Bank of America International Wire Transfer Fee

When it comes to sending money abroad, understanding wire transfer fees can be crucial in avoiding unnecessary costs. In this article, we'll take a closer look at the international wire transfer fees charged by Bank of America and other popular US and UK banks.

Before we dive into the specifics, it's essential to understand that most banks add a margin between 4-5% onto the exchange rate when sending money abroad. This means that you may end up paying more than the initial fee quoted by your bank.

Incoming Transfer Fees

When receiving an international payment, you'll typically be charged an incoming transfer fee by your bank. This fee is usually a flat rate or a percentage of the transaction amount.

Exchange Rate Markups

Another important factor to consider is exchange rate markups, also known as the 'hidden fee.' This refers to the percentage your bank adds on top of the current mid-market exchange rate when sending your money abroad. Be aware that banks often use this markup to generate additional revenue.

Outgoing Transfer Fees

When you send money abroad, you'll typically be charged an outgoing transfer fee by your bank. This fee is usually a flat rate or a percentage of the transaction amount.

Why Are Wire Transfer Fees So High?

Wire transfers are associated with higher fees due to the added steps and processes required to safely send your money abroad and convert it into your selected currency. Domestic transactions, on the other hand, don't typically incur fees from banks when sending money between two bank accounts.

What Fees Can You Expect?

To give you a better idea of what fees to expect, here's a breakdown of the wire transfer fees charged by popular US and UK banks:

Reducing Wire Transfer Fees

Fortunately, there are ways to reduce your wire transfer fees. For instance, consider using money transfer providers instead of traditional bank transfers. According to our guide on the cheapest ways to send money abroad, these providers often outperform banks in terms of costs and fees.

In conclusion, understanding wire transfer fees is essential when sending money internationally. By being aware of the incoming and outgoing transfer fees, exchange rate markups, and other associated costs, you can make informed decisions about your international transactions. Additionally, exploring alternative options like money transfer providers can help you save even more on your international wire transfers.

References

For additional information on Bank of America's data and privacy practices, please review their Online Privacy Notice and Online Privacy FAQs. You may also visit the individual sites for additional information on their data and privacy practices and opt-out options.

Bank of america international wire transfer fee