When engaging in international transactions or converting currencies with Wells Fargo, it’s crucial to understand their exchange rate policies. Whether you’re exempt from wire transfer fees or not, Wells Fargo profits from currency conversion. The exchange rate applied when Wells Fargo converts one currency to another is determined at their sole discretion and incorporates a markup.
This markup is designed to compensate them for various factors, including incurred costs, market risks, and their desired profit margin. It’s important to note that the exchange rate applied is separate from and does not include any applicable fees. The exchange rate Wells Fargo offers you might differ from rates you find elsewhere, and different customers could receive varying rates for similar or identical transactions.
Several factors can influence the applicable exchange rate, such as the specific currency pair (in this case, the dollar to euro exchange rate), the transaction size, the payment channel, and the type of product, including cash, checks, money transfers, and foreign currency wire transfers. Foreign exchange markets are dynamic, and exchange rates fluctuate constantly based on market conditions, liquidity, and risks. Wells Fargo acts as your independent counterparty in foreign currency exchange transactions and reserves the right to refuse any foreign currency exchange request.
Incoming wire transfers received in a foreign currency for deposit into your account will be converted to U.S. dollars using Wells Fargo’s prevailing exchange rate without prior notification. For detailed information, refer to the “Applicable Exchange Rate” and “Incoming International Wire Transfers” sections of the Deposit Account Agreement.
Keep in mind that third-party institutions or other banks may impose additional charges beyond those mentioned here.
