Fees apply to wire transfers. For international wire transfers, markups are included in Bank of America, N.A. (“Bank of America”, the “Bank”, “we” or “us”) exchange rates. Exchange rates are determined by Bank of America in its sole discretion. Other financial institutions involved may also charge fees and deduct their fees from the amount of the wire transfer. See the Online Banking Service Agreement for details. Data connection required. Carrier fees may apply.
For Consumer international wires: If you send U.S. Dollars to a bank account that is not denominated in U.S. Dollars (“Non-USD Account”), your payment will be converted into the currency of the Non-USD Account (“Local Currency”) by an intermediary bank or the receiving bank (and we may receive compensation in connection with any such conversion). We are not responsible for the exchange rate applied by any intermediary bank or the receiving bank. For Small Business international wires: If you send U.S. Dollars to a Non-USD Account, your payment will be converted to local currency by any bank or service provider involved in processing the transaction. If the Bank converts the currency, we and/or an affiliate will include a mark-up or fee on such currency conversion and may profit in connection with any such currency conversion.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Exchange rates fluctuate, at times significantly, and you acknowledge and accept all risks that may result from such fluctuations. If we assign an exchange rate to your foreign exchange transaction, that exchange rate will be determined by us in our sole discretion based upon such factors as we determine relevant, including without limitation, market conditions, exchange rates charged by other parties, our desired rate of return, market risk, credit risk and other market, economic and business factors, and is subject to change at any time without notice. You acknowledge that exchange rates for retail and commercial transactions, and for transactions effected after regular business hours and on weekends, are different from the exchange rates for large inter-bank transactions effected during the business day, as may be reported in The Wall Street Journal or elsewhere. Exchange rates offered by other dealers or shown at other sources by us or other dealers (including online sources) may be different from our exchange rates. The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying currency.
For international wire transfers, in addition to our standard wire transfer fee, other fees may also apply, including those charged by the recipient’s financial institution, foreign taxes, and other fees that are part of the wire transfer process.
We provide all-in pricing for exchange rates. The price provided may include profit, fees, costs, charges or other mark ups as determined by us in our sole discretion. The level of the fee or markup may differ for each customer and may differ for the same customer depending on the method or venue used for transaction execution.
In connection with our market making and other activities, we may engage in hedging, including pre-hedging, to mitigate our risk, facilitate customer transactions and hedge any associated exposure. Such activities may include trading ahead of order execution. These transactions will be designed to be reasonable in relation to the risks associated with the potential transaction with you. These transactions may affect the price of the underlying currency, and consequently, your cost or proceeds. You acknowledge that we bear no liability for these potential price movements. When our pre-hedging and hedging activity is completed at prices that are superior to the agreed upon execution price or benchmark, we will keep the positive difference as a profit in connection with the transactions. You will have no interest in any profits.
We also may take proprietary positions in certain currencies. You should assume we have an economic incentive to be a counterparty to any transaction with you. Again, you have no interest in any profit associated with this activity and those profits are solely for our account.
You acknowledge that the parties to these exchange rate transactions engaged in arm’s-length negotiations. You are a customer and these transactions do not establish a principal/agent relationship or any other relationship that may create a heightened duty for us.
We do not accept any liability for our exchange rates. Any and all liability for our exchange rates is disclaimed, including without limitation direct, indirect or consequential loss, and any liability if our exchange rates are different from rates offered or reported by third parties, or offered by us at a different time, at a different location, for a different transaction amount, or involving a different payment media (including but not limited to bank-notes, checks, wire transfers, etc.).
