Whether you are exempt from wire transfer fees or not, Wells Fargo profits from currency conversion when you exchange Euros or any other currency. It’s important to understand that the exchange rate Wells Fargo uses when converting one currency to another is set at their sole discretion and includes a markup. This markup is intended to compensate them for various considerations, including, but not limited to, costs incurred, market risks, and their desired profit margin. The exchange rate applied is separate from and does not include any applicable fees.
The euro price, or exchange rate, that Wells Fargo provides to you may differ from exchange rates you see elsewhere. Different customers might even receive different exchange rates for transactions that are identical or similar. The specific exchange rate applied can vary based on factors such as the currency pair (for example, EUR to USD), the transaction size, the payment channel, and the type of financial product, such as 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. It’s within their rights 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 more detailed information, refer to the “Applicable Exchange Rate” and “Incoming International Wire Transfers” sections of the Deposit Account Agreement.
Keep in mind that third parties or other banks may also charge fees in addition to those described by Wells Fargo.
