How to Get Bank of America Currency Exchange Fee Waived

Fight Bank Fees How to Get Bank of America Currency Exchange Fee Waived

Get Bank of America Currency Exchange Fees Easily

Traveling around the world and visiting new places is an exciting experience. You can learn about history, eat exotic cuisine, and discover the world. The only thing that can be a hassle is trying to find a place you can trust to exchange your US currency for local currency.

Of course, some people preparing to travel abroad are extra proactive and order local currency before they leave. This is the preferred method, as it prevents you from having to stop at some shady currency exchange stand in a foreign country. But either way, any individual or company offering to exchange currencies will most likely charge an exchange fee.

When it comes to banks, Bank of America's currency exchange fee is one of the highest in the industry. But it’s not set in stone, and you can fight back.

What Is a Currency Exchange and How Does It Work?

At the time of writing, the United Nations (UN) recognizes 180 national currencies. Paper currency or banknotes are negotiable promissory notes individually representing specific monetary values.

For example, the $100 bill represents one hundred $1 bills, while the $1 bill represents one hundred pennies. Likewise, ten $10 banknotes are representative of a single $100 note.

Nevertheless, if you were to go to Australia where the paper currency is referred to as the Australian Dollar (AUD), 100 United States Dollars (USD) would be worth more than 100 AUD.

A banknote is a negotiable promissory note which one party can use to pay another party a specific amount of money.

  • A banknote is payable to the bearer on demand, and the amount payable is apparent on the face of the note.
  • Banknotes are considered legal tender; along with coins, they make up the bearer forms of all modern money.
  • A banknote is known as a "bill" or a "note."
  • A bearer form is a security that is not registered in the issuing corporation's books and is payable to the person possessing the stock or bond certificate.
  • Thus, one must only possess ("bear") the instrument as proof of rightful ownership. These are also known as bearer instruments.

How Do Currency Exchange Companies Make Money?

The currency amount you end up purchasing from exchange providers is dependent on the international spot rate. According to Investopedia, "In currency transactions, the spot rate is influenced by the demands of individuals and businesses wishing to transact in a foreign currency, as well as by forex traders. The spot rate from a foreign exchange perspective is also called the 'benchmark rate,' 'straightforward rate' or 'outright rate.'"

The currency exchange provider will then adjust the spot rate by a small percentage, ensuring it profits from the transaction. For example, on January 17, 2020, the rate for exchanging USD into AUD was 1.3860. But a currency exchange may modify that rate by 6%, meaning that you actually bought the AUD for 1.280. For every $1 USD the exchange company buys using AUD, they profit .100.

With this hypothetical exchange rate fee, the exchange company is profiting 10 cents from each dollar. But Bank of America charges upwards of 15% (and even higher for other currencies), meaning it would profit nearly 19%.

Now consider that Bank of America quite possibly exchanges millions if not tens of millions of dollars. That 10 cents can quickly turn to hundreds of thousands of dollars in profit.

How to Solve Bank of America Balance Transfer Fee Issue on Your Own

Most people pay these fees without giving them a second thought—but did you know that there's a way to get around them? These fees aren't set in stone. With the proper argument and explanation, you can appeal these fees and avoid paying them.

To appeal your bank fees, you can:

  1. Contact Bank of America by direct message on Twitter, by phone at 1-800-432-1000, or send a message on Facebook.
  2. Describe the fees you want to be overturned.
  3. Explain your financial situation and why you're having difficulty making the payments.
  4. Reference legal statutes that protect you from getting hidden fees and charges.

Solve Bank of America Transfer Fee Issues With DoNotPay

Contacting Bank of America about your balance transfer fee is a waste of your time. And you shouldn't have to pay these arbitrary fees and lose money just from keeping your money in the bank. DoNotPay is here to automatically appeal your bank fees and get them waived or refunded.

All you have to do is:

  1. Open the DoNotPay Fight Bank Fees product.

     

  2. Enter the name of your bank.

     

  3. Verify the last 4 digits of your bank account.

     

  4. Choose which fees you want to waive, including overdraft, ATM, and transaction fees.

     

And that's it! DoNotPay will send the legal appeal letter on your behalf to your bank, so your fees get refunded! If your bank has any further comments, they'll reach out to you directly.

DoNotPay Works Across All Entities With the Click of a Button

DoNotPay can also help you with these related banking issues:

Bank of America overdraft feesCitizens Bank overdraft feesChase Bank 

overdraft fees

Wells Fargo

checking account overdraft fees

Bank of America

ATM fees

TD Bank

overdraft fees

Fifth Third Bank overdraft feesPaypal

transfer to bank fees

What Other Financial Issues Can DoNotPay Help You Solve?

You shouldn’t allow banks to take advantage of you with unfair fees. You can fight them and file an appeal to have them waived or refunded using DoNotPay.

Of course, we can also help you with a number of other financial-related issues. Some examples include:

If you feel like your bank, credit card company or some other organization is taking advantage of you, but you can't find a solution, contact us today!

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