|BNY MELLON||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to USD||NO MINIMUM||5/7 DAYS||4.5%||$1.316|
|EUR € - to USD||NO MINIMUM||5/7 DAYS||4.5%||$1.099|
|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%||$1.36 to $1.365|
|EUR € - to USD||FROM £100||FROM 1 DAY||0.7 to 1.0%||$1.136 to $1.14|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on the exchange rate conversion when transferring money overseas to or from your BNY Mellon bank account in US dollars, UK pounds, the euro and other currencies. BNY Mellon international money transfers to or from the USA have higher transaction charges, due to a less competitive exchange rate offered by BNY Mellon. Skip to: USA Money Transfer Specialists
Typically, sending funds to or from your BNY Mellon account in US dollars or UK pounds will involve a margin rate of 4.5% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your BNY Mellon 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 BNY Mellon banking services would have a transaction exchange rate margin of around 4.5% – or $4,500 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 BNY Mellon bank could take longer to arrive than using a private currency exchange provider and you will also need to be an existing BNY Mellon account holder to use their services. BNY Mellon 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, BNY Mellon’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.
BNY Mellon (Bank of New York Mellon Corporation) was initially created in 1784 and today has over 100 banking offices across the United States and abroad, serving high net worth individuals and businesses (including 80 percent of US Fortune 500 companies). As of 2015, BNY Mellon was the world’s largest custody bank, the 6th largest investment management firm in the world and the 7th largest wealth management firm in the United States.