In the case of Bank of America, for example, the bank doesn't mention that it charges an exchange rate margin with the same clarity as it mentions the transaction fee, instead burying the following line deep the terms and conditions underneath its fee schedule: What's noteworthy about exchange rate margins is that they're seldom made transparent by traditional banks. They tend to hover around 5 or 6% of the total value of your transfer, with European currencies tending to be slightly cheaper in general than other foreign currencies. This all comes down to the fact that the exchange rates Bank of America offers you will be ever-so-slightly worse than the exchange rates it itself uses to exchange your currency (known as the mid-market exchange rate.)īank of America's exchange rate margins are relatively high - typically between 5 and 7% of the total transfer amount.Īs you can see above, exchange rate margins at Bank of America are fairly consistent. In essence, this means that the bank will make a small profit off of every single dollar that it exchanges into a foreign currency on your behalf. In addition to the standard set of fees outlined above, Bank of America will also charge what's known as an exchange rate margin every time you transfer abroad. They could be levied without warning by a third-party bank if Bank of America cannot make your transfer directly to your beneficiary's bank. These fees will typically cost you anywhere between $10 and $100 per transfer. What they're referring to here is what's known as a correspondent bank fee, a kind of "middleman" fee that can apply to transfers going over the SWIFT network. Over and above the exchange rate margins and transaction fees that you'll be paying when you make an international wire with Bank of America, there may still be other expenses before the money arrives in your beneficiary's bank account.Īccording to Bank of America's fee schedule, taxes "and other third-party fees" may apply to your international bank wire. If you'd like to find out how to make a bank wire transfer, take a look at our step-by-step guide here. The maximum threshold is only $1,000! If you enrol with Bank of America's SafePass security scheme, then you'll be able to raise this limit significantly, however. not a business), you will face a very tight limit on how much money you can send abroad daily with Bank of America. Remember that, as an ordinary consumer (i.e. A total fee waiver for outbound international wires to a foreign currency bank account sent in the same foreign currency.A $45 transaction fee for outbound international wires to a foreign currency bank account sent in US dollars.These transfers, which are distinctly different from ACH payments, mean that Bank of America will wire your funds over the SWIFT network and charge a set of fixed fees for the service. To send money abroad with Bank of America, you'll need to use a bank wire (also known as a "wire transfer") to get the job done. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.What Are Bank of America's International Wire Transfer Fees? There are no guarantees that working with an adviser will yield positive returns. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). All investing involves risk, including loss of principal. This is not an offer to buy or sell any security or interest. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Securities and Exchange Commission as an investment adviser. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Diamond members get three free wires/month Free for Citi Private Bank, Citigold® Private Client and Citi Global Executive Preferred accounts Free if processed online and in foreign currency worth at least $5,000 USD Three free transfers per quarter for customers with $100,000 or more in household balances. Free for Platinum and Platinum Honors Preferred Rewards customers. Free for Interest Checking/Advantage accounts and Preferred Rewards customers.
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