App), the following costs will apply per transaction:
- A $40 flat fee,
- A 5% to 7% exchange rate margin.
In the end, this means that whenever you make an outgoing payment from the United States with Citizens Bank, you'll pay very significant amount, leaving anyway between 5% to 7% or more of the entire value of the transfer chomped up by charges. Save money now by finding the cheapest and fastest alternative with Monito's live comparison engine below. 👇
Citizens Bank transfers are pricey. Compare digital alternatives instead:
Key Facts About Citizens Bank International Wires
🏦 Citizens Bank int'l transfer fees | 5% - 7% or more |
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💸 Int'l transfer fees via Monito | 0.3% - 2% |
⏱ Citizens Bank global transfer time | 2 - 5 business days |
⚡Transfer time via Monito | 1 - 2 business days |
💵 Citizens Bank payment method |
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💸 Payment methods via Monito |
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Citizens Bank International Wire Fees
Citizens Bank international wires are processed as international wires. This means that, as a customer of Citizens Bank, you'll need to use your online or mobile banking account to instruct a transfer, and Citizens Bank will wire your funds over SWIFT to reach its destination in a foreign country and currency.
Banks generally make money from you on SWIFT transfers by levying commissions, fixed charges, or a combination of the two on the amount you send. This is also the case with Citizens Bank, which charges a flat fee of $40 for every international wire you make with them.
Correspondent Bank Fees
In addition to this flat fee, you might also be charged a correspondent bank fee (not by Citizens Bank but by a third-party bank) which can range anywhere between $10 and $100.
This fee (also called an 'agent charge') isn't incurred every time you transfer money abroad, but it might happen if Citizens Bank cannot transfer your funds directly into your beneficiary's bank account and needs to rely on a correspondent or intermediary bank to get the job done.
Avoid OUR payments. If you're choosing between SHA, BEN, and OUR, try to avoid OUR payments if possible. These instructions can let third-party banks levy fees from your transfer even after it has already been sent.
Citizens Bank Exchange Rates
In addition to the abovementioned costs, Citizens Bank will include another (less transparent) fee in your transfer. These fees, known as FX margins, are charged when banks or other currency exchange providers offer poorer exchange rates than the 'real' exchange rate (called the mid-market rate), thereby making a small profit on every dollar converted into a foreign currency.
While Citizens Bank FX margins may not appear very high (typically between 5% and 7% of the total transfer amount, according to our analysis), these costs can stack up quickly.
It's worth noting that — as with other American banks — Citizens Bank charges lower FX margins if you're sending a dollar transfer to a major world currency like the British pound, US dollar, euro, or Singaporean dollar. On the other hand, its FX margins for conversions to less-traded world currencies like Indonesian rupiahs or Nepali rupees tend to be much higher.
Citizens Bank International Wire Alternatives
According to our analysis of thousands of comparisons from the USA here on Monito, the following money transfer service offers the cheapest money transfers from the USA to various countries worldwide. If you plan to send money to a specific country, be sure to double-check in advance whether the provider below facilitates transfers there and whether it's the best deal in your specific case.
Remitly
Remitly is a low-cost and trusted online money transfer provider supporting transfers from the USA to dozens of countries and currencies worldwide.
- Remitly Charges: $3.99 fee if sending under $1,000
- Remitly Exchange Rates: 0.5% and 2%
- Available Destinations From the USA: Canada, India, Mexico, the Philippines, Turkey, Colombia, Nigeria, the European Union, and many more.
As you can see, Remitly is a great way to send money abroad from the USA and is usually significantly cheaper than Citizens Bank on a per-transfer basis. However, even Remitly with its great pricing isn't always the cheapest provider from the USA, and the best deal varies depending on the market, your destination country, and many other factors. To find the best deal in real time, simply compare providers in real time below! 👇
Find your best deal in real-time:
FAQ About Citizens Bank International Wires
How long do Citizens Bank international wires take?
Depending on the country and currency you're sending your money to, an international wires via Citizens Bank will take 2 - 5 business days to arrive in your beneficiary's bank account.
What are Citizens Bank's international wire charges?
When sending an international wire via Citizens Bank, the following charges apply per transaction:
- A $40 flat fee,
- A 5% to 7% exchange rate margin.
See Other Money Transfer Tips
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