Wells Fargo profits from currency conversion when processing transactions, whether or not you are charged a wire transfer fee. When Wells Fargo converts one currency to another, the exchange rate used is determined at their sole discretion and includes a markup. This markup is intended to compensate them for various factors, including costs incurred, market risks, and desired profit margins. 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 provides may differ from exchange rates you might find elsewhere. Furthermore, different customers may receive different exchange rates for identical or similar transactions. The applicable exchange rate can fluctuate based on factors such as the currency pair, the transaction amount, the payment channel, and the product type, including cash, checks, money orders, and foreign currency wire transfers.
Foreign exchange markets are dynamic, and rates change constantly due to market conditions, liquidity, and risks. Wells Fargo acts as your independent counterparty in foreign currency exchange transactions and reserves the right to refuse to process any foreign exchange transaction request.
Incoming wire transfers received in a foreign currency for deposit into your account will be converted to U.S. dollars using the applicable exchange rate without prior notification. 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-party institutions or other banks may impose additional charges beyond those described here.
