In recent years Capital One has been praised for its seamless transition into the modern world of banking, offering online features which rival the attributes of new wave challenger banks. With this in mind, we want to know if Capital One offers the same high quality features for customers who wish to make international money transfers? How do their remittance services compare to other banks?
About Capital One
Most people instinctively associate Capital One with credit cards. This is because the US-based financial services group is best known for their leading role in the mass rolling-out of credit cards in the 1990s. To this day, the largest portion of their revenue is accrued from Capital One’s credit card sales and in 2020, they were the 3rd biggest credit card issuers by number of active accounts.
Originally founded in 1994 as a monoline lender (a corporation specialising in a single product) Capital One’s credit card niche has developed into a series of products and services which fit diverse customer needs. The bank is separated into 3 main areas: credit cards, consumer banking and commercial banking.
Although the bank has carved a niche for using technology for consumer services, it still operates 755 branches. These branches help serve its customers, who have more than 43 million accounts. Capital One has assets totaling $432 billion.
Sending money abroad with Capital One international transfers is possible using digital channels or in person. The bank uses the SWIFT payment network for international settlements.
Can I Use Capital One for International Bank Transfers?
It is possible to arrange an international bank or wire transfer with Capital One, however, there is not much information available online about setting one up. Capital One customers will need to contact their bank to find out if they can make international transfers using their account.
Exchange Rates and Fees
It is important to consider the exchange rates and fees tied to international bank transfers, as they are often higher than the charges of money transfer specialists like OFX and WorldRemit. In this section we will review the costs associated with Capital One international money transfers.
Exchange Rate
It is not clear what type of exchange rates are offered by Capital One. We would recommend contacting the bank directly for a specific quote, otherwise you might not be able to view the given exchange rate until you are being charged for the transfer.
The bank doesn’t publish the exchange rates it uses to process international transfers. Customers can get Capital One exchange rates by asking the bank’s representative or at the branch. However, customers should expect a markup of 2%-7% on the mid-market rates.
Like other banks, exchange rates for Capital One may not be competitive compared to money transfer services. Some providers like Wise and XE process international transfers using the prevailing market rate.
Do your own research and don't rely on your bank giving the best rate.\nHere at MoneyTransfers we know how much foreign exchange rates fluctuate so we always encourage our customers to do their own research before paying for any kind of remittance. We recommend identifying the exact mid-market rate of your currency pairing to give you a ballpark figure which you can refer to during your international money transfer.
Transfer Fees
Like their exchange rates, the fees associated with a Capital One international money transfer are not easily found. According to the terms outlined in their Wire Transfer Disclosure Statement, customers should “contact the Call Center for fees applicable to Wire Transfers and any other related pre-payment disclosures.”
When sending money abroad through the bank, clients should expect to pay transfer and intermediary bank fees. Fees also depend on the customer’s account type.
Here are Capital One’s international wire transfer fees.
| Account Type | Channel | Sending fees |
|---|---|---|
| Essential Checking, High Yield Checking, Essential Saving | Branch, Mobile App | $25 |
| 360 Checking, 360 Saving, 360 Market Money, Saving Now, Simply Checking, Performance Saving | Online, Phone | $30 |
Capital One outgoing international wire transfer fees are significantly higher compared to other money transfer providers. Customers can save upwards of $20 when using specialized money transfer services.
Additional Costs
International bank transfers are often processed by several intermediary banks and sometimes as many as 3 other banks are involved in moving the money from A to B. Each of these banks will issue their own fees, therefore, once you have received a quote for the anticipated exchange rate and fees associated with your Capital One transfer, it is worth enquiring about the intermediary banks involved in the process.
Capital One levies charges to incoming international transfers depending on the account type. Here’s the fee schedule.
| Account Type | Channel | Receiving fees |
|---|---|---|
| Essential Checking, High Yield Checking, Essential Saving | Branch, Mobile App | $15 |
| 360 Checking, 360 Saving, 360 Market Money, Saving Now, Simply Checking, Performance Saving | Online, Phone | Free |
How Do Bank Transfer Fees Compare to Using a Money Transfer Provider?
