Capital One Bank: Foreign Currency Exchange, International Wire Transfer & ATM Fees explained
Travelling or sending money abroad? Discover Capital One's fees for international wire transfers, currency exchange and for using your credit or debit card abroad (incl. ATM fees). You'll learn how to save and how to make smarter decisions so your money goes further.
Capital One Bank international wire transfer - all you need to know
Capital One Bank is a banking service offered by the Capital One finance organization. They have a limited branch network but do provide international wire transfer options. To find out if your Capital One account is eligible for international wire transfers, to learn about fees and to understand the best way to make a transfer, call 1-866-632-8888 or email TMHelp@capitalone.com.
What are Capital One Bank’s international wire fees and exchange rates?
Unfortunately, despite extensive searching, it is very difficult to find details of fees or exchange rates for international wire transfers on Capital One’s website. Capital One says to “contact the Call Center for fees applicable to Funds Transfers and any other related pre-payment disclosures.”
We did find reports that they charge international wire transfer fees of between $40 and $50, depending on the currency you’re using to fund the transfer. This is in line with many other U.S. banks, but is a much higher fee than if you were to send money with a specialized currency exchange provider. We recommend comparing some popular options to see how much you could save, as you could reduce your fees by up to 90 percent.
Capital One exchange rates
Capital one does not provide details of exchange rates on the website. You may be able to get these by contacting the call center. For some banks, exchange rates can be as much as eight percent worse than the base, mid market exchange rate. Capital One states, “For international Funds Transfers involving non-U.S. currencies, the exchange rates we use for your transactions are not necessarily the bank-to-bank negotiated exchange rate or other potentially more favorable rate.”
When it comes to understanding Capital One’s exchange rates and international wire transfer fees, you may not be able to see how much you will be charged until you make a transfer. This is why it is generally not recommended to wire money internationally with Capital One Bank. If you’re looking for the cheapest way to send money abroad, but to compare all providers with Monito and find cheaper alternatives.
Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.
How long does a Capital One Bank international wire take to arrive at the recipient bank?
Capital One has cut-off hours for processing wire transfers. If a wire request is received by 2:00 PM EST and verified through security procedures, funds will normally be processed the same business day. If they receive wire transfer instructions later than that, they may not initiate the transfer until the next business day. Once processed, it typically takes between three and five business days for funds to reach the beneficiary.
If you’re in a hurry, try finding the fastest way to send money abroad by comparing all international money transfer services with Monito.
How to make a Capital One Bank international wire transfer?
Firstly, you’ll need to contact Capital One to find out if you can make international transfers. If you can make international transfers, you’ll need to provide the following information when you’re setting up and paying for the wire.
- Ordering account number and the sender’s account to be debited
- Details of the beneficiary including:
- Name and address
- Telephone number
- Full bank name, bank address, SWIFT Bank Identifier Code (SWIFT BIC)
- Bank account number
- International Bank Account Number (IBAN), if required
- Branch identifier if required
You may also need to provide additional information like the beneficiary’s telephone number, the beneficiary’s Tax ID, the purpose of payment description, etc. Check with the beneficiary to ensure you are providing all of the information needed.
Wire transfers to countries such as Brunei, China, India, Jordan, Russia, the United Arab Emirates and others require a purpose of payment description. Certain countries have set specific codes for each purpose of payment. Other countries require that the purpose of payment be clearly identified via a brief description of up to 35 characters.
In addition to standard payment requirements, central banks in certain countries require specific codes to be included in the payment instruction. These codes are used to advise the government of the receiving country on why the payment is being made, to help route payments and to identify beneficiaries properly.
What is Capital One Bank’s SWIFT Code?
If someone needs to send you money from abroad, they’ll need a SWIFT Code for Capital One Bank which is NFBKUS33.
Which Capital One Bank address should someone use when sending me money from abroad?
Head Office, Avenue of the Americas 1001 New York, Ny 10018, New York, NY, United States.
What is Capital One Bank’s IBAN?
Capital One Bank does not have an IBAN, as the United States does not participate in the International Bank Account Number system.
What we like about Capital One Bank
No foreign transaction fees for using credit or debit cards overseas
International ATM withdrawals are fee-free with Capital One 360 accounts
What we dislike about Capital One Bank
It’s extremely difficult to find information about the costs or timings of international wire transfers on Capital One’s website
You need to call Capital One or initiate a transfer to get an idea of fees and exchange rates, it’s not at all transparent
We believe that fees can range between $40 and $50, which is more than you will pay with a specialist provider
There’s no information on the exchange rate that will be applied to an international transfer
You can only send money to a bank account
Find the cheapest way to send money abroad
Capital One Bank currency exchange service
Capital One does not provide a currency exchange service for buying and selling currency when you’re going abroad. You can find providers who can offer low cost currency exchange by comparing them here.
Using your Capital One Bank credit card abroad
Capital One does not apply a foreign transaction fee to any of its credit cards. As stated on the website, “Capital One does not charge a fee for using your credit card for foreign currency transactions.” This is a true innovation above other credit cards, as most of them charge a three percent foreign transaction fee.
If you want other options, you can learn about innovative multi-currency cards here.
What are the fees for using Capital One Bank credit or debit cards at an ATM abroad?
There’s no fee for using a Capital One credit card abroad.
For international ATM withdrawals, Capital One charges a fee to withdraw money on an international ATM for some types of accounts, as follows:
- For Capital One 360 accounts, there are no additional fees when using a debit card abroad
- For other accounts, they may charge a fee of $2, plus 3% of the total transaction amount when you withdraw from an international ATM
Capital One does not charge a currency conversion fee when using a debit card overseas.
What you need to know when withdrawing money/paying abroad?
The ATM or Point of Sale device will often ask you if you want to use your card’s currency (USD if you’re banking with Capital One Bank) or the local currency (let’s say Euros if you’re in Paris).
What are the fees for paying in foreign currencies online or at a shop with Capital One Bank credit or debit cards?
Paying with a Capital One Bank debit card abroad doe not incur any additional fees.
Save money now and find the cheapest way to send money abroad
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