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“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
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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.
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We’ll look at these costs one by one in a moment.
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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.The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. 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 Adviser, participate in the management of any user's account by an Adviser or provide advice regarding specific investments. SmartAsset receives compensation from Advisers for our services. SmartAsset's services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States 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.