Although technically a brokerage, not a bank, Fidelity offers many of the same features of a regular bank to its customers, through the cash management account option.
It’s also possible to make international transfers with Fidelity – however, online international wire transfer are currently not possible with them.
In this article, you can find out more about Fidelity’s wire transfer fees, exchange rates, transfer times and more.
You might find that an alternative provider like Wise offers cheaper, and more flexible international transfer options – helping you to save up to 6x compared to regular banks – but more on this later.
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Fidelity international wire transfer fees
While incoming wire transfers may be free with Fidelity, you have to factor in the possible exchange rate markups and fees from sending and intermediary banks¹.
For an outgoing transfer, Fidelity charges you a so-called ‘Fidelity fee’, however, the amount is not disclosed in their FAQ², and there are also possible fees from intermediary and recipient banks. If you transfer money using two different currencies, a possible exchange rate markup may also be added to the fee of your international wire transfer with Fidelity.
In addition, Fidelity notes that for an international wire, you won’t be able to set one up online.⁴ You’ll have to speak to a Fidelity representative, which costs a little more than if you were to set everything up online.
The below table is based on a brokerage account:
| Fidelity international wire transfers | Fees |
|---|---|
| Incoming¹ | $0¹ + possible exchange rate markupⁱ + possible fees from sending and intermediary banksⁱⁱ |
| Outgoing (same currencies) | ‘Fidelity fee’² + possible fees from intermediary and recipient banksⁱⁱ |
| Outgoing (2 currencies) | ‘Fidelity fee’² + possible exchange rate markupⁱ + possible fees from intermediary and recipient banksⁱⁱ |
| ⁱ Exchange rate markups | See the next section "Fidelity exchange rates" |
| ⁱⁱ Intermediary/recipient bank fees | Fidelity notes, “The [intermediary] Bank may charge a fee for receiving wires.”³ These flat fees can range from $10-$50 and may be levied by up to 4 banks on top of Fidelity’s fees. |
Fidelity exchange rates
If you want the beneficiary bank in the foreign country to receive a different currency than you’re sending, then you’ll want to definitely pay attention to Fidelity’s exchange rates, because you might be losing out on more money than you realized.
If you’re sending money abroad, Fidelity will wire the amount in the currency required, and then debit the equivalent in US dollars from your Fidelity account. And if you’re receiving money in another currency, Fidelity can accept a handful of foreign currencies, and then credit you with the equivalent in US dollars.
It’s pretty common for banks and other exchange services to mark up the exchange rate they use, an average of 4-6%, to make sure they make a profit on foreign currency transactions.
That means that even if the stated fees look low, the overall costs of a transfer can be pretty high.
Unfortunately, Fidelity’s exchange rates aren’t publicly available, which means you’ll need to call a Fidelity representative to check the rate used for your currency pairing before committing to the transfer.
| 💡 Unfortunately, Fidelity’s exchange rates aren’t publicly available, which means you’ll need to call a Fidelity representative to check the rate used for your currency pairing before committing to the transfer. |
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Once you have the exchange rate that Fidelity offers for your specific wire transfer, you’ll want to use some calculations to see if you’re getting a good deal. To do that, you’ll want to compare Fidelity’s exchange rate with the real mid-market rate using an online currency converter or by googling the currency pair.
A cheap and transparent alternative: Wise
If you’re worried about the costs of transferring money abroad, especially those hidden exchange rate markups, then it’s good to know there are other options out there.
Have a look at the costs of using a specialist in international transfers like Wise.
To send money online with Wise, you will pay a small, flat fee and a percentage of the amount that’s converted.
This can prove a much better value, because transfers are done using the fairest exchange rate — like the one you find on Google — with no markup, and only a small transparent fee – you can save up to 6x compared to regular banks.
That means you can see the true cost of the transaction easily, and there aren’t any hidden fees to worry about. As all transfers are set up entirely online, it’s convenient, too. You can also find the cheapest way to send money on our website.
Find out for yourself if you can get a better deal with Wise, today:
How do you make an international bank transfer with Fidelity?
Officially, Fidelity provides two ways of making an international wire transfer:
Via a Fidelity Representative
Fidelity requires those setting up international wires to do so via a Fidelity representative. You should be able to do that at your local branch, or call 1-800-544-6666 to set one up.
Via snail mail
Fidelity also offers you the option of filling out their Bank Wire Form and mailing it to one of their offices for processing.
