Most information about USAA wire transfer is not straightforward and can leave you confused. However, you don’t have to worry about that anymore since you have landed on this page. In this article, I will give you a very clear explanation of everything you need to know about USAA wire transfer. So ride with me as we begin.
USAA is one of the banking institutions that offer several types of insurance and investment products. Any USAA customer who wants to send money abroad must use the services of the USAA wire transfer.
Each paragraph of this article contains useful information about different aspects of the system. Let’s start by understanding the concepts. So read through it with keen attention.
What Does USAA Wire Transfer Mean?
USAA wire transfer is the term used to describe the electronic transfer of funds to bank accounts of other banks especially when they are not in the same country. This transfer is administered by banks and other transfer agencies around the world.
Wire transfers are divided into two categories. They are Domestic wire transfers and International wire transfers. For the sake of this article, the USAA wire transfer will be focusing on international wire transfers.
And this is about the transfer of funds to USAA accounts in other countries or other banks outside the United States. Let’s proceed with the requirements.
What Are The Requirements For USAA Wire Transfers?
Before you go about searching for how to make an international wire transfer, it is necessary to prepare yourself by providing the needed requirements. The following are some of the requirements for USAA wire transfers.
- The full name of the recipient.
- The recipient’s address.
- The account number of the recipient used for receiving wire transfers.
- The bank address of the recipient.
- The SWIFT code of the recipient’s bank.
- The full amount of money that you are willing to send.
- A note describing briefly, the purpose of payment.
On the other hand, if you are going to be the receiver of the USAA wire transfer. That is if someone wants to send a wire transfer to your USAA bank account, here are the requirements.
- Your full name.
- Personal address
- Your savings or checking USAA bank account number.
- The USAA SWIFT Code is the Bank of New York Mellon code. It is IRVTUS3NXXX.
- The bank name of the New York Mellon and its address is 225 Liberty St, New York, NY 10286.
- Your bank name and address is USAA Federal Savings Bank, 10750 McDermott Freeway, San Antonio, TX 78288.
USAA bank sends and receives international site transfers using The Bank of New York Mellon. Hence its details are included in the requirements. What happens during the transfer is this.
The money is sent to the bank of New York Mellon then transfers the funds to USAA bank and thereafter, the money is transferred to your bank account. This method of a wire transfer is called For Further Credit.
How To Carry Out USAA Wire transfers
If you have been wondering how to carry out the USAA wire transfer now here is it. To successfully make use of a USAA wire transfer from your checking or savings account, the first thing to do is to call the service team in charge of Wire transfers.
The numbers to call are 800-531-8722 and 210-531-USAA (8722). The calls must be made between the house of 7:30 AM CT and 3:30 AM from Mondays to Fridays. You can not call them on weekends as you will be unable to reach the numbers.
Also, you must not call when it is past 3:30 or very close to that time of the day. This is to give them enough time to process your transfer and send it immediately.
How Much Does USAA Charge For Wire Transfers? – USAA Transfer Fees
It is very important to get acquainted with the fees before opting for USAA wire transfers. So let us see how much fees you will be charged for using this service.
USAA charges a customer two fees for international wire transfers. The first one is the fees of the bank while the second one is the service fee for international transfers.
You will be charged $20 for every single outgoing transaction that is carried out using the USAA wire transfer service. On the other hand, you will be charged $25 as an international transfer service fee. Thereby bringing the total fees to $45.
However, if a wire transfer is to be sent to you from some other person, USAA would not charge you any fee. If there would be any fee, it will be stated by your bank in line with the terms and conditions of USAA.
Note that these are not the only financial considerations you should bear in mind as it concerns USAA wire transfers. It is important to take note of the exchange rate also. See the rate below.
USAA Exchange Rate
We noted earlier that USAA wire transfers are processed through the Bank of New York Mellon. When this is done, the Bank of New York Mellon will convert the currency into the acceptable one before transferring it over to USAA.
The conversion rate here is usually not the same as the mid-market rate (the one online). There is usually a mark-up exchange rate that is used by most financial institutions. The mark-up rate is not listed on the website of USAA bank but may be told to you when you inquire from customer service. 4-6% is mostly used though.
The exchange rate, in this case, serves as an extra fee added to the $45 that you will be charged for USAA wire transfers.
How Long Does USAA Wire Transfers Take?
It takes about 15 days for USAA wire transfers to arrive in the bank account of the recipient. There is no assurance that the funds will arrive within 15 days. However, they ensure that the funds are processed the same day it was requested if all the information was correctly provided.
Should it take longer than that, then there may be some issues with the information provided. In such a situation, you have to contact customer service to inquire. I will show you how to contact them as we move on.
Does USAA Have A Wire Transfer Limit?
Yes, there is a limit to how much you can transfer using the USAA wire transfer services. That is, the maximum amount of money that you are allowed to transfer using this service. Let us see how much is the limit in the next paragraph.
What Is The USAA Wire Transfer Limit?
The USAA transfer limit is $10,000. You can not exceed this amount. If a situation arises and you need to make a wire transfer of a higher amount, then contact customer service using the information below.
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How Can I Increase My USAA Wire Transfer Limit?
- Call USAA main switchboard on 210-531-8722 or 800-531-8722
- Mail USAA at USAA, 9800 Fredericksburg Rd., San Antonio, TX 78288
- Connect with USAA on social media.
So far this article has explained the details of the USAA wire transfer. I know that after this, you will no longer be confused about the process and rudiments involved. If you have further questions, contact USAA customer service.