When you conduct a foreign currency exchange with Wells Fargo, whether you’re aware of a specific wire transfer fee or not, the bank profits from the currency conversion itself. Wells Fargo sets the exchange rate at its sole discretion, and this rate includes a markup. This markup is designed to compensate for various factors, including their operational costs, market risks, and desired profit margins. It’s important to understand that this exchange rate is separate from any applicable fees.
The exchange rate Wells Fargo offers you might differ from rates you see elsewhere. Even customers conducting similar or identical transactions may receive different exchange rates. Factors influencing the exchange rate can include the specific currency pair, the transaction size, the payment channel, and the type of product involved, such as cash, checks, money orders, and foreign currency wire transfers.
Foreign exchange markets are dynamic, and rates fluctuate constantly based on market conditions, liquidity, and risks. Wells Fargo acts as your independent counterparty in these foreign exchange transactions and reserves the right to decline any foreign exchange transaction request.
Incoming wire transfers to your account in a foreign currency will be converted to U.S. dollars using Wells Fargo’s applicable exchange rate without prior notification. For detailed information, please refer to the “Applicable Exchange Rate” and “Incoming International Wire Transfers” sections of the Deposit Account Agreement.
Keep in mind that third-party banks or intermediary institutions might impose additional charges beyond those described here.
