![]() ![]() They tend to hover around 5 or 6% of the total value of your transfer, with European currencies tending to be slightly cheaper in general than other foreign currencies. This all comes down to the fact that the exchange rates Bank of America offers you will be ever-so-slightly worse than the exchange rates it itself uses to exchange your currency (known as the mid-market exchange rate.)īank of America's exchange rate margins are relatively high - typically between 5 and 7% of the total transfer amount.Īs you can see above, exchange rate margins at Bank of America are fairly consistent. In essence, this means that the bank will make a small profit off of every single dollar that it exchanges into a foreign currency on your behalf. In addition to the standard set of fees outlined above, Bank of America will also charge what's known as an exchange rate margin every time you transfer abroad. They could be levied without warning by a third-party bank if Bank of America cannot make your transfer directly to your beneficiary's bank. These fees will typically cost you anywhere between $10 and $100 per transfer. What they're referring to here is what's known as a correspondent bank fee, a kind of "middleman" fee that can apply to transfers going over the SWIFT network. Over and above the exchange rate margins and transaction fees that you'll be paying when you make an international wire with Bank of America, there may still be other expenses before the money arrives in your beneficiary's bank account.Īccording to Bank of America's fee schedule, taxes "and other third-party fees" may apply to your international bank wire. If you'd like to find out how to make a bank wire transfer, take a look at our step-by-step guide here. The maximum threshold is only $1,000! If you enrol with Bank of America's SafePass security scheme, then you'll be able to raise this limit significantly, however. not a business), you will face a very tight limit on how much money you can send abroad daily with Bank of America. Remember that, as an ordinary consumer (i.e. A total fee waiver for outbound international wires to a foreign currency bank account sent in the same foreign currency.A $45 transaction fee for outbound international wires to a foreign currency bank account sent in US dollars.These transfers, which are distinctly different from ACH payments, mean that Bank of America will wire your funds over the SWIFT network and charge a set of fixed fees for the service. To send money abroad with Bank of America, you'll need to use a bank wire (also known as a "wire transfer") to get the job done. Once this step takes place, your bank sends the money through a series of intermediary banks before it ends up at the receiving bank.What Are Bank of America's International Wire Transfer Fees? When you send money via an international bank transfer, your bank uses the SWIFT network to communicate with the recipient bank, confirming details about the transfer. International wire transfers with banks are one of the most expensive ways to send money abroad due to their reliance on the SWIFT banking system. These companies specialise in sending money abroad at low rates, using a network of bank accounts around the world to move money while avoiding the SWIFT network. If you want to avoid wire transfer fees, your best alternative is to use a money transfer provider. The currencies involved: Different banks may offer different charges based on the currencies involved in the transferįind the cheapest money transfers Banks vs money transfer providers The type of transfer you’re making: Some banks offer premium transfers that occur much faster, but often come at a higher cost ![]() The cost of your international wire transfer can be affected by factors like: What affects the cost of international bank transfers They often add higher markups than money transfer providers, too While the mid-market exchange rate determines the overall worth of your currencies, banks will add their own markup as another way of making money out of the transaction. The tracer fee is the cost of tracking the status or progress of your international money transfer This is what you’ll pay for essentially setting up the transfer, and it often applies if you set the transfer up by phone, while it’s often waived if you set the transfer up online This is what intermediary banks charge during the transfer when money is sent through these banks as part of the SWIFT network This is the fee the recipient will have to pay to receive money sent from abroad into their bank account This translates to the basic transfer fee for sending money abroad from your bank account No limit for transfers made in US DollarsĬiti Private Bank - Citibank® account packageĬiti Private Bank - Citigold® account packageĬitigold® Private Client International Account South Georgia and the South Sandwich Islands.
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