Ally Bank has become a top name in online banking. It offers a wide range of deposit products and services. Yet, its foreign exchange and international transfer options are limited. This is a key point in our Ally Bank review.
The bank gets high ratings for its savings and checking accounts. But, it stopped international wire transfers in 2013. This makes it hard for customers to send money abroad through Ally Bank.
For those needing to send money internationally, Wise is a good alternative. It’s known for being reliable and secure. Ally Bank focuses on local transactions, allowing unlimited domestic transfers after 90 days. We’ll look at how Ally Bank compares to others and the customer experience in this review.
Overview of Ally Bank’s Services
Ally Bank offers a wide range of services, making it a top choice for those looking for good banking products. It has online checking, savings, and money market accounts. Ally makes banking easy with no monthly fees or balance requirements.
Ally’s savings account has a high annual percentage yield (APY) of 3.80%. This attracts people who want their money to grow. The bank also shines with its CD rates, with an APY of 4.25% for a $500 deposit. This has earned it a 4.9-star rating for its rates.
Ally makes banking convenient with access to over 75,000 ATMs. It also reimburses up to $10 in ATM fees. But, Ally doesn’t accept cash deposits or support international wire transfers.
Ally allows unlimited domestic transfers after a 90-day security period. New account holders start with a $25,000 transfer limit. Ally doesn’t charge for Zelle® payments or domestic ACH transfers. But, it charges $20 for domestic wire transfers.
Ally Bank is known for its 24/7 customer support. You can reach them by phone, live chat, or secure email. For more on international transfers, check out other services online.
| Product | APY | Min Deposit | Features |
|---|---|---|---|
| Savings Account | 3.80% | $0 | No fees, no minimum balance |
| Certificate of Deposit (CD) | 4.25% | $500 | High ratings, competitive rates |
| Checking Account | N/A | $0 | No monthly fees, online banking options |
Review of Ally Bank for Foreign Exchange and Transferring Money Internationally
Ally Bank has many banking services, but it lacks in one key area: international money transfers. It stopped its international wire transfer services in 2013. This makes it hard for customers who need to send money abroad.
Ally Bank mainly deals with domestic transactions. This means it can’t help with international money transfers. Other banks like Wise and Currencies Direct offer better options. They often have faster service and better rates.
Fees and exchange rates are very important when transferring money online. Ally Bank charges up to 1% for ATM and debit card transactions abroad. This is common but adds extra costs. Banks like Schwab offer unlimited ATM fee rebates worldwide. This is great for people who travel a lot.
Here’s a look at how different banks handle international money transfers:
| Bank | Foreign Transaction Fee | International Transfer Services | APY (if applicable) |
|---|---|---|---|
| Ally Bank | Up to 1% | None | 4.00% (Savings) |
| Wise | Varies (Low Fees) | Yes | N/A |
| Schwab Bank | No ATM fees | Yes | N/A |
| Currencies Direct | Varies | Yes | N/A |
How Ally Bank Compares to Competitors
Ally Bank shines in online banking with no fees and high APY rates. It beats some rivals in customer service and ATM access. But, it struggles with international money transfers.
Services like Wise and Currencies Direct are better for cross-border deals. They have lower fees and better exchange rates.
Ally Bank quickly connects with customers, showing a strong support focus. Its customer service score is high, beating many traditional banks. But, these banks often charge more and hide currency conversion rates.
Choosing Ally Bank means enjoying good APY rates but facing transfer limits. Here’s a quick comparison to help you decide:
| Feature | Ally Bank | Wise | Currencies Direct |
|---|---|---|---|
| International Transfer Fees | Varies | Low | Low |
| Real-Time Exchange Rates | No | Yes | Yes |
| Customer Service Rating | 8.69/10 | N/A | N/A |
| Access to ATMs | 75,000+ (No Fee) | N/A | N/A |
| Average APY for Savings | 4.20% | N/A | N/A |
Knowing these differences helps you choose. Ally Bank is great for savings and checking. But, consider competitors for international transfers.
Customer Experience and Accessibility
Ally Bank focuses on making banking easy and accessible. Its mobile app has a 4.7-star rating on the App Store. This app lets customers manage their money from anywhere, making banking better.
Ally Bank also offers 24/7 customer service through different channels. This means help is always just a click or call away. This service adds to the overall positive experience for users.
But, some might miss having physical branches. Ally Bank makes up for this by providing lots of online help. It also offers mobile check deposits and access to ATMs through Allpoint. This makes it easy to withdraw cash without high fees.
Even so, Ally Bank might not be the best for those who often send money abroad. For such needs, Wise might be a better choice. Yet, Ally Bank keeps improving, aiming to meet all banking needs. It also offers tips on financial planning, like setting up travel alerts, as seen in these travel tips.
