BECU is a not-for-profit cooperative that was established in 1935 by 18 Boeing employees to meet the company’s financial needs. At the time of its founding, BECU online banking was only open to Boeing employees; however, the credit union has since expanded its membership to include individuals who, as stated on its website, “live, work, worship, or go to school” in Washington, Idaho, or Oregon, as well as individuals who are members of select credit unions or associations. Those who fulfill the BECU requirements can join for free.
In April 2021, BECU detailed more than 1 million individuals across 59 branches, with 27 billion USD in complete resources, making it the biggest credit association in Washington and the fourth biggest in the US.
Can international bank transfers be made with BECU?
Yes, BECU, like many other banks and credit unions, provides services for international wire transfers and foreign currency exchange. The beneficiary’s full name, phone number, complete address, account type, bank name, SWIFT code or other bank codes, and the reason for the payment, transfer, or currency exchange transaction must all be provided by the requestor. Check the currency exchange services and rates offered by your bank or credit union if you are planning a trip abroad. The BECU website provides additional information regarding the requirements for wire transfers in this instance.
Other ways to send money with BECU The following options are available for sending money: both enable external outgoing payments to other banks, credit unions, or financial institutions as well as intrabank transfers between BECU accounts.
BECU foreign exchange rates and fees In this section, we’ll look at the credit union’s foreign exchange services and transfer fee structure to see how it stacks up against more specialized providers.
BECU foreign currency exchange rates BECU uses Wells Fargo as its intermediary bank for international wire transfers, so typical bank fees will apply to foreign currency transactions. Before depositing funds into your BECU account, Wells Fargo, for instance, converts the foreign currency to US dollars using the exchange rate in effect at the time of the transaction. The information about currency exchange rates provided by other sources does not take into account Wells Fargo’s internal currency exchange rates. Before making these transactions with BECU, you might want to think about checking the exchange rates for foreign currencies at Wells Fargo. Below, we will discuss BECU’s foreign transaction fees.
Fees for BECU transfers Does BECU charge fees for foreign transactions? The BECU charges fees for foreign transactions.
The following are BECU’s wire transfer fees:
Despite the fact that BECU does not charge for incoming wire transfers, the correspondent bank or credit union may charge an exchange fee, depending on the terms of the exchange services. Outgoing domestic wire transfers cost $25, while international wire transfers cost $35. Incoming domestic or international wire transfers cost nothing. Depending on the recipient nation’s policies, incoming international transfers may also incur bank fees and foreign taxes.
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You should compare a variety of money transfer options other than your bank or credit union in order to find the best rates on foreign currency exchange without having to pay a lot in fees. This will help you determine which locations you should avoid making currency exchanges and provide you with some reliable alternatives to keep your options open. To give you an idea of the BECU online business banking foreign currency exchange rates, we have broken them down above.
