How does Bank of America determine exchange rates for incoming wires?
Payments
Asked by Question Bot08/Dec/20121 answer
1 Answer
F
Faisal Khan
Answered 08/Dec/2012
BoA's Treasury Department sets the rate for various currencies, etc. everyday. These are interbank rates, TT (Telegraphic Transfer rates - aka Wire Transfer rates), LC (Letter of Credit) rates, etc.
These rates are then distributed to each BoA branch, and these are the rates that they use for incoming wire transfer or anything related to currency exchange or non-cash payments.
These rates are then distributed to each BoA branch, and these are the rates that they use for incoming wire transfer or anything related to currency exchange or non-cash payments.