Fifth Third Bank wire transfer: Fee, Rate and Transfer Limit
Established in 1858, Fifth Third Bank is now one of the largest consumer banks in the US Midwest, with over 1,100 branches across 10 states. It has around 2.7 million digital banking customers.
If you're planning on sending an international money transfer with Fifth Third Bank, you may want to have a look at costs, rates and extra fees, as it may not necessarily be the best or cheapest option out there.
In this guide, we’ll cover everything you need to know about overseas wire transfers with Fifth Third Bank, including fees. We’ll even look at some alternatives, like Wise or OFX, that could work out cheaper, faster and easier to use, so that you can make an informed choice before sending money internationally.
A cost example - sending $1,000 from the US to Canada
Before we do anything else, let’s see how much it would cost to send a hypothetical transfer of $1,000 in USD to Canada
|Fifth Third Bank||85 USD + exchange rate markup||3-5 working days||85 USD + exchange rate mark-up/additional commissions|
|Wise||6.65 USD||instant-2 working days||6,65 USD|
|WorldRemit||2.99 USD + exchange rate markup||up to 2 working days||2,99 USD + exchange rate markup|
|OFX||5 USD + exchange rate markup||1-2 working days||5 USD + exchange rate markup|
*17th Nov, 17:00 (GMT+2)
Most banks and providers add a mark-up to the exchange rate when they convert your money, which makes sending money abroad more expensive for you.
For example, Wise is one of the few providers in this table that transparently shows the full fees for the comparison and uses the mid-market exchange rate, the one you also see on Google, with no mark-up added.
As you’ll have seen from the table, sending money internationally with Fifth Third Bank can be quite expensive.
You can do a full provider comparison using the Exiap comparison calculator.
Key info on transferring money overseas with Fifth Third Bank
- Transfer fees - $85 USD per transfer - upfront costs for international payments
- Speed of transfer - anywhere between 1 to 5 days⁷ if the payment is sent through the SWIFT network
- Transfer maximum - check whether Fifth Third has a maximum transfer limit, and if any regulations apply in the recipient’s country
- Safety - Fifth Third Bank has a range of security measures in place to protect against identity theft and fraud, including enhanced authentication and encryption.
Fifth Third Bank international wire transfer fees
Here are the main fees you need to know about when sending money internationally with Fifth Third Bank:
|International transfer in USD||$85 USD|
|International transfer in foreign currency||$50 USD|
|Incoming wire transfer||$15 USD|
There may also be other fees and taxes to pay depending on the country you’re sending to, what type of account you have and who pays the fees (you or the recipient).
Fifth Third Bank exchange rates
When you’re sending payments from one currency to another (i.e. USD to CAD), the bank will usually apply the exchange rate of its choice. This is likely to differ from the mid-market rate, which is the rate you see on Google or currency sites like XE.com. It’s also the rate that banks use when trading with each other.
Ultimately, what this means is that it could cost you more to send a wire transfer overseas, and your recipient could receive less.
At Fifth Third Bank, there is a markup added on top of the mid-market rate. Here’s what the bank says about it themselves:
“Any transaction we conduct for you in a foreign currency will use a foreign exchange rate determined by us in our sole discretion. The foreign exchange rate we use will include a spread and may include costs or commissions that we, any Bank Affiliates or our vendors charge in providing foreign currency exchange to you.”
Fifth Third Bank additional fees
When sending an international wire transfer with Fifth Third Bank, there may be other costs to pay on top of the initial transfer fee. And of course, once you’ve factored in the margin on the mid-market exchange rate.
Like many banks, Fifth Third Bank is likely to use the SWIFT international payment network when sending money overseas. Using SWIFT, your wire transfer may not go directly to the recipient’s bank. Instead, it could follow a route involving multiple intermediary banks, and each of these may charge their own fee. These charges aren’t levied by Fifth Third Bank, but you (or your recipient) will still have to pay them.
|Fifth Third Bank international transfer||Additional fees|
|SWIFT||SWIFT fees can range between 10-50 USD per bank|
|Stop a transfer||33 USD|
|Returned transfer||15 USD|
Need a cheaper alternative?
Let’s take a look at a few of the alternatives to Fifth Third Bank, to see if you could save money on your international transfer.
All the providers presented below are regulated by many regulators around the world and operate according to the rules they've made to protect consumers in each region. They all offer online services for convenience and the transfer time is usually less than with a traditional bank.
Wise charges one small transparent fee for overseas payments. The total you pay varies depending on where you’re sending to, the currency and the amount. However, the fee is always available upfront, so you know exactly what you’ll pay before you hit ‘send’ and your money is always converted using the mid-market rate.
TorFX offers fee-free international money transfers⁹, instead they add a margin to the currency exchange. You can still end up paying less for your international transfer than with traditional banks. In order to get the total cost for your transfer, you need to apply for a quote or open an account to the live exchange rates.
OFX doesn’t charge a fee if you send money internationally, although a markup to the exchange rate is added to the currency conversion. You can access the exchange rate live on their website. To see the total cost of your wire transfer, you’ll need to open an account first.
Transfer fees at Remitly vary depending on whether you send in USD or the local currency. There’s also an Economy Fee, and a higher Express Fee for when you need your transfer to arrive more quickly. All fees are based on the amount you send.
