![]() For more information, see the "Applicable Exchange Rate" and "Incoming international wire transfer" sections of the Deposit Account Agreement.įees may be charged by third parties or other banks, in addition to those described above. This is known as a markup or margin, and is a percentage charge rolled up in the exchange rate offered for your transfer. dollars using the applicable exchange rate without prior notice to you. Even if you don’t need to pay a specific transfer fee for your international wire with Bank of America, there will be a charge added into the exchange rate that’s used to convert your funds to the currency you need. Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. We may refuse to process any request for a foreign exchange transaction. Bank of America wire transfer: transfer time, fees, and limits. Wells Fargo is your arms-length counterparty on foreign exchange transactions. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. For outgoing international wire transfers, Bank of America charges a different amount depending if you send the funds in the foreign currency or in U.S. Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers. Bank of America charges 16 for each incoming international wire transfer. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. For instance, you might use a wire transfer to send as much as 500,000 from your bank account to a title company’s. The applicable exchange rate does not include, and is separate from, any applicable fees. Wire transfers are ideal for quickly sending large amounts of cash. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. Wire transfer fees can involve a few different charges: Wire transfer service fee: payable to your own bank. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup. Whether or not the wire transfer fee is waived, Wells Fargo makes money when we convert one currency to another currency for you.
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