Do You Plan To Use This Account To Send Or Receive Money Internationally ?

When it comes to sending money overseas, there's a lot of research involved. Most people's first thought is to head to their bank and wire money to another country. But is that the best way? Wise may be a cheaper option for sending money internationally, no matter where you bank. But if you're a Discover Bank customer, read on to learn about all of your options for making an international transfer.

In this article, you'll find covered:

• Discover international transfer fees
• Discover exchange rates
• An alternative – Wise
• How you make an international transfer with Discover
• What you need to do to make an international wire
• What you should give to the sender to receive an international wire
• How long Discover international wires take
• Discover Contacts

A cost example: Sending $1000 from the US to Canada

Before we get into Discover Bank's options, here's a hypothetical transfer that shows how you may be able to save money by using an alternative money transfer service like Wise.

Let's say you need to send $1,000 from the US to Canada in Canadian dollars. When you make an international transfer through a normal bank, there's typically:

• An upfront transfer fee
• Flat fees from intermediate banks involved in the SWIFT transaction
• The rarely discussed exchange rate, which is often marked up from the rate you'd find on Google

Which, as you may guess from adding up the above, is a lot more than just the fee your bank charges you at the outset.

Unlike regular banks, Wise skips the costly SWIFT system altogether and moves money between local bank accounts, cutting out those nasty, often surprising, intermediary bank fees. Not only that, but with Wise you get often lower upfront fees plus the fairest exchange rate. Every time.

Here's what the breakdown may look like:

Provider	Fee	Exchange rate	Total cost
Discover Bank (USA)¹	$30¹	Exchange rate + likely markup	$30¹ + possible intermediary bank fees¹ + a likely marked up exchange rate³
Wise	$8.45 (bank debit)	The real exchange rate	$8.45

As you can see, when it comes to upfront fees, Wise is already cheaper. But when you add in additional costs, the comparison seems to get much clearer.

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What are the fees for Discover?

When making an international transfer via Discover, it costs $30 per outgoing transfer whether it's domestic or international. Incoming transfers are free, at least on Discover's end. Intermediary bank fees are a different story.

In addition to converting your currency at a poor exchange rate, each intermediary bank that handles your transfer is entitled to charge a flat fee, generally somewhere between $20-$50, which is typically subtracted from the transfer amount. You can see how making an international bank transfer can get very expensive very quickly.

Discover international transfer fees table

International Transfers	Regular fees
Incoming international transfer²	No fee + possible intermediary bank fees⁽ⁱ⁾ + likely exchange rate markup⁽ⁱⁱ⁾
Outgoing international transfer²	$30 per transfer + possible intermediary bank fees⁽ⁱ⁾ + likely exchange rate markup⁽ⁱⁱ⁾
Stop payment²	$15 per transfer
⁽ⁱ⁾ Intermediary bank¹ fees	Discover notes that there may be an intermediary bank in the SWIFT process. SWIFT uses up to 3 intermediary banks, who typically charge flat fees of $10-$40.
⁽ⁱⁱ⁾ Exchange rate markup	See the next section

Discover exchange rates

Generally, international wire transfers are done via the SWIFT system, which means your money passes through an average of 1-3 intermediary banks before reaching its final destination. In most cases, either an intermediary or the beneficiary's bank will convert the transfer amount from your home currency into the recipient bank's currency. Sadly, those banks don't have any loyalty to you as you're not their customer, which often translates to passing on an unfair exchange rate that is often marked up to around 5% above the mid-market rate. Which means they often pocket an extra profit, and you have no idea you've even lost out.

That translates to the fact that is isn't normally Discover that will be levying the exchange rate on your international wire transfer.

For international wire transfers received in a foreign currency, the funds will be converted to U.S. dollars at a currency exchange rate determined by intermediary banks and that exchange rate will determine the amount received by us.³

A cheap and transparent alternative: Wise

Not loving the fees that come with international bank transfers? Try Wise. With Wise, there are never any hidden fees or markups, just one small, fair transfer fee that's spelled out up front.

And Wise offers borderless multi-currency accounts, allowing users to send, receive and manage money in dozens of global currencies, all at the same time. You can even get local bank details in regions like the UK, the EU, and Australia with your borderless account — allowing you to get paid like a local. It's just another way Wise is making it easier, cheaper, and more transparent to use and move money all over the world.

Try Wise today to find out how it works and see how simple international transfers can actually be.

How do you make an international wire transfer with Discover in the US?

While some banks now allow their customers to make international wire transfers conveniently via online banking, Discover isn't one of them. Unless you use Wise in conjunction with Discover.

If you're making your entire international transfer through Discover Bank, be prepared for a lengthy, multi-step process. If you're set on it, though, you'll first need to fill out pages 3 and 4 of the International Wire Transfer Authorization Form before you do anything. From there, depending on when Discover is able to process your request, it may take a bit of time on their end to submit your transaction.

