When you conduct a currency exchange with Wells Fargo, whether you’re aware of a specific wire transfer fee waiver or not, it’s important to understand that Wells Fargo generates revenue from converting currencies for you. The exchange rate applied when Wells Fargo converts one currency to another is determined at their sole discretion and incorporates a markup. This price increase is designed to compensate Wells Fargo for various factors, including, but not limited to, operational costs, market risks, and their desired profit margin. It’s crucial to note that the exchange rate applied is separate from and does not include any applicable fees.
The euro exchange rate Wells Fargo offers you may differ from exchange rates you might find elsewhere. It’s also possible for different customers to receive different exchange rates for transactions that are identical or very similar. The specific exchange rate applied can fluctuate based on factors such as the currency pair involved (for example, euro to USD), the transaction amount, the payment method used, and the type of financial product, like cash, checks, money orders, and foreign currency wire transfers.
Foreign exchange markets are dynamic, and exchange rates change constantly due to market conditions, liquidity, and inherent risks. Wells Fargo acts as your independent counterparty in all foreign currency exchange transactions. They also retain the right to decline to process any request for a foreign currency exchange transaction.
Incoming wire transfers received in a foreign currency for deposit into your account will be converted to U.S. dollars using Wells Fargo’s applicable exchange rate without any prior notification. For more detailed information, you should consult the “Applicable Exchange Rate” and “Incoming International Wire Transfers” sections within your Deposit Account Agreement.
It is also important to be aware that third-party institutions or other banks might impose their own fees in addition to those directly disclosed by Wells Fargo.
