Planning an international trip, sending money to family abroad, or perhaps investing overseas? Whatever your reason, getting foreign currency can feel like a maze. But don't worry, if you're a Truist customer, this comprehensive guide will walk you through every step of ordering foreign currency, making it as smooth as a transatlantic flight!
Ready to get your foreign currency sorted? Let's dive in!
Step 1: Understand Your Needs and Truist's Offerings
Before you even think about placing an order, it's crucial to understand what you need and what Truist can provide. This initial self-assessment will save you time and potential headaches down the line.
A. What Currency Do You Need?
This might seem obvious, but double-check the exact currency of your destination. Is it Euros (EUR) for your trip to France, Canadian Dollars (CAD) for a jaunt up north, or Japanese Yen (JPY) for an adventure in Tokyo? Knowing the precise currency is the first and most important step.
B. How Much Foreign Currency Do You Require?
Consider your expected expenses. Will you mostly rely on credit cards and only need a small amount for incidentals, tips, or local transport? Or do you anticipate larger cash transactions? Over-ordering can lead to extra fees if you need to convert it back, so try to estimate as accurately as possible.
C. Truist's Foreign Currency Services
Truist primarily offers foreign currency exchange through international wire transfers. While they might have limited foreign currency on hand at some branches for common currencies, their primary method for ordering specific foreign currencies for delivery or for sending money internationally is via wire transfer. This is particularly relevant for substantial amounts or less common currencies.
Important Note: For physical cash in common currencies, some Truist branches might carry them. It's always best to call your local branch first to inquire about their cash foreign currency availability and ordering process for smaller amounts. For larger amounts or less common currencies, wire transfers are generally the way to go.
Step 2: Preparing for Your Order – Gather Necessary Information
Once you know what you need, it's time to gather the crucial details that Truist will require to process your request. Being prepared will make the process much faster.
A. Personal Information
- Your Truist Account Details: Have your account number and routing number readily available.
- Identification: You'll likely need a valid, government-issued ID (like a driver's license or passport) for verification purposes, especially for in-person transactions or setting up wire services.
B. Recipient Information (for Wire Transfers)
If you're sending foreign currency via wire transfer to another person or institution, you'll need comprehensive details about the recipient. This is absolutely critical for a successful transfer.
- Recipient's Full Name and Address: Ensure this is accurate and matches their bank records.
- Recipient's Bank Name and Address: The full legal name and physical address of their bank.
- Recipient's Account Number: The exact account number where the foreign currency will be deposited.
- SWIFT/BIC Code: This is the international bank identifier code (Society for Worldwide Interbank Financial Telecommunication / Bank Identifier Code) for the recipient's bank. It's essential for international wire transfers. You can usually find this on the recipient's bank statement or by asking them directly.
- Intermediary Bank Information (if applicable): For some less common currencies or countries, an intermediary bank might be involved. The recipient's bank should be able to provide this if necessary.
- Reason for Transfer: Truist, like all banks, is required to ask for the purpose of the transfer for regulatory compliance. Be prepared to state whether it's for travel, family support, a purchase, etc.
Step 3: Choosing Your Ordering Method with Truist
Truist offers a few avenues for handling foreign currency, primarily focusing on international wire transfers for most scenarios.
A. Online Banking (for Wire Transfers)
This is often the most convenient method for initiating international wire transfers if you've already enrolled in Truist's wire services.
- Enroll in Wire Services: If you haven't already, you'll need to enroll in wire transfer services through Truist Online Banking.
- Sign in to your Truist Online Banking account.
- Navigate to "Transfer & Pay" from the main menu.
- Select "Enroll in wire services."
- Follow the on-screen prompts to verify your identity and set up your contact information. You may need to register two valid authorization phone numbers.
- Review the wire transfer fee information before confirming enrollment.
- Add Recipient: Before sending a wire, you'll need to add the recipient's details.
- From the "Transfer & Pay" page, select "Send a wire transfer."
- Go to the "Manage recipients" tab.
- Click "Add recipient" and select "International."
- Enter all the required recipient details, including their name, address, bank name, account number, and SWIFT/BIC code.
- Initiate Wire Transfer: Once enrolled and your recipient is set up, you can initiate the transfer.
- From the "Transfer & Pay" page, select "Send a wire transfer."
- Choose "International" as the type of wire.
- Select the recipient you've already added.
- Select the "From" account.
- Complete the transaction details, including the amount and the foreign currency you wish to send. You may also add optional information like an intermediary bank, reason for the wire, or a memo.
- Review all details carefully on the review screen.
- Authorize the transfer by selecting your security code delivery method (e.g., SMS or call) and entering the code when prompted.
B. Visiting a Truist Branch (for Cash or Wire Transfers)
For physical foreign currency cash, especially for common currencies and smaller amounts, visiting a branch is often the preferred method. You can also initiate wire transfers from a branch.
- Locate a Branch: Use Truist's branch locator on their website to find a branch near you.
- Call Ahead: This is highly recommended for physical foreign currency. Call the branch beforehand to:
- Confirm availability: Ask if they have the specific foreign currency you need in stock and the amount you require.
- Inquire about ordering: If they don't have it, ask about their process for ordering foreign currency cash and the estimated delivery time.
- Check exchange rates and fees: Get an idea of the current exchange rate they offer and any associated fees.
- Confirm required documentation: Ask what identification and account information you'll need to bring.
- Visit the Branch: Once you've confirmed details, visit the branch with your required identification and account information. A Truist representative will assist you with the transaction.
C. Phone (for Wire Transfers)
You can also initiate wire transfers or get assistance with the process by calling Truist customer service.
- Call Truist: Dial 844-4TRUIST (844-487-8478). For calls outside the U.S., use +1-910-914-8250.
