International wire transfer

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Qacer

Platinum Member
Apr 5, 2001
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BoA has two options of sending an international wire transfer: One (for $45) sends funds in USD and the other (for $35) sends funds in another currency.

Does anyone know if you are sending funds in USD, will the receiving bank account have to be based on USD instead of another foreign currency? I believe in Europe you can open a bank account using different currencies as the base.

... Or if you send funds in USD and the receiving bank is not base in USD, will the funds transferred just sit in the receiving account without gaining any interest (assuming it is transferred to a savings account)?
 

kranky

Elite Member
Oct 9, 1999
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I don't know, but if I had to guess I would imagine the receiving bank automatically converts USD to their local currency and charges a conversion fee. And it would earn interest just like any other money in the receiving account.
 

DaveSimmons

Elite Member
Aug 12, 2001
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Your Russian mail-order bride is a man, baby!


If this is a friend who is in trouble and needs money to get home . . . try calling them first, they probably already are home and have no idea you're being scammed.
 

paulney

Diamond Member
Sep 24, 2003
6,909
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BoA has two options of sending an international wire transfer: One (for $45) sends funds in USD and the other (for $35) sends funds in another currency.

Does anyone know if you are sending funds in USD, will the receiving bank account have to be based on USD instead of another foreign currency? I believe in Europe you can open a bank account using different currencies as the base.

... Or if you send funds in USD and the receiving bank is not base in USD, will the funds transferred just sit in the receiving account without gaining any interest (assuming it is transferred to a savings account)?

The receiving bank will convert them to the currency of the account according to the receiving bank rates.
 
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