Yes, Bank of America charges for most international transactions
Bank of America charges a wire transfer fee when you send money internationally, and also charges a foreign exchange fee when the bank converts your dollars to another currency. The wire fee is a flat amount per transfer. The foreign exchange fee is a percentage of the amount you convert, and it is built into the exchange rate the bank offers you — you will not see it as a separate line item on your receipt, but it costs you real money.
If you receive money from overseas, Bank of America also charges an incoming wire fee. The bank does not charge a fee straightforward for holding a foreign currency account or for using your debit card abroad, but the exchange rate you get when you swipe your card will include that same foreign exchange markup.
The exact fees depend on the type of account you hold and the country you are sending to or receiving from. Some of Bank of America's premium accounts include reduced or waived wire fees, but the foreign exchange fee applies to all customers.
Key Takeaways
- Bank of America charges a flat wire transfer fee for sending money internationally, with the amount depending on whether you send the money online or in person at a branch.
- Every time the bank converts dollars to another currency, it adds a foreign exchange fee by offering you a less favorable exchange rate than the real market rate.
- Incoming international wires also carry a fee, charged to you when the money arrives in your account.
- Some Bank of America accounts, such as Preferred Rewards tiers, reduce or waive the outgoing wire fee but do not eliminate the foreign exchange cost.
- Using your debit card to withdraw cash or make purchases abroad triggers the same foreign exchange markup, even though there is no separate wire fee.
Outgoing wire transfer fees
When you send money out of the United States through Bank of America, the bank charges you a wire fee at the time you initiate the transfer. If you send the wire online through your account, the fee is lower than if you go to a branch and have a banker process it for you in person.
The exact dollar amount varies depending on the destination country and whether the receiving bank is in the United States or abroad. Bank of America groups countries into tiers, and countries in higher-risk categories or with less direct banking relationships cost more to send to. You can see the fee before you confirm the transfer — the bank will show it to you on the screen or on the form before your money leaves.
If you have a Bank of America Preferred Rewards account and maintain a high balance or deposit level, your tier may include a waived wire fee for outgoing transfers. The basic Preferred Rewards tier does not waive fees, but higher tiers do. This benefit applies only to the wire fee itself, not to the foreign exchange cost.
Foreign exchange fees on currency conversion
Whenever Bank of America converts your dollars to another currency — whether you are sending a wire, using your debit card abroad, or withdrawing cash from an ATM in another country — the bank charges you a foreign exchange fee. This fee is not a separate charge you see on your statement. Instead, the bank gives you an exchange rate that is worse than the real market rate, and the difference is the fee.
For example, if the real market exchange rate for dollars to euros is 1 dollar = 0.92 euros, Bank of America might offer you 1 dollar = 0.88 euros. The 0.04-euro difference per dollar is the foreign exchange markup. On a $1,000 transfer, that difference adds up to real money.
Bank of America does not publish the exact percentage of the foreign exchange markup in advance. The rate you receive depends on market conditions at the time of the transaction. You can see the rate the bank is offering you before you confirm any transfer, but you cannot negotiate it or shop around within Bank of America — all customers get the same rate at the same moment.
Incoming wire transfer fees
When someone sends you money from outside the United States, Bank of America charges you a fee when the wire arrives in your account. This is the receiving fee, and it is separate from any fee the sender paid on their end. You do not have to do anything to trigger this fee — it is deducted automatically when the money lands.
The receiving fee is typically lower than the outgoing fee, but it still costs you. If the incoming wire is from a bank in the United States (even if the original sender is overseas), the fee may be different than if the wire comes directly from a foreign bank. You will see the fee listed on your transaction history after the wire posts.
Debit card and ATM withdrawals abroad
Using your Bank of America debit card to make a purchase or withdraw cash at an ATM outside the United States does not trigger a separate wire fee, but you still pay the foreign exchange fee. The bank converts your dollars at its marked-up rate, and you bear the cost of that markup.
Some ATMs outside the United States are owned by other banks or ATM networks, and those operators may charge you an additional fee on top of Bank of America's foreign exchange cost. The ATM will usually warn you about this fee before you complete the withdrawal and give you the choice to cancel. If you use a Bank of America ATM abroad (the bank has partnerships in some countries), you may avoid the third-party ATM fee, but the foreign exchange markup still applies.
How to reduce or avoid these fees
If you send money internationally regularly, compare Bank of America's fees to those of other banks or money transfer services. Some online-only banks and specialized money transfer companies charge lower foreign exchange markups or flat fees instead of percentage-based ones. For a one-time transfer, the difference may be small, but for regular transfers, shopping around can save you hundreds of dollars per year.
If you keep most of your money with Bank of America, reaching a higher Preferred Rewards tier can waive the outgoing wire fee, though this requires maintaining a substantial balance or deposit. The foreign exchange fee will still explore no matter what account type you hold.
For cash withdrawals abroad, using Bank of America ATMs in partner networks (available in some countries) avoids the third-party ATM fee, though the foreign exchange markup remains. Withdrawing larger amounts less frequently costs less than withdrawing small amounts many times, because the foreign exchange fee applies to each transaction.
Frequently Asked Questions
Does Bank of America charge a fee just for having money in a foreign currency?
No. Bank of America does not charge a monthly fee for holding a foreign currency account or for keeping money in another currency. You only pay fees when you convert currency (send a wire, use your card abroad, or withdraw cash) or when you receive an incoming wire.
Can I see the foreign exchange fee before I send a wire?
You can see the exchange rate Bank of America is offering you before you confirm the transfer, which tells you the cost, but the bank does not break out the markup as a separate percentage. You can compare the rate to the real market rate (available free on sites like XE.com or OANDA) to see how much the markup is, but you cannot change it within Bank of America.
What if I send money to a country Bank of America does not list?
Bank of America can send wires to most countries, but some destinations are restricted or require special handling. Call the bank or visit a branch to ask about a specific country before you try to send money. The fee will be higher for countries with less direct banking relationships.
Do I pay the foreign exchange fee if I use a Bank of America credit card abroad?
Yes. Credit cards issued by Bank of America also include a foreign exchange markup when you use them outside the United States. The markup may be slightly different from the debit card rate, and some premium credit cards offer a lower markup, but all Bank of America credit cards charge something for currency conversion.
Is the incoming wire fee the same no matter where the money comes from?
The fee may vary depending on whether the wire originates from a U.S. bank or a foreign bank, and whether it comes through a correspondent bank or directly. Call Bank of America before you expect a large incoming wire to confirm the exact fee that will explore.