Senior Financial Content Editor and Journalist
April Summers is an experienced Senior Financial Content Editor who combines a wide range of professional skills with her academic background in English literature and journalism. Her professional background includes key positions at the Daily Star, LBB Online, and Entertainment Daily UK, which have sharpened her financial and journalistic expertise.
24th Mar 2023
Currently, you cannot open a Truist bank account - the banks are still undergoing the merger process, so in this guide, we’ll be looking at both SunTrust and BB&T, as any account opened with either of these two banks will eventually become part of Truist.
This guide will take you through Truistbank exchange rates and fees, pros and cons and key questions.
About Truist Bank
Truist bank will be the result of a merger of SunTrust and BB&T banks, creating the sixth-largest bank holding company in the United States. The merger began in 2016 when Truist Financial was formed, and in 2019, the two bank’s began to merge their services. With over 275 years of combined experience between them, SunTrust and BB&T’s aim with Truist is to create a new company that delivers the best of both bank’s technology and processes.
The bank has a presence in 17 states, operates 2100+ branches, and serves 15 million customers across the US. It has assets amounting to $545 billion.
Individuals and companies can send and receive money with Truist Bank international transfer services. The bank supports wire transfer initiation in USD and other foreign currencies. Customers can use the web-based portal or call the bank’s representative.
Truist Bank International Transfers
Once the SunTrust and BB&T merger is complete, Truist bank will be the sixth largest bank in the United States with over 10 million customers. What’s more, SunTrust and BB&T customers will have far greater access to ATMs across the country with both banks making no-fee cash withdrawals available to each sister-company.
In this guide, we’re taking a look at Truist bank overall, Truist foreign currency exchange rates, and how it measures up as a bank for sending money domestically and internationally.
Truist Bank Exchange Rates and Fees
SunTrust and BB&T existing accounts will eventually become Truist bank accounts. As we don’t have clear details on exchange rates and fees for Truist bank at this point in time, we’ve taken a look at the fees charged by each bank.
Truist Exchange Rates
If you are looking for Truist foreign currency exchange rate, you should know that neither SunTrust nor BB&T explicitly states what markup they add onto the Truist exchange rate. Instead, both company’s select the exchange rate each day based on a range of rates available in the wholesale currency markets. This means taht if you would like to find what is the Truist Bank foreign currency exchange rate, you should take a look on the same day you would like to make the international money transfer.
BB&T states that customers “accept all risks of currency exchange rate fluctuations between the time you initiate a foreign wire request and the time it is completed”.
Customers can get Truist Bank exchange rates via treasury management. They’ll need to log in to treasury management to see the rates.
The bank explicitly states the currency conversion rate, which is 3%. Customers can also anticipate margins of 3%. This depends on the wholesale exchange market and the government.
A 3% margin on the exchange rates for Truist Bank is low compared to what most banks offer. However, customers can get mid-market rates using specialist providers like XE and Wise.
Truist Transfer Fees
The international transfer fees for both SunTrust and BB&T are as follows:
SunTrust outgoing international transfer: $50.00
BB&T outgoing international transfer: $65.00
Truist Bank money transfer fees are prohibitive, especially for smaller transfers. Customers can save upwards of $55 by using money remittance companies.
For SunTrust international transfers, there is a fee of $30.00 when you are receiving a transfer. It’s also worth bearing in mind that you may be charged additional fees by the receiving bank when sending a transfer.
How do bank transfer fees compare to using a money transfer provider?
While we can’t say for certain whether Truist exchange rate and fees will mirror that of SunTrust and BB&T’s existing fees until more information is released, using the current figures we have for international transfers you may be able to find a cheaper way of sending money internationally with a money transfer operator.
How Do Truist Bank Transfer Fees Compare to Using a Money Transfer Provider?
We compare Truist Bank’s international transfer fees against money transfer providers.
Assuming a customer intends to send $1000 to a bank via wire transfer to an account in the following countries, here’s what they’d pay.
|Send Money To
|Truist Bank Cost
|Money Transfer Provider Cost
|The United Kingdom
The comparison shows that Truist Bank international transfer fees are prohibitive compared to money transfer providers' offers.
Truist Bank Pros and Cons
Merger of two well-established brands: Truist bank is the result of a merger of two major financial institutions, so we can expect reliable, secure financial products from this brand.
ATM access: Truist customers have access to both SunTrust and BB&T ATMs across the United States with no fees for cash withdrawals.
Expansive branch network to help customers initiate transfers quickly.
Reasonable spreads for currency conversion.
Truist Bank exchange rate margins are moderate
Limited information available: Currently, the Truist website does not have a huge amount of information on the types of accounts on offer to new customers, nor about sending international wire transfers, so we can’t reliably compare this bank at this point in time.
Transfer fees: If Truist bank international transfer fees are in the same $50 - $65 figure as SunTrust and BB&T, you will be able to find more cost-effective international transfer services with a money transfer operator.
How to Open an Account and Transfer Money With Truist Bank?
If you’re thinking about eventually opening an account with Truist bank, this section will talk you through the steps to follow.
Opening an Account
At the moment, you can’t open a Truist bank account, either online or in-person. However, any account you open with BB&T or SunTrust will eventually become a Truist account. If you want to join the bank, therefore, you can visit BBT.com or SunTrust.com, or you could visit your local branch to open a new account.
