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Bank of America does not officially stipulate how long wire transfers to particular countries will take.It’s important to note that sending cash internationally in a foreign currency will usually result in the recipient finding that they receive the wire transfer faster than if it was sent in US dollars.Once again, an international Bank of America transfer can take a different amount of time to complete depending on the currency and the time of the arrangement. An advantage of sending it in the currency of the recipient instead of US dollars, however, is that you will know what the exchange rate is as soon as you confirm it. Official Bank of America advice states that you should default to sending in US dollars if you’re not certain what currency the recipient will receive it in.
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The exact amount that this fee will take varies based on a number of factors. When you send money internationally from a Bank of America bank account, you will have to pay a charge in addition to any international exchange rate that you may face. This review, then, will focus on three key areas: how to go about arranging a transfer using Bank of America’s innovative online system, how much it will cost you, and the overall time that it is likely to take. If you plan to use it for this purpose, though, you may be interested to find out some key facts about its offer first – such as the amount that it charges in transfer fees, or the time that it will take to complete. In the modern age, it is one of America’s largest financial institutions.īank of America is a major node in both the North American and global financial systems, and as a result, it often plays a role in foreign exchange transactions, SWIFT transfer functions and more. 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.Bank of America can trace its history back to 1904. dollars using the applicable exchange rate without prior notice to you. 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. 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. 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. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere.
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The applicable exchange rate does not include, and is separate from, any applicable fees. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. 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. To learn more about Wells Fargo’s foreign currency cash solutions visit or contact your local Wells Fargo branch and speak with a representative. Visit a Wells Fargo branch or call 1-80 to learn more.įor businesses with employees that travel outside the United States or for companies that deal regularly with customers who pay for goods and services with foreign currency, Wells Fargo offers a variety of foreign currency cash services. Foreign Currency Checks Your local Wells Fargo branch can accept checks issued in a limited number of foreign countries and currencies.To learn more about sending wires around the globe from your smartphone or computer with Wells Fargo Online ® Wires visit Wells Fargo Online Wires. Wells Fargo can also receive wires denominated in many foreign currencies.įor additional questions around sending and receiving foreign currency wire transfers call 1-80, or visit your local Wells Fargo branch and speak with a banker. Whether in-person at a branch, over the phone or online, Wells Fargo offers a number of ways to send wire transfers in foreign currency. Therefore, having the ability to make and receive payments in foreign currencies can be essential to your business. Conducting international business in local currency may help improve your efficiency, increase your competitive position and expand your market share.