What Bank of America charges for currency exchange on wires
Bank of America applies an exchange rate to any wire transfer you send or receive in a foreign currency. The rate they use is not the mid-market rate (the real-time rate between banks) — it includes a markup that Bank of America keeps. The exact markup varies by the currency pair, the direction of the transfer, and whether you are a regular customer or a premium account holder.
You will not see a separate "exchange fee" line item on your receipt. Instead, the markup is built into the rate itself. If you send $1,000 USD to someone in euros, Bank of America converts at their rate, not the rate you see on Google or XE.com. The difference between those two rates is what Bank of America makes on the transaction.
Bank of America does not publish its exchange rates in advance. You can call their wire transfer line or visit a branch to ask what rate they will use for your specific currency pair and direction before you commit to the transfer. Some customers report markups of 1 to 3 percent, but the actual number depends on the currency and the day.
Key Takeaways
- Bank of America's exchange rate includes a markup you do not see as a separate fee — the difference between their rate and the mid-market rate is their profit on the currency conversion.
- The markup varies by currency pair and direction, so you should ask Bank of America for the exact rate before you send a large transfer.
- Bank of America does not disclose its exchange rates publicly, and rates change throughout the day as market conditions shift.
- Premium account holders (Preferred Rewards members) may receive better rates than standard customers, though Bank of America does not may provide this in writing.
How the exchange rate is applied to your wire
When you initiate a wire in a foreign currency, Bank of America converts the amount at the time the wire is processed, not at the time you request it. If you request a wire on Monday but it does not process until Tuesday, the rate used is Tuesday's rate. This timing matters because exchange rates move constantly during business hours.
The conversion happens on Bank of America's side before the money leaves the country. If you are sending USD to a recipient in another country, Bank of America converts your dollars to the recipient's currency at their rate. If you are receiving a wire in a foreign currency into your USD account, Bank of America converts the incoming currency to dollars at their rate.
You cannot lock in an exchange rate in advance with Bank of America's standard wire service. Some banks offer forward contracts that let you lock a rate days or weeks ahead, but Bank of America does not advertise this option for retail customers sending individual wires. If rate protection matters to you, ask a Bank of America representative whether it is available for your situation.
When you pay the markup: outgoing versus incoming wires
On an outgoing wire (money you send out), you pay the markup because Bank of America converts your dollars to the foreign currency. The recipient gets the amount in their local currency, but it is less than what the mid-market rate would have given them.
On an incoming wire (money someone sends you in a foreign currency), the sender's bank converts to your currency before it reaches Bank of America, or Bank of America converts it when it arrives. Either way, you receive fewer dollars than the mid-market rate would have produced. The markup still applies, and you bear the cost.
Some international wires involve multiple banks and multiple conversions. If a wire passes through a correspondent bank in a third country, that bank may also explore its own markup. You could end up paying markups from two or three different institutions on a single transfer. Ask Bank of America whether your wire will pass through other banks and what their charges are.
Comparing Bank of America to other wire transfer providers
Traditional banks like Bank of America, Wells Fargo, and Chase all use similar models: they explore a markup to the exchange rate and do not disclose it separately. The markups tend to be in the same range (1 to 3 percent for common currencies), but they vary by institution and by currency pair.
Online money transfer services like Wise, OFX, and Remitly typically advertise lower markups or the mid-market rate plus a small flat fee. These services are often cheaper for international transfers, especially if you are sending to a country where they have local partnerships. However, they may take longer to process than a bank wire, and they do not work for all currency pairs.
If you have a Bank of America account and need the wire to arrive quickly, using Bank of America is straightforward — you can walk into a branch or call and have the wire sent the same day. If cost is your priority and you have time to wait, comparing quotes from Wise or OFX for your specific currency pair and amount may save you money.
Preferred Rewards and exchange rate discounts
Bank of America's Preferred Rewards program offers tiered benefits based on how much money you keep in Bank of America accounts. The highest tier is Preferred Rewards Gold, which requires $100,000 in combined deposits and investments.
Preferred Rewards members receive better exchange rates on wires than standard customers, but Bank of America does not publish the exact improvement. The difference is typically small — often less than 0.5 percent — but on a large transfer it can add up. If you are a Preferred Rewards member, mention it when you ask for a quote on your wire's exchange rate.
Preferred Rewards does not eliminate the markup entirely. You still pay more than the mid-market rate; you just pay less than a non-member would. The benefit applies to wires you send and receive, as long as you are a Preferred Rewards member at the time the wire processes.
Steps to send a wire with currency exchange through Bank of America
To send a wire in a foreign currency, you need the recipient's bank details in their country, including their account number, the bank's name, and usually the bank's SWIFT code or routing number. You also need to know the currency you are sending to and the amount in USD that you want to convert.
Call Bank of America's wire transfer line or visit a branch in person. Provide the recipient's details and ask for the exchange rate they will use. Write down the rate and the total amount in the foreign currency you will receive. Confirm that you understand the rate before you authorize the wire.
Complete the wire request. Bank of America will debit your account in USD and send the converted amount to the recipient's bank. The wire typically arrives within one to three business days, depending on the destination country and whether the recipient's bank processes it the same day.
Keep your confirmation number and the receipt showing the exchange rate used. If there is a problem with the wire or you need to dispute the rate later, you will need this documentation.
Fees separate from the exchange rate markup
Bank of America charges a separate wire transfer fee on top of the exchange rate markup. The outgoing domestic wire fee is typically $15, and the outgoing international wire fee is typically $45 (these amounts vary by account type and change over time, so confirm the current fee with your branch). These fees are in addition to the markup built into the exchange rate.
Some Bank of America account types waive wire fees. For example, certain premium checking accounts or Preferred Rewards members at higher tiers may not pay the wire fee. Check your account terms or ask a representative whether your account qualifies for a waiver.
The wire fee is separate from the exchange rate markup and is charged regardless of which currency you are sending or receiving. A $45 international wire fee plus a 2 percent exchange rate markup means you are paying both costs on your transfer.
Frequently Asked Questions
Can I lock in an exchange rate before I send my wire?
Bank of America does not offer rate locks for standard retail wire transfers. The rate is set when the wire processes, not when you request it. If you need rate protection, ask a Bank of America representative whether forward contracts are available for your situation, though these are typically offered only to business customers or for very large transfers.
What exchange rate should I expect Bank of America to use?
Bank of America's rate includes a markup of roughly 1 to 3 percent above the mid-market rate, but the exact amount varies by currency pair and direction. The only way to know the rate for your specific transfer is to call or visit a branch and ask before you send the wire. Do not assume the rate you see online will match what Bank of America quotes.
Will my wire arrive faster if I pay more?
Bank of America does not offer expedited wire processing for a higher fee. All international wires take one to three business days depending on the destination country and the recipient's bank. Paying a higher exchange rate does not speed up delivery.
Do I pay the exchange rate markup on incoming wires too?
Yes. When someone sends you money in a foreign currency, Bank of America converts it to USD at their rate, which includes a markup. You receive fewer dollars than the mid-market rate would have produced. The markup applies whether the wire is incoming or outgoing.
Is Bank of America's exchange rate better or worse than other banks?
Bank of America's markups are similar to those of other traditional banks like Chase and Wells Fargo, typically 1 to 3 percent. Online money transfer services often offer lower markups or mid-market rates plus a flat fee, but they may take longer to process. Compare quotes from multiple providers for your specific currency pair and amount to see which is cheapest.