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This can depend on several factors, including: Knowing the differences between the two can help you decide which one is best for your situation. For more information, see the "Applicable Exchange Rate" and "Incoming international wire transfer" sections of the Deposit Account Agreement.įees may be charged by third parties or other banks, in addition to those described above.Wondering how wire transfers work and how they compare to bank transfers? Here we compare wire transfers vs bank transfers to show you how each works so you can decide which is the best option for you.īoth options have their pros and cons, and offer slightly different experiences. dollars using the applicable exchange rate without prior notice to you. Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. We may refuse to process any request for a foreign exchange transaction. Wells Fargo is your arms-length counterparty on foreign exchange transactions. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers. The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. The applicable exchange rate does not include, and is separate from, any applicable fees. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup.
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Whether or not the wire transfer fee is waived, Wells Fargo makes money when we convert one currency to another currency for you. To learn more about Wells Fargo’s foreign currency cash solutions visit or contact your local Wells Fargo branch and speak with a representative. Visit a Wells Fargo branch or call 1-80 to learn more.įor businesses with employees that travel outside the United States or for companies that deal regularly with customers who pay for goods and services with foreign currency, Wells Fargo offers a variety of foreign currency cash services. Foreign Currency Checks Your local Wells Fargo branch can accept checks issued in a limited number of foreign countries and currencies.To learn more about sending wires around the globe from your smartphone or computer with Wells Fargo Online ® Wires visit Wells Fargo Online Wires. Wells Fargo can also receive wires denominated in many foreign currencies.įor additional questions around sending and receiving foreign currency wire transfers call 1-80, or visit your local Wells Fargo branch and speak with a banker. Whether in-person at a branch, over the phone or online, Wells Fargo offers a number of ways to send wire transfers in foreign currency. Therefore, having the ability to make and receive payments in foreign currencies can be essential to your business. Conducting international business in local currency may help improve your efficiency, increase your competitive position and expand your market share.