Bank of America adds a markup to the mid-market exchange rate on international wire transfers

When you send money internationally through Bank of America, the bank does not use the real-time market rate you see online. Instead, Bank of America applies a markup — a percentage added to the mid-market rate — which is how the bank makes money on the transaction. The markup varies by currency pair, account type, and whether you are a customer with a checking account or a wealth management client. You will not know the exact rate until you request a quote or initiate the transfer.

The mid-market rate is the rate banks use to trade with each other. It changes constantly throughout the day. Bank of America's markup sits on top of that rate, meaning you always receive fewer foreign currency units per dollar (or pay more dollars per unit of foreign currency) than the mid-market rate at that moment. This is standard practice across all major U.S. banks, though the markup percentage differs between institutions.

Key Takeaways

  • Bank of America's exchange rate includes a markup above the mid-market rate, and the exact percentage depends on the currency, your account type, and current market conditions.
  • You can request a rate quote before sending a wire transfer, and Bank of America will hold that rate for a limited time — typically 24 to 48 hours depending on the currency.
  • The markup is usually lower for larger transfers and for customers with higher account balances or wealth management relationships.
  • Comparing Bank of America's rate to other banks or specialized money transfer services can save you money on large international transfers.

How to see Bank of America's exchange rate before you transfer

Bank of America does not publish its exchange rates online. To see what rate you will receive, you must contact the bank directly or log into your online banking account and request a quote. If you are sending money from a Bank of America checking or savings account, you can call the international wire transfer line or visit a branch to ask for a rate quote on a specific amount and currency pair.

When you request a quote, Bank of America will tell you the rate it will apply and how long that rate is locked in — usually 24 to 48 hours for most currencies. If you proceed with the transfer within that window, you get that rate. If you wait longer, you must request a new quote and the rate may have moved. Some currencies have shorter hold periods, particularly those that are less frequently traded.

Online banking platforms sometimes show an estimated rate when you start a wire transfer, but this is not binding. The actual rate applies only when you confirm and submit the transfer. Always verify the final rate before you authorize the payment.

Why Bank of America's rates differ from what you see online

The exchange rates you see on financial websites or currency converters show the mid-market rate — the rate at which large banks trade with each other. This rate is not available to individual customers. Bank of America, like all retail banks, must add a margin to cover the cost of the service, regulatory compliance, and profit.

The markup also reflects the bank's cost to settle the transfer on the other end. International wire transfers involve correspondent banks in the receiving country, and those banks charge fees that Bank of America factors into the rate. The less common the currency pair, the higher the markup is likely to be, because the bank has fewer trading partners and faces more friction in completing the transaction.

Factors that affect your Bank of America exchange rate

Bank of America does not publish a single markup percentage. The rate you receive depends on several factors. Account type matters — a customer with a Bank of America wealth management account or a business banking relationship typically receives better rates than someone with a basic checking account. Transfer amount also plays a role; larger transfers often may have access to for tighter markups because the bank's cost per dollar is lower.

Currency pair is another variable. Transfers to major currencies like the euro, British pound, or Canadian dollar usually carry smaller markups than transfers to emerging market currencies or less-traded pairs. Market conditions can shift the rate as well — during periods of high volatility, some banks widen their markups to reduce their own risk.

The timing of your transfer also matters. Exchange rates move throughout the trading day, and the mid-market rate at 9 a.m. differs from the rate at 3 p.m. If you lock in a quote and the mid-market rate moves against you before you confirm, you still get your quoted rate. If it moves in your favor, you do not benefit — you get the rate you locked in.

Comparing Bank of America to other options

For small transfers, the difference between Bank of America's rate and a competitor's rate may amount to only a few dollars. For transfers of $5,000 or more, the difference can be substantial. Some alternatives to consider are other major banks (Chase, Wells Fargo, Citibank), which publish some rate information and may offer better terms for larger amounts or frequent international customers.

Specialized money transfer services like Wise (formerly TransferWise), OFX, or Remitly often publish their rates publicly and typically charge lower markups than traditional banks. These services are designed specifically for international transfers and often have lower overhead. However, they may not offer the same speed or integration with your existing bank account, and they are not FDIC-insured in the same way a bank deposit is.

If you are sending money regularly or in large amounts, it is worth requesting quotes from two or three providers and comparing the total cost — the exchange rate plus any flat fees. A rate that looks slightly better may be offset by a higher wire fee, so calculate the total dollars you will pay or the total currency you will receive.

What happens to your money during the transfer

When you initiate a wire transfer through Bank of America, the bank debits your account immediately in U.S. dollars. Bank of America then converts those dollars to the foreign currency at the rate it quoted you, and sends the funds via the SWIFT network to the receiving bank. The receiving bank deposits the foreign currency into the recipient's account.

The entire process typically takes one to three business days, depending on the destination country and whether the receiving bank processes transfers on weekends. Bank of America does not hold your money during this time — it is in transit through the banking system. If something goes wrong — a typo in the account number, for example — the receiving bank may reject the transfer and send it back, which can take another few days.

Fees separate from the exchange rate

Bank of America charges a separate wire transfer fee on top of the exchange rate markup. As of the most recent information, Bank of America charges around $15 to $20 for outgoing international wire transfers from a personal checking account, though this varies by account type and may change. Business accounts and wealth management clients may have different fee structures.

Some banks waive wire fees for customers who maintain high balances or have premium accounts. Check your account terms or call Bank of America directly to confirm the current fee for your specific account type. The fee is separate from the exchange rate, so you need to account for both when calculating the total cost of sending money abroad.

Frequently Asked Questions

Can I lock in an exchange rate with Bank of America before I have the money?

No. Bank of America requires that you have the funds available in your account before you request a rate quote. Once you have the money, you can request a quote and lock in a rate for 24 to 48 hours. If you do not complete the transfer within that window, the rate expires and you must request a new one.

Does Bank of America charge different rates for wire transfers versus other methods?

Yes. Wire transfers, ACH transfers, and checks all use different settlement methods and may carry different exchange rates. Wire transfers are faster but typically have higher markups and fees. ACH transfers are slower but may be cheaper. Ask Bank of America which method offers the best rate for your specific transfer.

What if the exchange rate moves after I request a quote but before I confirm the transfer?

You keep the rate you locked in. Bank of America holds that rate for the time period it quoted you — usually 24 to 48 hours. If the mid-market rate moves in your favor, you do not benefit. If it moves against you, you are protected by the locked-in rate.

Is there a minimum or maximum amount I can wire internationally through Bank of America?

Bank of America does not publish a single minimum or maximum. Most personal accounts can send wire transfers up to a daily limit set by the bank, which varies by account type and history. Contact Bank of America directly to confirm the limit on your account and whether larger transfers require special approval.

Can I get a better exchange rate if I transfer a larger amount?

Possibly. Larger transfers sometimes may have access to for tighter markups because the bank's cost per dollar is lower. The only way to know is to request quotes for different amounts and compare them. A $50,000 transfer may receive a better rate than a $5,000 transfer, but you have to ask.