Capital One international transfer fees are expensive, especially for smaller transfers.
Here’s a fee comparison against a money transfer provider like Wise or XE.
To send $100 to select countries, here’s what customers would have to pay.
| Send Money To | Capital One Transfer Cost | Money Transfer Provider Cost |
|---|---|---|
| Canada | $25 | $1.27 |
| Australia | $25 | $2.99 |
| United Kingdom | $25 | $2.99 |
The cost doesn’t include the markup on the exchange rate, which would increase Capital One’s transfer cost.
Capital One Pros and Cons
It would appear the majority of Pros for Capital One relate to credit card products as opposed to international money transfer services:
- Capital One have over 25 years worth of experience with credit cards and provide customised services to fit your financial needs
- All Capital One credit cards offer cash back benefits
- Opening a Capital One 360 account incurs no minimum balance fees, no minimum deposit fees, no monthly maintenance fees for
- Online and mobile banking options are intuitive and easy to use
- A fixed fee system help customers understand what to pay
- Capital One offers very little information about their foreign exchange rates or transfer fees, making it difficult to anticipate the cost of their international money transfer services
- Capital One was hacked in July 2019; credit scores, zip codes, social security numbers and other personal information were stolen. This data breach affected approximately 100 million customers in the United States and 6 million customers in Canada
- There is no option to set up international money transfers online
- Opaqueness in Capital One’s exchange rates
- Capital One transfer fees are expensive
- International transfers take 3-5 days
- Fees for incoming transfers for customers with a specific account
Capital One Swift Codes
| Bank | Country |
|---|---|
| Capital One France | France |
| Capital One Bank Usa NA | Usa |
How to Open an Account and Transfer Money Online With Capital One?
Capital One has developed a broad range of credit cards to fit the needs of all sorts of customers. Find out how to open an account and transfer money online below.
Opening an Account
Step 1: Sign Up
Step 2: Follow the Application Steps
Step 3: Review and Accept the Terms
Step 4: Deposit Money
Transferring Money
Those in possession of a standard Capital One checking account have the option of transferring money to a payee overseas, but will need to do this in branch or over the phone.
Here are guidelines on how to transfer internationally with Capital One.
Step 1: Log in to the Capital One online banking platform
Step 2: Select the account you’ll use to initiate the transfer.
Step 3: Select the “Accounts and Services” option.
Step 4: Enter the requested transfer details, confirm and approve the transaction.
When arranging a money transfer with Capital One, a bank representative will ask for the following:
Recipient’s full name
Recipient’s address and contact number
Recipient’s account number
The full name, bank address, SWIFT Bank Identifier Code (SWIFT BIC), and branch identifier of the recipient’s bank
International Bank Account Number (IBAN) may be required
Capital One 360 customers are unable to send international bank transfers, but they can receive them.
Additional Information
Whether you will be asked for further information depends on the details of your international money transfers. Please check with your recipient to ensure you are providing all of the information needed.
We have published an International Wire Transfer Guide which offers further information about the transfer requirements of different countries.
What customer support options are available?
| Support Type | Y/N | Details |
|---|---|---|
| Email Support | Y | [emailprotected] |
| Telephone Support | Y | 1-877-383-4802 |
| Chat Support | Y | Virtual assistant |
| In-Branch Support | Y | 775 branches available |
Summary
While Capital One is a great option for anyone looking for a new credit card, they do not provide as much assistance and online information about their international money transfer services.For those who rely on online banking, Capital One provides fantastic features such as My Savings Goals, credit score tracking and mobile deposit for depositing checks in real time. However, the bank’s quality online services are not extended to their international transfer services, and it is not possible to execute an online money transfer with this bank. Check out our other bank reviews to learn more about how to execute international bank transfers.
