Bank of America's currency exchange process for wire transfers

When you send money internationally through Bank of America, the bank converts your dollars to the destination currency using its own exchange rate, not the mid-market rate you see online. Bank of America adds a markup to that rate — the exact percentage varies by currency pair and changes daily, but it is typically 1% to 2% above the mid-market rate. You pay this markup as part of the transfer cost, on top of any wire fees the bank charges.

The exchange happens automatically when you initiate an international wire. You do not choose whether to use Bank of America's rate; if you wire through them, you use their rate. The bank shows you the rate and the converted amount before you confirm the transfer, so you can see the total cost before your money leaves your account.

Bank of America does not publish its exchange rates in advance. The rate you see at the moment you send the wire is the rate that applies. If you wait hours or days to send the same transfer, the rate may be different — usually slightly, sometimes noticeably, depending on currency volatility.

Key Takeaways

  • Bank of America charges a markup on top of the mid-market exchange rate, typically 1% to 2%, which you pay as part of the wire transfer.
  • The bank shows you the exact rate and converted amount before you confirm, so you know the total cost before the money leaves your account.
  • Bank of America's rates change daily and are not published in advance, so the rate available today may differ from the rate available tomorrow.
  • International wire transfers through Bank of America usually take one to three business days and may include both a wire fee and an exchange markup.

What the exchange rate markup actually costs you

The difference between Bank of America's rate and the mid-market rate is real money. If you are sending $10,000 to Mexico and the mid-market rate is 17.50 pesos per dollar, but Bank of America's rate is 17.15 pesos per dollar, you receive 3,500 fewer pesos than you would at the true market rate. That gap widens with larger amounts and less common currency pairs.

You can compare Bank of America's rate to the mid-market rate by checking a currency converter like XE.com or OANDA just before you send the wire. These sites show the real-time mid-market rate. Subtract Bank of America's rate from that number, divide by the mid-market rate, and multiply by 100 — that gives you the percentage markup the bank is charging. For common currencies like euros or Canadian dollars, the markup is usually smaller. For less common currencies, it can be 2% or higher.

The wire fee itself is separate. Bank of America typically charges $15 to $45 for an outgoing international wire, depending on whether you are a basic customer or have premium banking status. Some accounts waive the wire fee if you maintain a minimum balance. The exchange markup and the wire fee are both costs you bear; they do not go to the receiving bank.

When Bank of America's rate is competitive and when it is not

For common currency pairs — US dollars to euros, Canadian dollars, British pounds, or Japanese yen — Bank of America's rates are usually within the range of what other large banks charge. If you are sending money to a country where those currencies are used, the markup is often acceptable, especially if you value the convenience of using your existing bank account.

For less common currencies or emerging-market currencies, Bank of America's markup tends to be wider. If you are sending money to India, the Philippines, Mexico, or Central America, you may find significantly better rates through a specialist money transfer service like Wise, OFX, or Remitly. These services often charge lower markups and sometimes lower flat fees, though they may take an extra day or two to complete the transfer.

The trade-off is convenience versus cost. Bank of America is fast and familiar — you can send the wire from your phone or computer using an account you already have. A specialist service requires you to set up a new account, link your bank details, and wait for verification, but the rate is often better. For a one-time transfer of a small amount, Bank of America may make sense. For regular transfers or large amounts, comparing rates at a specialist service is worth the setup time.

How to send an international wire through Bank of America

Log into your Bank of America account online or through the mobile app and select "Transfer Money." Choose "Send Money Internationally" and enter the recipient's name, country, and bank details. Bank of America will ask for the recipient's International Bank Account Number (IBAN) or SWIFT code, depending on the country. If you do not have these, you can ask the recipient or look them up on their bank's website.

Enter the amount you want to send in US dollars. Bank of America will show you the exchange rate, the converted amount in the destination currency, and the total cost including any wire fees. Review this information carefully — this is your last chance to see what you are paying before the transfer goes through. If the rate or cost is higher than you expected, you can cancel and try again later or use a different method.

Confirm the transfer and the money usually leaves your account within one business day. The recipient's bank receives it within one to three business days, depending on the destination country and the receiving bank's processing speed. Bank of America will send you a confirmation number and a tracking reference you can use to follow the wire.

Fees and timing for Bank of America international wires

Bank of America charges $15 for an outgoing international wire if you are a basic checking account holder. Premium accounts like Preferred Rewards may have the fee waived depending on your tier. Some accounts also waive the fee if you maintain a minimum balance, typically $10,000 or more. Check your account terms or call Bank of America to confirm what you pay.

The wire usually processes the same day or the next business day if you send it before the bank's cutoff time, typically 2 p.m. Eastern Time on weekdays. Wires sent after the cutoff or on weekends process the next business day. The receiving bank then processes the wire on their end, which usually takes one to two additional business days. Total time from your account to the recipient's account is typically one to three business days, though it can be longer for certain countries or banks.

If the wire does not arrive within the expected timeframe, contact Bank of America with your confirmation number. The bank can check the status with the receiving bank and investigate delays. If the wire was sent to the wrong account or the recipient's bank rejected it, Bank of America can sometimes reverse the transfer, though this process takes additional time.

Alternatives to Bank of America for international transfers

Wise (formerly TransferWise) specializes in international transfers and often offers better exchange rates than banks, especially for less common currencies. Wise charges a flat fee plus a small markup, and you see the exact cost before you send. Transfers usually take one to two business days. You need to set up an account and link your bank details, which takes a few minutes.

OFX is another specialist service that competes on exchange rates and fees. Like Wise, it requires account setup but often beats bank rates, particularly for transfers to Australia, Canada, and the UK. Remitly focuses on transfers to developing countries and offers competitive rates for those corridors, though rates for other destinations may not be as good.

If you need the money to arrive the same day or next day, Bank of America's wire is often faster than these services. If you have time and want the best rate, comparing a specialist service to Bank of America's rate before you send is worth a few minutes. For regular international transfers, opening an account at a specialist service usually saves money over time.

Frequently Asked Questions

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

Bank of America does not offer rate locks for individual wire transfers. The rate you see when you initiate the transfer is the rate that applies. Some specialist services like Wise offer rate locks for a short period (usually 24 to 48 hours), which can be useful if you are waiting for funds to clear or coordinating with the recipient.

What happens if the recipient's bank rejects the wire?

If the receiving bank rejects the wire because of incorrect account details or other issues, Bank of America will attempt to return the funds to your account. This process can take one to two weeks. You will be charged the wire fee even if the transfer fails. Always confirm the recipient's account number and bank details before sending.

Does Bank of America charge a fee to receive an international wire?

Bank of America does not charge you a fee to receive an incoming international wire. However, the sending bank (in the other country) may charge their customer a fee, and some banks deduct a small fee from the amount received. The recipient should confirm with their bank whether they will receive the full amount or if a fee will be deducted.

Can I send an international wire from a savings account?

Yes, you can send an international wire from a Bank of America savings account, though the process is the same as from a checking account. The wire fee and exchange rate apply regardless of account type. Some savings accounts may have limits on the number of transfers you can make per month, so check your account terms.

Is it cheaper to use a Bank of America ATM abroad instead of wiring money?

Using a Bank of America ATM abroad can sometimes be cheaper than wiring money, especially for small amounts, because you avoid the wire fee. However, Bank of America charges ATM fees in most countries, and the exchange rate on ATM withdrawals includes a markup similar to wire transfers. For large amounts or regular transfers, a wire or specialist service is usually more economical than repeated ATM withdrawals.