International Payments & Wire Transfers

When you send a wire in foreign currency, the exchange rate is shown to you before you submit the payment. This lets you lock in the rate upfront, so you know the exact amount being sent to your beneficiary. Exchange rates can vary throughout the day based on market conditions, and rates you see online or in the news may differ from the rate offered by financial institutions. Published rates often reflect wholesale market pricing, while the rate you receive typically includes a markup to support processing and service costs.

• Sending in foreign currency can help ensure your payment arrives in the local-currency amount the beneficiary expects. It may also reduce or eliminate foreign conversion fees that the beneficiary's bank might charge if they receive U.S. dollars.
• Sending in U.S. dollars may be appropriate if the beneficiary wants to manage their own conversion or if the receiving bank requires USD. However, the beneficiary's bank may apply its own exchange rate and additional conversion fees.

If you want more control and predictability—especially for invoices stated in a foreign currency—sending the wire in that same currency is often preferable.

If you're unsure which option is more cost-effective, you can ask your vendor to provide two versions of the same invoice—one in their local currency and one in U.S. dollars. 

Seeing both amounts helps you compare the total cost of each option, including how exchange rates and potential conversion fees may affect what your recipient ultimately receives. This and the cost of the wire fee can make it easier to choose the payment method that works best for your business.

The exchange rate used is set by Wells Fargo, includes a markup, and may be different than exchange rates you see elsewhere. Some of the exchange rates you see published elsewhere may represent the interbank market. These rates are typically used by banking institutions and other large market participants when trading with one another. Interbank market rates may or may not contain a markup, whereas exchange rates applied to transactions with Wells Fargo business customers typically contain a markup. The account agreement governing your account discloses that a markup is applied to the conversion of incoming foreign currency wires.

To obtain an exchange rate estimate for a future incoming foreign currency wire, you may inquire by calling or visiting your local branch directly or calling customer service at 1-800-225-5935. Our representative will submit a request to obtain an exchange rate estimate on your behalf, and you will receive an email with an estimated exchange rate within one business day. If you don’t see the email, please check your spam or junk folder.

You can determine the exchange rate by dividing the U.S. dollar amount credited to your account by the foreign currency amount you received. For example, if $1,100 was credited to your account and the amount of your received wire was €1,000, then divide $1,100 by 1,000 (1,100/1,000 = 1.10). The result is 1.10, which means the exchange rate was $1.10 per euro. In other words, you sold €1,000 to Wells Fargo and we paid you $1,100 for it. You may also call customer service at 1-800-225-5935.

A foreign currency wire may be returned if it's not accepted by the recipient’s bank. If your wire is returned, your money will be converted back to U.S. dollars. The U.S. dollar amount credited back to your account may be less than the original amount we debited from your account due to fluctuation in the applicable exchange rate or fees deducted by other banks.