This paper presents a model for three-phase power transformers for electromagnetic transient studies, which employs a wavelet filter bank. In this model, both the primary and the secondary windings are represented by stages of a wavelet filter bank, where each turn is represented by one complete stage. The sum of responses of all stages forms the transformer total response. Using the wavelet filter bank model eddy currents, leakage flux and inrush currents have been simulated. In addition, the proposed model has been found to be suitable for simulating different currents with various transient components including inrush and high frequency effects.