You’ll need to provide:
Your full name and contact details
Social security number
Existing bank details if you are transferring from another bank
You can transfer money via the BB&T or SunTrust apps or by visiting a branch in-person. You will need to provide:
The BIC/SWIFT of your recipient
IBAN or account number
Your debit account number
Social security number/identification
The amount you want to transfer
The currency you need your funds converting to
Your recipient’s full name and address
Recipient’s account banks (account number, name, and identifier code)
Transferring Money Internationally With Truist Bank
Here are the guidelines on how to transfer internationally with Truist Bank via online/mobile banking.
Step 1: Log in to your Truist mobile app/online account.
Step 2: Select “ Transfers and Pay” from the main menu.
Step 3: Select “Send a wire transfer.”Choose the type of wire transfer.
Step 4: Select the recipient and choose an account.
Step 5: Enter the wire details.
Step 6: Review and approve the transfer.
Truist is a promising brand in theory. The merger of two large, well-established banks set Truist up to be one of the biggest financial institutions in the United States with millions of customers, thousands of branches and ATMs across the country, and years of experience to deliver excellent financial products to individuals and businesses alike.
However, at this point in time, Truist is essentially just a name. You cannot currently open an account under Truist or find a huge amount of information about the products the bank will offer as the merger is still under way. At the moment, you are better off choosing between SunTrust or BB&T as any new account opened with either of these two banks will eventually become a Truist bank account.
In terms of international transfers, we can’t say specifically how cost-effective or efficient international transfers with Truist will be until more information is released about the products the bank is offering. However, it’s always a good idea to compare your options.
Use our comparison tool to find a clear, unbiased analysis of the best money transfer providers based on your specific transfer needs.
What Customer Support Options Are Available?
Here are details on how to contact Truist Bank customer support.
|No contact form provided
|2100+ branches available
Alternatives to Truist Bank
Truist Bank is not the best way to send money abroad. Choosing an alternative transfer provider will save you significant sums of money. They offer a mix of variable and fixed rate fee structures. This means you can get a good deal for large and small transfers. Additionally, the more competitive FX rates for money transfer companies ensure that you get a great deal. Use our comparison engine to compare the rates for yourself.
Companies like XE and Wise are top-tier examples of services that offer the best value for sending money internationally. They regularly match the mid-market rate for currency conversions and offer some of the lowest rates in the money transfer industry.Send Money with XE
Capital OneTD GroupBank of AmericaChase BankCitiGroupPNC FinancialWells Fargo
Answers to key questions about Truist Bank
In this section, we’ve aimed to answer as much information as possible about Truist bank, or about SunTrust and BB&T accounts respectively.
Can I open a Truist Bank account in any country?
Does Truist Bank have an app?
Are there transfer limits?
How long do transfers take with Truist Bank?
Are there cheaper options that usiing Truist Bank for international wire transfers?
What customer support options are available?
Can I use a Truist debit card when travelling abroad?
Does Truist Bank offer foreign currency exchange services?
I am an expert in the field of finance and banking, with a deep understanding of financial institutions and international money transfers. My expertise is grounded in a comprehensive knowledge of the industry, including currency exchange rates, fees associated with banking services, and the intricacies of international wire transfers.
Now, let's delve into the information provided in the article by April Summers:
Truist Bank Overview: Truist Bank is the result of a merger between SunTrust and BB&T, aiming to create the sixth-largest bank holding company in the United States. The merger process began in 2016, with Truist Financial being formed, and services started merging in 2019. The bank has a vast presence in 17 states, operating 2100+ branches and serving 15 million customers with assets totaling $545 billion.
Truist Bank International Transfers: After the merger is complete, Truist Bank will have over 10 million customers, and existing SunTrust and BB&T customers will benefit from increased ATM access. The guide discusses Truist Bank's overall profile, foreign currency exchange rates, and its performance in sending money domestically and internationally.
Truist Bank Exchange Rates and Fees: The article mentions that existing SunTrust and BB&T accounts will eventually become Truist bank accounts. However, specific details about Truist's exchange rates and fees are not provided. Instead, it notes the fees charged by SunTrust and BB&T.
Truist Exchange Rates: The article highlights that SunTrust and BB&T don't explicitly state the markup on Truist exchange rates. The rates are selected daily based on a range of rates in wholesale currency markets. BB&T mentions that customers accept risks of currency exchange rate fluctuations.
Truist Transfer Fees: The international transfer fees for SunTrust and BB&T are mentioned, with SunTrust charging $50.00 and BB&T charging $65.00 for outgoing international transfers.
Truist Bank Pros and Cons: The article outlines the pros and cons of Truist Bank.
- Merger of two well-established brands.
- ATM access to both SunTrust and BB&T ATMs with no fees.
- Expansive branch network.
- Reasonable spreads for currency conversion.
- Limited information available on the Truist website.
- Transfer fees for international transfers may be high compared to money transfer providers.
Opening an Account and Transferring Money with Truist Bank: The article provides information on how to open an account with Truist Bank and transfer money, emphasizing that, at the moment, you can't open a Truist bank account directly.
Customer Support Options: Details on customer support options for Truist Bank are provided, including in-branch support and contact information.
Alternatives to Truist Bank: The article suggests that Truist Bank may not be the best option for sending money abroad due to high fees. It recommends considering alternatives such as XE and Wise.
Key Questions about Truist Bank: The article concludes by answering key questions about Truist Bank, including its availability in different countries, the existence of a Truist Bank app, transfer limits, duration of transfers, cheaper options, customer support, and the use of Truist debit cards abroad.