BNY Mellon international wire transfer: Fees, limits and rates

An international wire transfer is a way to send money overseas. It can be a good option if you need to transfer money for family support, business purposes, or travel.

This guide will walk you through the specifics of making an international wire transfer with the Bank of New York Mellon so you can know more about its fees, limits, and exchange rates.

We’ll also introduce Wise, an option for low cost and speedy international transfers to 160+ countries.

Can I make an international wire transfer with the Bank of New York Mellon?

You can make an international wire transfer with the Bank of New York Mellon (BNY Mellon). However, it's important to understand that BNY Mellon is an investment company, not a traditional bank. It generally serves as an intermediary bank for domestic and international wire transfers.

This means that you may run into extra steps or have to cover extra fees when using the BNY Mellon to send an international wire transfer.

Bank of New York Mellon international wire transfer fee

Typically, BNY Mellon charges a fee for processing international wire transfers. The amount can vary depending on the amount and destination of your transfer. You may also have to consider additional fees.

There may be bank fees charged by the receiving bank or other intermediary banks involved in the transaction

International wire transfers also typically involve different currencies. You will have to pay BNY Mellon's exchange rate, which may be worse than the mid-market rate.

In other words, there is more than just the international wire transfer fee to consider. It's important to understand the total cost of your transfer because the fees can quickly add up.

Bank of New York Mellon exchange rates

BNY Mellon typically converts your transfer into the recipient's currency. For example, if you're sending money to Europe, your transfer will be converted from USD to EUR.

The important thing to be aware of is that the conversion is generally not done at the mid-market rate.

The mid-market rate is the rate banks use when trading with each other. But when handling customer transfers, banks often apply a markup to the exchange rate. This means that you might not get the best rate for your transfer.

For example, let's say the mid-market rate for USD to EUR is 1 USD = 0.90 EUR. If you transfer 10,000 USD, you would expect to receive 9,000 EUR.

But if a bank applies a 3% markup, the exchange rate would be 1 USD = 0.873 EUR. This means you would receive only 8,730 EUR instead of 9,000 EUR. In this scenario, you'd lose 270 EUR on the exchange rate.

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How do you make a Bank of New York Mellon international wire transfer?

Bank of New York Mellon wire instructions are not publicly available. However, the general process of sending an international wire looks as follows:

1. Contact your bank to initiate the international wire transfer
2. Share a few details about the recipient and their bank
3. Review the fees and exchange rates before sending your transfer so you don’t run into any surprises
4. Submit the transfer online or by visiting your bank in person
5. Track your transfer, if available

Make sure to get the information you need to make the transfer, such as the recipient's name and SWIFT code, before initiating your transfer for a smoother process.

What information do I need to make an international wire transfer?

You'll need to provide a few details about both the sender and the recipient to initiate your transfer. Make sure that these details are correct to avoid delays.

You can also typically add a note with any specific instructions or a relevant reference number for your transfer. Make sure to always confirm the details with your recipient.

How long does an international wire transfer with the Bank of New York Mellon take?

BNY Mellon doesn't publicly share the time it takes to complete an international wire transfer. Generally speaking, international wire transfers take between 1 to 5 business days.

The exact timing depends on the recipient's country, currency conversions, and intermediary banks involved in the transaction. It also depends on when you initiate your international wire transfer. BNY Mellon shares transfer cut-off times on their website.

What are Bank of New York Mellon's transfer limits?

BNY Mellon doesn't publicly specify fixed limits for international wire transfers. These limits can depend on the intermediary banks as well as the nature of your transaction. You should check directly with BNY Mellon if any limits apply to your international wire transfer.

Bank of New York Mellon contact information

If you have more questions or need personalized support, get in touch with the BNY Mellon. You can use their Support Request Form or visit the FAQs Page.

It's possible to send money overseas with a Bank of New York Mellon international wire transfer. However, BNY Mellon is an investment company, not a traditional bank, so there may be extra steps and fees involved.

If you’re sending money abroad, use Wise for international transfers with no hidden fees* and exchange rate markups.

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