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Sending 1,000 USD – the exchange rate markup adds 30 USD to the total.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.
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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.
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