Bank of America charges a currency conversion fee when you wire money internationally, and the rate they offer is typically higher than the mid-market rate you'd see on financial news sites

When you send money from a Bank of America account to another country, the bank converts your dollars to the destination currency. Bank of America does not publish a single fixed exchange rate — the rate you receive depends on the day, the currency pair, and market conditions. The bank builds in a margin above the mid-market rate, meaning you pay more than the theoretical "true" rate. This margin is how the bank profits on the transaction.

You will also pay a separate wire transfer fee (typically $15 to $45 depending on whether the wire is domestic or international) plus any fees the receiving bank charges on their end. The currency conversion happens automatically as part of the wire process; you cannot opt out of it if you're sending money across borders.

Key Takeaways

  • Bank of America's exchange rate includes a built-in margin above the mid-market rate, so you receive fewer foreign currency units than you would at the true market rate.
  • You pay both a wire transfer fee and a currency conversion margin, and the receiving bank may charge additional fees on their end.
  • The exact rate Bank of America offers you is not locked in until you initiate the wire; rates fluctuate throughout the day.
  • Comparing Bank of America's rate to other providers (such as specialty money transfer services) before sending can save you hundreds of dollars on large amounts.

How Bank of America quotes and locks in the exchange rate

When you start a wire transfer through Bank of America online or at a branch, the system shows you an estimated exchange rate and the total amount the recipient will receive. This rate is a quote, not a may provide. Bank of America typically holds the quoted rate for a short window — often 30 seconds to a few minutes depending on the currency and market volatility.

If you confirm the wire within that window, the rate locks in and the transfer proceeds at that rate. If you wait too long or the market moves sharply, the bank may ask you to accept a new rate. For large wires or less common currency pairs, you may be able to call a Bank of America foreign exchange specialist to negotiate a better rate or lock in a rate for a longer period, though this is not may provide and depends on the amount and your account status.

What currencies Bank of America can convert

Bank of America can wire money to most major currencies — including euros, British pounds, Canadian dollars, Japanese yen, Swiss francs, Australian dollars, and many others. The bank maintains exchange rates for over 100 currencies. However, for very small or exotic currencies, the bank may not offer a direct rate and may route your wire through a correspondent bank, which adds time and cost.

Before you initiate a wire, you can call Bank of America or log into your online account to see whether the destination currency is available and what the current rate is. If the currency is not available, the bank will tell you upfront rather than accepting your wire and then discovering a problem.

Comparing Bank of America's rates to other options

Bank of America's exchange rate margin is typically 1% to 3% above the mid-market rate, though it varies by currency and market conditions. For a $10,000 wire to Europe, that margin could cost you $100 to $300 in lost value. Specialty money transfer services such as Wise (formerly TransferWise), OFX, and Remitly often offer rates much closer to mid-market — sometimes within 0.5% — and may charge lower fees overall.

The trade-off is speed and convenience. Bank of America wires typically arrive within one to three business days for major currencies and developed countries. Specialty services may take slightly longer or require you to set up a separate account. For one-time wires or small amounts, the difference may not matter. For regular international transfers or large sums, comparing rates across providers before you wire can save significant money.

Fees beyond the exchange rate

Bank of America charges a wire transfer fee separate from the currency conversion margin. For an outgoing international wire, the fee is typically $15 to $45 depending on whether you initiate it online, by phone, or in person. Some Bank of America account tiers (such as Preferred Rewards members) may have reduced or waived wire fees.

The receiving bank in the destination country may also charge a fee to receive the wire. This fee comes out of the amount the recipient gets, not out of your account. You should ask the recipient what fee their bank charges so you can tell the person how much will actually arrive. Some wires also pass through one or more correspondent banks, each of which may take a small cut; Bank of America will disclose these fees upfront when you initiate the wire.

How to send an international wire through Bank of America

To send an international wire, you need the recipient's full name, address, bank name, account number, and the bank's SWIFT code (an international identifier for the bank). You also need to know the exact amount you want to send and the destination currency. Log into your Bank of America online account, select "Transfer Money," choose "Wire Transfer," and enter the recipient's details. The system will show you the exchange rate and total fees. Review the quote, confirm the rate is locked in, and authorize the wire.

If you prefer to wire in person or by phone, visit a Bank of America branch or call the wire transfer line. Providing your information over the phone or in person takes longer but may allow you to negotiate the rate if the amount is large. Once you authorize the wire, Bank of America sends it the same day if you initiate before the cutoff time (usually 2 p.m. Eastern time on business days). The recipient should see the money within one to three business days, depending on the destination country and receiving bank.

What happens if the exchange rate moves before the wire arrives

The exchange rate you see when you initiate the wire is the rate Bank of America will use to convert your dollars. The rate does not change after you authorize the transfer, even if the market rate moves significantly between the time you send the wire and the time it arrives at the recipient's bank. This protection works both ways — if the rate moves in your favor, you still get the rate you locked in, not the better one.

The recipient receives the amount in foreign currency based on the conversion rate Bank of America applied, not based on any rate the receiving bank might quote. This is why it is important to confirm the quoted amount with the recipient before you send — they will receive that amount (minus any fees their bank charges), regardless of market movements.

Frequently Asked Questions

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

Bank of America locks in the rate for a short period (usually 30 seconds to a few minutes) when you get a quote. For large amounts or longer locks, call a foreign exchange specialist at the bank to ask about a forward contract, though this is not always available and depends on your account and the amount.

Does Bank of America charge different rates for different account types?

Exchange rates are generally the same across account types, but wire transfer fees may be waived or reduced for premium accounts such as Preferred Rewards. The currency conversion margin itself does not change based on your account tier.

What if I send money to a country Bank of America does not have a direct relationship with?

The wire will route through one or more correspondent banks, which adds time (usually one to two extra days) and may add fees. Bank of America will disclose all correspondent bank fees when you initiate the wire so you know the total cost upfront.

Can I cancel a wire after I authorize it?

If you cancel before the wire leaves Bank of America's system (usually within a few hours), the bank can stop it with no penalty. Once the wire has been sent to the receiving bank, it cannot be canceled — you would have to contact the recipient's bank and ask them to return the funds, which they may refuse to do.

How do I know if the recipient actually received the money?

Bank of America will give you a confirmation number and tracking reference when you send the wire. You can use this to check the status online or by calling the bank. The recipient should see the money in their account within the timeframe Bank of America quoted. If it does not arrive, contact Bank of America with the confirmation number so they can trace it with the receiving bank.