To send an international wire transfer with Fidelity, you’re going to need either their Bank Wire Authorization form, or for sending foreign currencies, their Outgoing Foreign Currency Wire form.
| 💡 To send an international wire transfer with Fidelity, you’re going to need either their Bank Wire Authorization form, or for sending foreign currencies, their Outgoing Foreign Currency Wire form. |
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Can I do a wire transfer online with Fidelity?
Currently, Fidelity is not able to process international wire requests online. Which means if you want to send money directly through Fidelity, you’ll have to contact a Fidelity representative. However, there is a workaround which you can use to send money online internationally with Fidelity:
Connecting your Fidelity account to Wise
- Visit wise.com
- Choose the originating currency and amount in the top box and the corresponding recipient currency in the bottom box
- To find out how much Wise costs, click on “Show fee breakdown”ⁱ
- Click the green button “Get started”
- Fill out your personal detailsⁱⁱ
- Enter your recipient’s informationⁱⁱⁱ
- Make sure you’re happy with the cost and exchange rate
- On the final step, you’ll have several options to pay for your transferⁱ
ⁱ The cheapest option for you will likely be bank debit (ACH) or paying by debit/credit card. Bank debit can be slightly slower, but has higher limits than if you pay by debit card. Both options will deduct the money directly from your Fidelity account.
ⁱⁱ Especially on your first transfer, you may be asked to verify your identity with an ID, address proof, the reason for your transfer, or even your SSN just like you would when you open a bank account in person at a regular financial institution.
ⁱⁱⁱ It may be helpful to note that when sending money through Wise you won’t actually need international banking details for your recipient. You’ll need their local banking details — the same information they would give to a friend inside the country for a domestic bank transfer. That likely means you may not need their SWIFT/BIC code, but more like the domestic equivalent.
How long does an international transfer with Fidelity take?
In general, international wire transfers take around 3 - 5 business days to go through.
However, the length of time it takes to make an international wire will depend on where your money is headed. Check the likely delivery time when you place the transaction.
What do I need in order to make an international money transfer?
First, you’ll need to check that your account type is eligible for bank wires, as not all Fidelity accounts can have this feature enabled. You may find you can’t make wire transfers if you have any of the following account types:
- Self-Employed 401(k)
- Workplace Self-Directed Brokerage
- Fidelity Retirement Plan (Keogh)
- Investment-Only Retirement Account (Non-Prototype)
- Health Savings Account (HSA)
If you’re sending directly through Fidelity, make sure you give yourself plenty of time, as you won’t be able to make the international transaction online. You’ll need to fill out a form and get the wire processed through a Fidelity representative.
When you fill in the authorization form, you have to give details of the recipient to make sure the process goes smoothly. You’ll need the following:
- Your own Fidelity account details
- Recipient’s name and address
- Recipient’s bank details, including the bank name, branch and address
- Any correspondent bank details required by the recipient bank
- BIC/SWIFT code for your recipient’s bank
- If you’re sending money to a country other than the country where you’re designated a tax resident, then you might have to provide further details of the reason for the payment to the tax authorities
Once you’ve set up the recipient as an authorized account, you might then have to complete and mail back further paperwork to make individual transfers or visit a local branch. The documents you need depend on the account type you have, and links to the PDF files can be found in the sources link below.
If you’re looking for a simpler alternative, you might consider a specialist provider like Wise — which allows all transfers to be completed online for convenience. You can send money online from our website or mobile app, in just a few clicks.
What do I need or what should I give to the sender in order to receive an international bank transfer?
If you’re expecting to receive an international transfer, then the sender will need some information. What’s needed will depend a bit on where they’re based, and whether the transfer is being sent in US dollars, or another currency — but you can expect to be asked for the following:
- Your own account BIC/SWIFT code; or the Fidelity wire instructions as detailed in the source link below if you have a brokerage or mutual fund account
- Your full name and address, as detailed on the account
- Your Fidelity account number
- The amount and the currency you’d like to receive the payment in
Don’t forget to also agree with the sender who will cover the charges applied to the transfer.
Contact / Help — More questions around your transfer?
If you need a little more help, the easiest way to contact Fidelity is through the online chat feature, or by calling the customer services hotline for advice.
- Customer services — 800-343-3548
- Fidelity online chat feature
When you’re doing your homework on the costs of international transfers, you’ll want to look at both the upfront and intermediary fees, and the exchange rates applied. Compare the rate to the real, mid-market rate to make sure there are no hidden fees — and don’t forget to ask about the likely intermediary charges if you choose to make a transfer with a traditional institution.
The real costs of international wire transfers can vary widely, so a little research could save you a lot of money. You can also find the cheapest way to send money on our website.
Sources:
All sources checked on 22 February 2022
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