Ally Bank International Wire Transfer - Fees and Rates 2023- Exiap (2024)

Ally Bank has discontinued its international transfer service, which means you can’t send an Ally Bank international wire. However, that doesn’t mean you’re out of luck if you have an Ally account and need to send a payment overseas.

Alternative specialist providers like Wise, OFX and Western Union may be able to get your money where it needs to be faster and for a lower overall fee compared to a traditional bank.

We’ll take a look at your options including which providers can help you with international transfers, how much they cost, and how long they take.

Ally Bank transfer fees

Ally Bank doesn’t support outgoing international wires, but you can receive a payment from abroad to your account. You can also send a domestic wire with Ally, to another bank in the US.

Check your specific account terms and conditions to see how Ally Bank wire fees will work for you – here’s a rundown of the standard Ally Bank transfer fees:

Ally Bank exchange rate

If you’re expecting an incoming international payment to your Ally Bank account, the exchange rate applied will be set by the sending bank or one of the intermediaries involved in processing the transfer. This rate may include a markup which is an extra fee added to the mid-market exchange rate.

Bank exchange rate markups are commonly about 3%. That doesn’t sound like a lot, until you consider that this fee alone would add 150 USD in fees onto a payment of 5,000 USD.

To cut costs and get the best exchange rate available it may be worth suggesting that the person sending your payment checks out a few alternative payment providers such as Wise, OFX and Western Union to see which offers the best rate. More on these options later.

Ally Bank additional fees

Ally Bank doesn’t charge a fee for incoming international wires, but it does state that the sender’s bank, or intermediary banks, may deduct fees while your transfer is on the move.

This may mean you get less than expected into your account in the end. To double check if any extra fees may apply, Ally Bank advises you to contact the sending bank to understand if any intermediaries will be involved in the payment.

Alternatives to Ally Bank international money transfer

You can’t send your money overseas with Ally Bank. But you can choose an alternative provider which may actually work out cheaper and faster than using a different bank. Here are some top options – first an overview of a model payment, and then a bit more detail about each.

Here’s how a transfer made online would work out, if you were sending 1,000 USD to a friend in the UK with these specialist services:

Western Union

Western Union is a huge global payment brand, which offers transfers in cash and to bank accounts almost all over the world. For convenience you can arrange your payment online or in the Western Union app, and have it delivered to your recipient’s bank account directly. Payments usually arrive in a day or two. Transfer fees and exchange rates vary based on the payment details and destination country.

Wise

Wise is a specialist in low cost international payments to bank accounts, and also offers multi-currency accounts for personal and business customers.

Set up your transfer online or in the handy Wise app, and it’ll get moving right away.

Wise uses the real mid-market exchange rate with low, transparent fees – and over 50% of transfers arrive instantly.

OFX

OFX is a currency specialist which has international payments as well as currency risk management products for individuals and businesses.

OFX offers a personal service by phone – or you can use their app or desktop site instead.

There’s no transfer fee to pay, just a markup which is added to the exchange rate used to convert your currency to the one you need.

Receiving money from abroad with Ally Bank

You can receive incoming international payments into your Ally Bank account, but in this case, Ally won’t process the transfer themselves – they’ll pass this job on to Morgan Chase Bank.

That means that the information you need to give anyone sending you a payment from overseas to your Ally Bank account is a little more complex than with most incoming international wires. It’s also different to the details used when receiving a domestic payment with Ally

Here’s what you need to tell the sender if you’re expecting an international wire to your Ally Bank account:

• Name of receiving bank: JP Morgan Chase Bank, N.A.
• ABA/Routing Number: 021000021
• Receiving bank address: 1 Chase Manhattan PLZ, New York, NY 10005
• Morgan Chase SWIFT Code: CHASUS33
• Beneficiary Account Number: 802904391
• Beneficiary Name: Ally Bank
• Further Credit: Your Ally Bank Account Number and your name

Ally Bank SWIFT code

When you receive an international payment it’s normal to give your bank’s SWIFT/BIC code to the sender. This unique code helps guide an international payment to the right bank.

Because Ally Bank’s incoming international payments are actually processed through Morgan Chase, the SWIFT code you need here works a little differently. Instead of giving an Ally Bank SWIFT/BIC code, you’ll need to use the Morgan Chase code as follows.

Morgan Chase SWIFT code (for Ally Bank international wires): CHASUS33

Related article: Chase International Wire Transfer

Conclusion

Ally Bank doesn’t allow customers to send outgoing international wires. However, there are plenty of specialist services which can help if you need to send money abroad, such as Wise, OFX and Western Union. Compare a few options based on their fees and exchange rates – as well as how convenient they are to use – to pick the best service for your particular needs.

FAQs

Is it possible to make an Ally Bank international transfer?

Ally Bank does not offer international wire transfer services. Instead you’ll need to pick an alternative provider – use the services highlighted in this guide as a starting point to find the right option for you.

How to transfer money internationally with Ally Bank?

You can not transfer money internationally with Ally Bank directly. Instead you’ll need to use a different bank account, or use a specialist service which can help you move your money across borders. We cover a few options in this guide to help you pick one.