Capital One

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Capital One Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Bad
  • Transfer speed: Average
  • Safety and reliability: Very Good
  • Customer satisfaction: Average

Advantages

  • No transfer limits
  • Well-designed mobile app

Disadvantages

  • High additional costs and hidden fees
  • Slow regular bank transfers
  • Poor customer support

0 users would recommend it

0 users wouldn’t recommend it

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What is Capital One?

Capital One is in the top 10 of the biggest banks in the USA. They are also one of the biggest credit card issuers and are specializing in auto loans and savings accounts. Also, they also offer a very attractive international money transfers.

How Does Capital One Money Transfer Work?

To issue an international money transfer with Capital One, you have to open a bank account. In many cases, it requires visiting your local branch of the bank or calling the customer service.

In order to set up international money deals, banks use the SWIFT network to exchange information about the money transfer. However, Capital One doesn’t have their own SWIFT code. Therefore, the payment will have to go through an intermediary of other American banks. They will do it via a routing number, which includes all of the important information like your full name, bank account address, and so on.

Capital One Fees and Costs

Capital One International Wire Transfer Fee

Capital One Bank doesn't clearly disclose the exact costs. Based on the customers' feedback and online research, you can expect to pay around $40 for an overseas money transaction. There may also be some additional or hidden costs connected with any potential intermediaries for your transaction, as it is going through a regular SWIFT network.

It’s also worth noting that it can cost you up to $15 to receive an international transaction to your Capital One account.

Capital One Exchange Rate

If you need to swap your currency into the other during the international wire, you should prepare for rather weak exchange rates. The bank is taking a significant margin on the exchanges and doesn’t try to offer any competitive prices.

Capital One Limits

Because Capital One is a large bank when it comes to potential daily or monthly limits, they can offer much higher limits than other platforms.

In their documentation, you can find that the strict daily limit is set at $500,000.00 per day. However, they may adjust and change the sum for individual customers. Therefore, it’s best to contact your local agent to make sure you can send your amount of money. You will probably need to go through some additional background checks or verification with more significant transfers.

Capital One compared to online payment processors

Most of the banks can’t compete with online payment processors and their fees. Therefore, in terms of costs and speed of the transaction, they are losing against other independent companies. However, because they are a well-established bank, they can send larger amounts of money and can much easier to comply with regulations and laws.

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How to use Capital One?

The best way to register would be to visit your local branch of the bank and talk to the agent about opening an account and sending money internationally. That way, you will get all of the necessary and up to date information. There is an attractive account offer - “360 accounts”, which seems like a good option to handle your money online.

How to sign up?

After you open an account in Capital One Bank, you will be able to manage and handle your money online through their website and app.

Compared to other US banks, they aren’t the customer’s first choice. However, their online services work very well and with a neat design it may be one of the best on the financial-banking market. You can read in a ValuePenguin.com review that:

“Capital One's higher interest rates and fewer account fees makes it a strong candidate for your online banking, even compared to competitors who focus exclusively in that area.”

Is Capital One safe and reliable?

Security

The fact that they are a large commercial bank significantly increases not only their reliability but also their level of overall safety. The company has to deal every day with large amounts of money, credit cards, loans, or other financial assets.

Public Reception

While in this review, we focus solely on the international wire transfers offered by Capital One Bank, it’s worth noting that they have previously faced some controversies. The bank got a fine for misleading their customers in terms of fees and hidden costs. You can read that “the company agreed to pay $210 million to settle the legal action and to refund two million customers.”

Comments

Most of the Capital One reviews found on the internet are about their general banking and credit services. The customers are somewhat divided, as there is an almost equal number of positive and negative comments.

“Trying to arrange a payment with them is like getting sand from an eskimo. I asked for a call between 10:30 and 2:00 and they never contacted me in these hours, instead I was getting calls at 7pm at night. Once I finally speak to them it takes 45 mins to actually get anywhere and then you end up on the phone with just a salesperson...” ~ says Wayne in his Trustpilot review

“I have a “360 account”, car loan, and credit card through Capital One. I've never had a single issue and the couple times I called with question their support agents have been super helpful. It's to the point I'm going to ditch my local bank and move everything to them.” ~ writes kurieus on Reddit

It seems like the biggest downside of the company is their customer service, especially in the call center.

“Even when I joined CapitalOne credit card many years ago there were bad reviews, but I ignored them. I didn’t really have any reason to interact with their support as I always paid off in full every month. As a result it took me years before I finally got to see the bad side of the company others had warned about. The trouble began the very first time I rang them up about anything [...]” ~ John on Trustpilot

Customer Support

There is a well-developed help section on the Capital One website, which explains all the basics of their financial services. If you can’t find your answer there, you can easily open a chat with an agent, send an email or call their telephone number.

Many people complain that the support instead of helping, is trying to sell them more things and rarely solve any issues. On the other hand, there is a handful of people who quickly ordered a money transfer or solved their transaction problem via a phone call.

Final Thoughts

Capital One Review

A bank can’t offer international transfers as cheap and easy as other online payment processors do. However, Capital One still seems like a good alternative, especially if you are a resident of the United States. You can easily handle any international transactions there. Their mobile app appears to be one of the most significant advantages. Many people praise it to be one of the best among banking apps or platforms of financial institutions. You can easily manage and make your transactions with your smartphone. In terms of fees, they are more expensive than the competition, and the exchange rates aren’t the best on the market.

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