|BANK OF AMERICA||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to USD||NO MINIMUM||5/7 DAYS||5.6%||$1.178|
|EUR € - to USD||NO MINIMUM||5/7 DAYS||5.6%||$1.062|
|CURRENCIES DIRECT||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to USD||FROM £100||FROM 1 DAY||0.7 to 1.0%||$1.236 to $1.241|
|EUR € - to USD||FROM £100||FROM 1 DAY||0.7 to 1.0%||$1.114 to $1.118|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on exchange rate conversions when transferring money overseas to or from your Bank of America account in US dollars, UK pounds, the euro and other currencies. Bank of America international money transfers to or from the USA have higher transaction charges, due to a less competitive exchange rate offered by the Bank of America. Skip to: USA Money Transfer Specialists
Typically, sending funds to or from your Bank of America account in US dollars or UK pounds will involve a margin rate of 5.6% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Bank of America account in the USA needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 US dollars (USD) using Bank of America services would have a transaction exchange rate margin of around 5.6% – or $5,600 USD. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only $700 USD in total, which is a large saving over the bank service.
International money transfers from the Bank of America could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Bank of America account holder to use their services. Bank of America may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of $5000.
Unless you pay a premium, Bank of America’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Bank of America (also known as BofA) is a US banking and financial services company created in 1904 and is ranked 2nd on the list of largest banks in the United States by assets. Bank of America serves approximately 56 million US customers from over 5,000 US banking branch locations.