And while the bank does have a reliable reputation and an impressive scope of service, as a result, we recommend that you avoid making international wires with Wells Fargo for your money transfers, especially funds are destined for countries such as Pakistan, the Philippines, and Brazil Also, different customers may receive different exchange rates for transactions that are the same or similar."Īre Wells Fargo International Wires Worth It?Īll in all, Wells Fargo is a pricey option for sending money abroad from the US. "The exchange rate Wells Fargo provides to you may be different from exchange rates you see online, in publications, at other banks or other foreign exchange providers. The exchange rate provided to you is set by Wells Fargo in its sole discretion, and it includes a markup over Wells Fargo's cost of sourcing the relevant currency or currencies." "Wells Fargo makes money when it converts one currency to another currency for you. To this end, Wells Fargo discloses the following information in its Terms and Conditions: In the case of Wells Fargo, for example, while the bank is indeed significantly more forthcoming about this fee than are many banks in the US and abroad, the fact that you'll be paying an exchange rate margin is not made quite as transparent as the fact that you'll be paying a transfer fee. These exchange rate margins are seldom disclosed in a fully transparent manner by banks. They keep the difference.Īt Wells Fargo, these exchange rate margins vary from currency to currency, typically fluctuating between 4% and 10% above the mid-market rate and adding to the final amount you pay in fees. In essence, Wells Fargo will take a hidden cut off the money you transfer by charging you an exchange rate that's inferior to the one used by banks to trade between one another, known as the mid-market exchange rate. In addition, you'll also be paying what's known as an exchange rate margin on every international money transfer that you send into a foreign currency. The total amount you'll pay in fees when making an international wire with Wells Fargo doesn't end with the transfer fees mentioned above.
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