![]() Here’s how a 3% markup would add up for a few different transfer values: That may not sound like much but can quickly become the biggest of all the fees you’ll pay when sending an international transfer. The margin used by Bank of America isn’t publicly available but banks commonly use a markup of around 3%. The level of the fee or markup may differ for each customer and may differ for the same customer depending on the method or venue used for transaction execution.” “The price provided may include profit as determined by us in our sole discretion. This is usually an extra percentage fee, covering the Bank of America’s costs and profit margin: ![]() Instead, a margin or markup is added to the rate used for customer transactions. However, this rate isn’t available for customers directly. “The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying currency.”īank of America buys currency on global markets using the mid-market exchange rate. Here’s how this is explained in the Bank of America terms and conditions: Like most banks, Bank of America makes a profit from currency exchange when customers send international wires. Varies by account – fees are commonly around 15 USD International wire sent in foreign currency Here we’ll use the fees that would apply for a payment to a friend in Canada, assuming we want the end amount received to be 1,000 CAD.īank of America international transfer fee Let’s start with a comparison of the costs and delivery times involved when sending an international transfer with Bank of America compared to some specialist providers. We’ll look at these costs one by one in a moment. Third party fees paid to correspondent banks.However, before you start setting up your Bank of America international wire, you’ll need to double check your account terms and conditions, as some account types do come with an international wire transfer fee.Įven if your account allows for cross-border payments with no transfer fee, other charges will apply: Go to Wise Go to OFX Bank of America international money transfer comparisonįor most Bank of America account holders, there’s no upfront transfer fee for international payments sent in a foreign currency. Specialist services like Wise and OFX are convenient to use and could help you make your transfer cheaper and faster. Planning to transfer money abroad with Bank of America? This guide covers all you need to know including the fees for a Bank of America international wire transfer, how long it takes, and how to get started.ĭespite serving some 66 million customers across the US, Bank of America might not be your best choice when it comes to sending an international wire transfer. Best bank to transfer money internationallyīank of America international wire transfer: Fee, rates and transfer time.Best foreign currency accounts in the USA.Best ways to receive money internationally.
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