Bank of America Online Banking: Understanding International Wire Transfers

As a Bank of America customer, you may need to transfer funds internationally for various reasons such as business transactions or personal payments. To help you navigate this process, we will outline how international wire transfers work and what fees are associated with them.

Conversion Rates and Fees

When transferring dollars to a Non-USD Account, your payment will be converted to local currency by any bank or service provider involved in processing the transaction. For Small Business international wires, if you send U.S. dollars, it will be converted into the recipient's local currency by an intermediary bank or the receiving bank. Similarly, for Consumer international wires, U.S. dollars will be converted into the recipient's local currency by any bank or service provider involved in processing the transaction.

Please note that exchange rates are determined by Bank of America in its sole discretion and may not reflect the current market rate. Additionally, other financial institutions involved may also charge fees and deduct their fees from the amount of the wire transfer.

Fees for Wire Transfers

Carrier fees may apply to wire transfers, and you should check with your carrier for more information on these fees. Bank of America also charges a fee for international wire transfers, which is included in the exchange rate.

How Exchange Rates are Determined

Exchange rates for international wire transfers are determined by Bank of America in its sole discretion. These rates may not reflect the current market rate and may be subject to change.

Online Banking Service Agreement

For more information on international wire transfers and fees, please refer to the Online Banking Service Agreement. By using online banking services, you agree to the terms and conditions outlined in this agreement.

Privacy Practices

Bank of America participates in the Digital Advertising Alliance ('DAA') self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). We strive to provide you with information about products and services you might find interesting and useful. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices powered by the Digital Advertising Alliance or through the Network Advertising Initiative's Opt-Out Tool.

In conclusion, international wire transfers can be a convenient way to send and receive funds globally. However, it is essential to understand the fees and exchange rates associated with these transactions to avoid any surprises. By using Bank of America online banking services, you agree to the terms and conditions outlined in the Online Banking Service Agreement.

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