- State Your Need: Clearly explain that you want to order foreign currency via wire transfer or inquire about cash foreign currency options.
- Provide Information: Be prepared to provide your account details and the recipient's information (for wire transfers) as requested by the representative.
- Confirm Details: Listen carefully as the representative confirms the transaction details, including the amount, currency, fees, and estimated delivery time.
Step 4: Understanding Fees and Exchange Rates
This is where the cost of your foreign currency order comes into play. It's crucial to be aware of the potential charges.
A. Wire Transfer Fees
Truist, like most banks, charges fees for international wire transfers.
- Outgoing International Wire Transfer Fee: This is typically a flat fee. Based on recent information, Truist charges around $65 USD per outgoing international wire transfer.
- Incoming International Wire Transfer Fee (if applicable): If you are receiving foreign currency via wire transfer, Truist may charge a fee for incoming international wires, around $20 USD.
- Intermediary Bank Fees: Be aware that intermediary banks, if used in the transfer chain, may also deduct their own fees from the total amount, which can result in the recipient receiving slightly less than the amount you sent. This is outside of Truist's direct control.
B. Exchange Rate Markup
This is often the less obvious cost, but it can be significant. When you convert USD to a foreign currency (or vice versa) through Truist, they will apply an exchange rate that is typically less favorable than the mid-market rate (the rate you see on Google or Reuters). This difference is how banks make money on currency exchange, often referred to as a "markup" or "spread."
- Expect a Markup: Research suggests Truist may apply a markup of around 3-6% on the exchange rate. This means you'll get less foreign currency for your USD than if you were to use a service that offers the mid-market rate.
- Check the Rate: Always ask Truist for the exact exchange rate they will apply to your transaction before confirming. Compare this to the mid-market rate (easily found online) to understand the markup.
C. ATM and Point-of-Sale Fees Abroad
While not directly related to ordering currency, it's good to be aware of these if you plan to use your Truist debit card abroad.
- International ATM Fees: Truist may charge a fee for using non-Truist ATMs outside the U.S. (e.g., $5 per transaction).
- International Point of Sale & ATM Assessment Fee: There's typically a percentage-based fee (e.g., 3%) on all international debit card transactions (both ATM withdrawals and purchases).
Step 5: Confirming and Receiving Your Foreign Currency
Once you've initiated your order, the final step is to confirm and receive your currency.
A. Confirmation
- Receipt/Confirmation Number: For wire transfers, you should receive a confirmation number. For in-branch cash orders, you'll get a receipt. Keep this for your records.
- Tracking (for Wires): While direct tracking of international wires isn't always readily available to the customer, you can usually inquire about the status through Truist customer service if there are delays.
B. Receiving Your Currency
- Wire Transfers: For international wire transfers, the foreign currency will be deposited directly into the recipient's bank account in the destination country. The typical processing time for international wire transfers through the SWIFT system is 3-5 business days, though it can vary.
- Cash Orders: If you ordered physical foreign currency cash at a branch, you will typically pick it up at that same branch once it arrives. The timeframe for this depends on the currency and the branch's policies, so always confirm this when placing your order.
Frequently Asked Questions (FAQs)
Here are 10 common questions about ordering foreign currency from Truist, with quick answers:
How to Check Truist's Exchange Rates?
You generally need to contact Truist directly (via phone or in-branch) at the time of your transaction to get their current exchange rates for foreign currency. They don't typically publish these widely online due to constant fluctuations and the applied markup.
How to Find a Truist Branch That Offers Foreign Currency?
Use the Truist branch locator on their official website and then call the specific branch you plan to visit to inquire about foreign currency availability. Not all branches stock all currencies.
How to Send Foreign Currency to Someone Else's Account?
You'll need to perform an international wire transfer through Truist Online Banking (if enrolled in wire services), or by visiting a Truist branch or calling their customer service. You'll need the recipient's full bank details, including their SWIFT/BIC code.
How to Pay for the Foreign Currency Order?
For wire transfers, the funds will be debited directly from your linked Truist checking or savings account. For in-branch cash orders, you would pay from your Truist account or potentially with cash if within limits.
How to Know the Fees for International Wire Transfers with Truist?
Truist typically charges a flat fee of around $65 for outgoing international wire transfers. There may also be an exchange rate markup and potential intermediary bank fees. These fees are usually disclosed when you initiate the transfer.
How to Avoid High Exchange Rate Markups?
While banks generally apply a markup, you can compare Truist's offered rate to the mid-market rate (found on Google or currency exchange sites) to understand the cost. For significant savings, consider using specialized money transfer services (like Wise or Revolut) that often offer more competitive exchange rates with lower markups, though they are separate from Truist.
How to Track a Foreign Currency Wire Transfer with Truist?
Direct real-time tracking for international wires isn't usually available for customers. However, if there are delays, you can contact Truist customer service with your wire confirmation number to inquire about the status.
How to Cancel a Foreign Currency Order?
Canceling a foreign currency order, especially a wire transfer, can be difficult or impossible once it's been processed. Contact Truist immediately if you need to cancel. For cash orders, if the currency hasn't been ordered or shipped, it might be possible.
How to Get Foreign Currency for a Last-Minute Trip?
For last-minute needs, your best bet is to call your local Truist branch to see if they have the desired currency in stock for immediate pick-up. Otherwise, consider using an ATM at your destination (be aware of ATM fees and exchange rate markups) or exchanging currency at an airport (which often has less favorable rates).
How to Ensure the Recipient Receives the Full Amount of Foreign Currency?
This is challenging due to potential intermediary bank fees. While you send a specific amount, intermediary banks might deduct their own charges. To minimize this, ensure you have all correct recipient and bank details, and inquire about any known intermediary banks involved. Some services allow you to pay all fees upfront to ensure the recipient gets the exact amount.