For certain amounts, WorldRemit claims that on average, its international wire transfer fees are up to 46% cheaper compared to certain banks. WorldRemit adds the fee to the total send amount. This means that if you want to send 1,000 USD, you will pay 1,002.99 USD.
How to make an international transfer with Fifth Third Bank
The primary way to make an international wire transfer with Fifth Third is to visit a branch in person. Business customers can also make overseas payments via online banking.
You may need to check with the bank whether it’s possible to arrange an international wire transfer by phone or online/mobile banking as a personal customer
How long does an international money transfer with Fifth Third Bank take?
Fifth Third Bank doesn’t offer specific timescales for overseas payments on its website. However, if the bank uses the SWIFT network for your payment, it’s likely to take anywhere between 1-5 business days.
Can the transfers be sped up?
Fifth Third doesn’t say on its website whether there is an express or urgent wire transfer service, although you can always contact the bank to find out.
Need a faster alternative?
Whether you have a payment deadline or want your transfer to reach the recipient within a number of days or even hours, you may want to have a look at alternatives to traditional banks. Here’s an idea of transfer times at other providers:
- Wise - instant to 2 working days, although some transfers can be instant and transfers rarely take that long
- TorFX - up to 2 working days
- OFX - 1-2 working days
- Remitly - 3-5 working days (within minutes with Express debit card transfer)
- WorldRemit - up to 2 working days
- Western Union (for cash collection) - within minutes (if funded by credit or debit card)
Pros and cons of transferring money abroad with Fifth Third Bank
- It can be convenient if you’re already a Fifth Third Bank account holder
- The transfer fee is available upfront (although other fees may apply)
- You can get assistance setting up your transfer in the branch
- You can transfer cash, by visiting a branch, as well as using their online banking
- High transfer fees
- The currency exchange rate given when you transfer money internationally, can contain a markup
- For certain transactions, you may need to go into one of their branches²¹
What information do you need to make an international transfer with Fifth Third Bank?
Before you can send a wire transfer overseas, you’ll need to have certain details to hand. This includes the following:
- BIC/SWIFT code for the receiving bank
- IBAN (International Bank Account Number) or account number of the recipient
- Recipient’s full name
- Recipient’s address
- Recipient bank’s address.
Fifth Third Bank SWIFT code
As we’ve already looked at, most international payments are sent via the SWIFT network. Each bank in the network has its own identifier code, known as its SWIFT code.
The SWIFT code for Fifth Third Bank (all branches in the US) is FTBCUS3CXXX.
Fifth Third Bank international business transfers
Fifth Third Bank also offers business checking accounts, and you can make international wire transfers with these too. The main accounts to choose from include the Standard, Premium and Elite business checking accounts.
Fifth Third Bank business transfer fees
The fees for business international transfers at Fifth Third are broadly the same as for personal customers, and you can also use online banking to set up your payments.
|Outgoing international payment - branch/banker (USD)||$85 USD|
|Outgoing international payment - branch/banker (foreign currency)||$50 USD|
|Outgoing international payment - online (USD)||$45 USD|
|Receiving wire transfer (structured)||$15.50 USD|
|Receiving wire transfer (non-structured with repairs)||$30 USD|
The fees may vary depending on what country you’re sending to, the amount, currency and any other terms and conditions applied by the bank.
Does Fifth Third Bank have multi-currency accounts?
At present, Fifth Third Bank doesn’t appear to have any multi-currency accounts available, either to personal or business customers. If you need a multi-currency account, check a few options available from money transfer providers, such as Wise, OFX or WorldRemit.
Can I open an account with Fifth Third Bank as a foreigner?
Fifth Third Bank requires you to have a US Social Security Number (SSN) in order to open an account, so it could be tricky to open an account as a foreigner. However, if you don’t have an SSN, you can make an appointment at the bank to discuss whether they will accept applications from non-residents.
Fifth Third Bank contact information
Have a question? You can contact the bank via any of the following methods:
- Login to your account and message a representative
- Visit your local branch or schedule an appointment
- Call on 1-800-972-3030 (personal customers), 1-877-534-2264 (business) or 1-513-579-5353 (international).
Is Fifth Third Bank right for you?
There’s no ‘one size fits all’ answer to this, as it all depends on your needs and circumstances.
However, international transfer fees at Fifth Third Bank can be quite high compared to other providers, and that information on exchange rates, transfer limits and timescales is a little tricky to find. Plus, you may not be able to make certain transactions online, which can be inconvenient if you don’t live near a Fifth Third branch.
But if you’re already a customer, it could be worth contacting Fifth Third Bank to find out about things like exchange rates and SWIFT fees. If the overall cost works out to be competitive with other transfer services, you might find it a more convenient option if you’re an existing account holder.
If you’re a personal customer, you may need to visit a Fifth Third branch to arrange a wire transfer. Business customers can set up transfers via online banking
It all depends on the destination, currency and amount, but fees for international wire transfers range from $45 to $85 USD at Fifth Third Bank.
You’ll need to ask your local Fifth Third branch how long it takes for an international wire transfer to arrive, but it could take anywhere between 1 to 5 days if the payment is sent through the SWIFT network.
This doesn’t appear to be a service offered by Fifth Third Bank at present.