Whether you’re exempt from wire transfer fees or not, it’s important to understand that Wells Fargo profits from currency conversion when exchanging one currency for another for you. The exchange rate used by Wells Fargo to convert currencies is set at their sole discretion and includes a markup. This markup is designed to compensate them for various factors, including, but not limited to, incurred costs, market risks, and their desired profit margin. It’s crucial to note that the applied exchange rate does not include, and is separate from, any applicable fees.
The exchange rate Wells Fargo provides to you may differ from exchange rates you see elsewhere. It’s also possible for different customers to receive different exchange rates for transactions that are identical or similar. The exchange rate that applies to your transaction can vary based on factors such as the 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 over time due to market conditions, liquidity, and risks. Wells Fargo acts as your independent counterparty in foreign currency exchange transactions. They reserve the right to refuse to process any request for a foreign currency exchange transaction.
Incoming wire transfers received in a foreign currency for payment into your account will be converted to U.S. dollars using the applicable exchange rate without prior notice to you. For further details, please refer to the “Applicable Exchange Rate” and “Incoming International Wire Transfers” sections of the Deposit Account Agreement.
Please be aware that third parties or other banks may impose charges in addition to those described here.
