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Why do Outbound Wire Transfers made in non-USD have no fee while Outbound Wire Transfers made in USD have a fee (45 USD this example) at Bank of America? Does that mean that Bank of America uses a bad currency exchange rate or is there any other reason?

Full page screenshot of https://transfers.bankofamerica.com/jsp/bofa/account_add_ft_df_gen3.jsp?topNavigation=2&subNavigation=22&startEvent=Yes&endEvent=Yes&CEpage=account_add_ft_gen3.jsp: a

I have crossposted the question at:

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    I'm voting to close this question as off-topic because only that company can answer that question. Feb 29, 2020 at 21:13
  • @mhoran_psprep It is quite likely that the reason of this choice is not only known by some BoA employees. It is likely to be based on something common to some other banks, such as milking customers with the currency exchange rate, or due to some regulations. Feb 29, 2020 at 21:15
  • 1. Did you check that the outbound fee stays at 0 when you select various countries? 2. Where I am, for wiring in foreign currency there's a decision between the fee modes (OUR = sender pays, BEN = beneficiary pays and SHARE = costs are shared). I've known different default settings for this in different countries to lead to unpleasant surprises. Could your bank have the default set to BEN? Mar 1, 2020 at 11:21

1 Answer 1


From what I read on https://qr.ae/pXZuUB, it seems that the guess made in the question is correct: Bank of America expects to make a "hidden" commission by using a currency exchange rate that is below the currency exchange rate. As a result, to make the outbound wire transfers more attractive, they don't take any upfront fee.

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