Option 1: Submit your request form online via secure document upload

1. Fill out the previously mentioned form
2. Log into your account center
3. Click the "Help" tab
4. Click "Secure Document Upload"
5. Then follow the onscreen instructions
6. Next, you'll want to call 1-888-728-3136 to give verbal authorization for your wire transfer request
7. Lastly, you'll need to wait for verification. A wire transfer specialist will verify your information before the transfer is processed, within 24 hours of your request if that time window falls within Monday-Friday, from 8 a.m. to 7 p.m. Eastern Standard Time.

Option 2: Submit your request form via fax

1. Fill out the previously mentioned form
2. Fax your form to 1-224-813-5213, Attn: Wire Transfer Request
3. Next, you'll want to call 1-888-728-3136 to give verbal authorization for your wire transfer request
4. Lastly, you'll need to wait for verification. A wire transfer specialist will verify your information before the transfer is processed, within 24 hours of your request if that time window falls within Monday-Friday, from 8 a.m. to 7 p.m. Eastern Standard Time.

Option 3: Submit your request form via snail mail

1. Fill out the previously mentioned form
2. Mail it to Discover Bank, PO Box 30417, Salt Lake City, UT 84130
3. Call 1-888-728-3136 to give verbal authorization for your wire transfer request.
4. Wait for verification. A wire transfer specialist will verify your information before the transfer is processed, within 24 hours of your request if that time window falls within Monday-Friday, from 8 a.m. to 7 p.m. Eastern Standard Time.

Option 4: Connect your Discover account to Wise online

1. Go to wise.com
2. Choose the originating currency and amount in the top box and the corresponding recipient currency in the bottom box
3. To find out how much Wise costs, click on "Show fee breakdown"ⁱ
4. Click the green button "Get started"
5. Fill out your personal detailsⁱⁱ
6. Enter your recipient's informationⁱⁱⁱ
7. Make sure you're happy with the cost and exchange rate
8. 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 if limits permit. Bank debit may be slightly slower, but has higher limits than if you pay by debit card. Both options will deduct the money directly from your Discover 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.

What do I need in order to make an international wire transfer?

To make an international wire transfer with Discover, you'll need:

• Your name and Discover Bank account number
• The amount of the transfer
• The day you want to transfer the money
• The recipient's bank name, account number, SWIFT code and IBAN (if applicable)
• The recipient's name and full address (no P.O. boxes)
• The reason for the transfer

If you're sending money by connecting your Discover account through Wise, you'll likely need:

• Recipient's full name (as it appears on their local bank account)
• Recipient's address
• Recipient's bank name and address
• Recipients local bank details (normally consisting of either an IBAN or an account number coupled with a sort code/routing number equivalent)

What do I need or what should I give to the sender in order to receive an international wire?

Discover doesn't say on its website what you need in order to receive an international wire, but if you provide the sender with all of the following, you should be OK:

• Your local account number
• Your branch's SWIFT code
• Your full name and address
• Your bank's address
• The amount of the transfer and the currency you'd like to receive it in

However, if you're receiving money from abroad through Wise, you'll need the information you can usually find on your checkbook — your full name, your 9-digit ACH routing number, and your Discvoer account number.

How long does an international bank transfer with Discover take?

Because of Discover's international wire transfer verification process, it may take longer than many other bank transfers. Here's what to expect.

How long does it take normally to arrive to the destination account?

The average time for an international wire transfer is 1-3 business days. Discover notes that you should make your transfer request 2-3 business days earlier than you want your transfer to be processed, to make sure there's enough time for the verification process.

If you use Wise, you should be able to see a delivery estimate on the Wise home page, depending on where you want to send your money and what method you use to pay for it.

Is there any way to make a faster transfer for an extra fee?

Discover does not currently offer expedited international transfers for an extra fee.

Does the amount of time it takes vary by destination?

International wire transfers can sometimes take up to 5 days to reach their destination, and that can often be affected by the country you're sending the transfer to. If the banking infrastructure is less advanced, it can delay your transfer. There are many elements that can make a wire transfer slower. It can also be held up by time differences affecting business hours, as well as holidays in the destination country. Discover doesn't guarantee any transfer times, so if your transfer needs to arrive by a certain date, your best bet is to send it as early as possible.

Contact / Help - More questions around your transfer?

If you need further assistance, try Discover's customer service resources:

• Discover Helpdesk
• Discover Phone Numbers

With this information, you should have a better idea of whether an international wire with Discover is the right money transfer method for you, or if you should look into an alternative, like Wise. Whatever you choose, good luck with your transfer!

Sources

1. https://www.discover.com/online-banking/assets/International_WireTransferRequestForm.pdf (June 18, 2018)
2. https://www.discover.com/online-banking/assets/CheckingAccountGuide.pdf (June 18, 2018)
3. https://www.discover.com/online-banking/assets/NationalDepositAccountAgreement.pdf (June 18, 2018)

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Do You Plan To Use This Account To Send Or Receive Money Internationally ?

Source: https://wise.com/us/blog/international-wire-discover-bank-us

Posted by: athertonfolong.blogspot.com

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