Wells Fargo offers currency exchange services, allowing customers to convert US dollars to Mexican pesos and other currencies. It’s important to understand how Wells Fargo determines its exchange rates and associated fees.
Wells Fargo sets its exchange rates at its own discretion, including a markup over the market rate. This markup compensates for various costs, market risks, and profit margin. The exchange rate provided is separate from any applicable fees. Don’t be surprised if the rate you receive differs from rates found elsewhere.
Several factors influence the exchange rate offered, including the specific currency pair (USD to MXN, for example), the transaction amount, the payment method (cash, check, remittance, wire transfer), and the chosen product.
Exchange rates are constantly fluctuating due to market conditions, available liquidity, and inherent risks. Wells Fargo acts as the counterparty in these transactions and reserves the right to refuse any foreign exchange request.
Incoming international wire transfers in a foreign currency will be automatically converted to US dollars using the applicable exchange rate. Refer to the “Applicable Exchange Rate” and “Incoming international wire transfer” sections of the Wells Fargo Deposit Account Agreement for detailed information.
Finally, be aware that third-party banks or other intermediaries may impose additional fees beyond those charged by Wells Fargo.
