Bank of America International Wire Transfer: Fees, Rates, and Transfer Time

When it comes to sending an international wire transfer with Bank of America, there are several factors to consider. While the bank doesn't publicly disclose its margin or markup, banks typically use a markup of around 3% when executing transactions. This means that the level of the fee or markup may differ for each customer and even for the same customer depending on the method or venue used for transaction execution.

The price provided by Bank of America may include profit as determined by them in their sole discretion, which is usually an extra percentage fee covering their costs and profit margin. Instead of providing a transparent rate to customers, a margin or markup is added to the rate used for customer transactions. This means that the exchange rate offered to customers may be different from, and likely inferior to, the rate paid by Bank of America to acquire the underlying currency.

When sending an international wire transfer with Bank of America, there are several fees to consider. The bank charges a fee for each transaction, which varies depending on the account type. Typically, this fee is around 15 USD. Additionally, customers may be charged third-party fees paid to correspondent banks.

For example, if you want to send $1,000 CAD to a friend in Canada with Bank of America, you would need to consider these fees and the exchange rate offered by the bank. The end amount received by your friend could be affected by the markup or fee added by Bank of America.

Compared to specialist providers like Wise and OFX, Bank of America's international wire transfer services may not offer the best value. These companies often provide lower fees and better exchange rates for international transactions. If you're planning to send money abroad with Bank of America, it's worth considering these alternatives before making a decision.

Before setting up an international wire transfer with Bank of America, customers should review their account terms and conditions to ensure that they understand all the fees and charges involved. Some account types may come with additional charges or restrictions on cross-border payments.

In conclusion, while Bank of America is a major bank with millions of customers across the US, it may not be the best choice for sending an international wire transfer due to its markup and fees. Customers should consider alternative options like Wise and OFX for faster and cheaper international transactions.

Bank of america international wire transfer