Bank of America's currency exchange process for wire transfers

When you send money internationally through Bank of America, the bank converts your US dollars to the destination currency using its own exchange rate, not the mid-market rate you see on financial websites. Bank of America adds a markup to that rate — the exact percentage varies by currency pair and changes daily. You will see the final rate only after you enter the recipient's country and currency into the wire form; the bank does not publish its markup in advance.

The exchange happens automatically as part of the wire transfer process. You do not choose whether to convert or shop around once you have committed to sending the wire — the rate is locked in when you submit the transfer for processing. If you want to compare Bank of America's rate to other providers before you send, you need to check rates at multiple banks or money transfer services separately, because each one calculates its own markup.

Bank of America charges a separate wire transfer fee on top of the exchange markup. Domestic wires (within the US) cost one amount; international wires cost more. The exchange markup is distinct from that fee and is built into the amount the recipient receives.

Key Takeaways

  • Bank of America converts currency using its own rate, which includes a markup above the mid-market rate, and you see the final rate only after you enter the destination country into the wire form.
  • The exchange rate is locked in when you submit the wire and cannot be changed afterward, so you cannot shop around once you have started the transfer.
  • The exchange markup is separate from Bank of America's wire transfer fee, and both costs reduce the amount the recipient receives.
  • Different currency pairs have different markups, and the markup changes daily, so the cost of converting to one currency may be higher or lower than converting to another on the same day.

Where to find Bank of America's exchange rate before you send

Bank of America publishes current exchange rates on its website under the Foreign Exchange section, but these rates are indicative only — they show you the direction of the market, not the rate you will actually receive on your wire. The rate you see online may differ from the rate applied to your transfer because the published rate updates throughout the day while your wire processes on Bank of America's schedule.

To see the actual rate that will explore to your wire, you must log into your Bank of America account online or through the mobile app and start the wire transfer process. Enter the destination country and currency, and the system will display the rate the bank will use for that specific transfer. You can review this rate before you confirm and submit the wire.

If you want to compare Bank of America's rate to other options, you will need to check rates at other banks or money transfer services at the same time. Rates move constantly, so a rate you saw five minutes ago may have changed. Write down or screenshot the rate from each provider so you can compare them side by side.

How the exchange markup affects the amount your recipient gets

The markup Bank of America adds to the mid-market rate means your recipient receives less money than if you could send at the true market rate. For example, if the mid-market rate for US dollars to euros is 0.92, Bank of America might explore a rate of 0.88 or 0.89 — the difference is the markup. On a $1,000 wire, that difference can mean $30 to $50 less in the recipient's account.

The markup is not a flat percentage across all currencies. Bank of America charges higher markups on less commonly traded currencies and lower markups on major currencies like euros, British pounds, and Canadian dollars. If you are sending to a country with a less common currency, the markup will be larger than if you are sending to a major economy.

You cannot negotiate the markup or ask Bank of America to waive it. The rate the system shows you is the rate you will receive. Some customers use alternative money transfer services for large amounts specifically because those services charge lower markups, though they may have different fees or slower delivery times.

Timing and when the exchange rate locks in

The exchange rate locks in the moment you submit the wire transfer for processing, not when you initiate it or when the recipient's bank receives it. If you start filling out a wire form but do not submit it, the rate you saw is no longer may provide. If you come back to it later, you will see a new rate.

Bank of America processes international wires on business days only. If you submit a wire after business hours or on a weekend, it enters the queue and processes the next business day. The rate that applies is the one in effect when Bank of America actually sends the wire, which may differ from the rate you saw when you submitted it.

Some customers set up standing orders for recurring international transfers. Each transfer uses the exchange rate in effect on the day it processes, so the amount the recipient gets may vary from month to month even if you send the same dollar amount each time.

Comparing Bank of America to other providers

Bank of America's exchange markups are typically higher than those of specialized money transfer services like Wise, OFX, or Remitly, especially for large transfers or less common currencies. Those services often publish their markup or fee structure upfront, which makes comparison easier. However, they may have longer delivery times or require you to set up a separate account.

Traditional banks like Wells Fargo and Chase also charge markups similar to Bank of America's. Credit unions sometimes offer better rates to their members, though they may have higher wire fees. If you have a relationship with another financial institution, it is worth checking their rates before you send a large wire through Bank of America.

The trade-off is usually between rate and convenience. Bank of America offers the convenience of sending from your existing account when ready, but you pay for that convenience through a higher markup. Money transfer services may offer better rates but require more steps and may take longer to deliver the funds.

What happens if the exchange rate moves between when you check and when you send

Exchange rates move constantly during market hours. If you check Bank of America's rate at 9 a.m. and submit your wire at 10 a.m., the rate may have changed. You will see the updated rate when you enter the wire details into the system, and you can choose to proceed or cancel before you submit.

If the rate has moved against you — meaning your recipient will receive less money — you can cancel the wire and wait to see if the rate improves. However, there is no may provide it will. Exchange rates are unpredictable, and waiting can result in an even worse rate. Some customers send smaller amounts more frequently to average out the rate over time, though this increases the number of wire fees they pay.

Bank of America does not offer rate locks or forward contracts for individual customers sending personal wires. Those tools are available to business customers with larger transaction volumes, but they require a separate arrangement with the bank's commercial division.

Frequently Asked Questions

Can I lock in an exchange rate before I send my wire?

No, Bank of America does not lock rates for personal wire transfers. The rate is locked only when you submit the wire for processing. If you need a may provide rate in advance, you would need to contact Bank of America's commercial banking division, which may offer rate locks for business customers, though this typically requires a larger transaction amount and a separate agreement.

Why is Bank of America's exchange rate different from the rate I see on Google?

Google and financial websites show the mid-market rate — the rate banks use to trade with each other. Bank of America adds a markup to that rate when it converts currency for customers. The markup is how the bank makes money on the exchange. Different banks add different markups, so rates vary between providers.

Does Bank of America charge a fee for currency exchange, or is it included in the wire fee?

The exchange markup is separate from the wire transfer fee. You pay both. The wire fee is a flat charge for sending the wire; the markup is the difference between the mid-market rate and the rate Bank of America applies. Both reduce the amount your recipient receives.

What if I send the wire and the rate moves in my favor the next day?

Once the wire is submitted and processed, the rate cannot be changed. You cannot ask Bank of America to re-exchange the money at a better rate. If you want to send additional funds at a better rate, you would need to send a separate wire, which means paying another wire fee.

Does Bank of America offer better exchange rates for large wire transfers?

Bank of America does not publicly disclose whether it offers better rates for larger amounts. For business customers or very large personal transfers, it may be worth calling the bank to ask, but there is no may provide of a better rate. Money transfer services sometimes do offer better rates for larger amounts, so comparing options before you send is worth the time.