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Understanding the Table:
The comparison table above helps you see the total cost of your Bank of America currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your transaction type, details and click ‘GET RATES’.
Bank of America uses different bank codes depending on the currency and location of the sending bank. Here are some of the most common bank codes used for receiving foreign wire transfers:
SWIFT Code: BOFAUS3N: This code is used for receiving wire transfers in U.S. dollars from foreign banks.
ABA Routing Number: 026009593: This code is used for receiving wire transfers in U.S. dollars from banks located within the United States.
CHIPS UID: 0959: This code is used for receiving wire transfers in U.S. dollars from foreign banks that are members of the Clearing House Interbank Payments System (CHIPS).
Fedwire ABA Routing Number: 026009593: This code is used for receiving wire transfers in U.S. dollars from banks located outside of the United States.
It's important to note that specific bank codes may vary depending on the currency and location of the sending bank, and it's recommended to confirm the correct codes with Bank of America before initiating a wire transfer. Additionally, Bank of America may charge fees for receiving wire transfers, so it's important to check the current fees and policies before initiating a transaction.
Bank of America offers several credit cards with different foreign transaction fees. Here are some examples:
Bank of America Travel Rewards Credit Card: This card charges no foreign transaction fees, making it a good option for travelers who frequently make purchases in foreign currencies.
Bank of America Premium Rewards Credit Card: Similar to the Travel Rewards Credit Card, this card also does not charge foreign transaction fees.
Bank of America Cash Rewards Credit Card: This card charges a foreign transaction fee of 3% of each transaction in U.S. dollars.
Bank of America Business Advantage Cash Rewards Mastercard: Similar to the Cash Rewards Credit Card, this card also charges a foreign transaction fee of 3% of each transaction in U.S. dollars.
Bank of America Business Advantage Travel Rewards World Mastercard: This card charges no foreign transaction fees.
It's important to note that credit card terms and conditions can change, so it's always a good idea to check the current fees and policies before applying for or using a credit card for foreign transactions.
If you wish to save on exchange rates and foreign ATM fees then you should consider the Wise multi-currency card.
How much does it really cost to live, work, or travel in ? Here's what to expect for daily expenses and expat living.
For travelers planning a mid-range stay in Mexico, it’s advisable to budget around $500 to $700 USD for a one-week trip. This amount allows for a comfortable experience including dining, accommodation, and local transportation. In general, the country is quite affordable, offering good value compared to other major destinations. Here’s a snapshot of typical daily expenses you can expect while in Mexico (prices are in Mexican Pesos, MXN):
Overall, Mexico can be classified as an affordable country to visit. When compared to the United States, expenses in Mexico can be roughly 30-50% lower, making it an attractive getaway. When contrasted with the UK, you’ll find that dining out and accommodations in Mexico provide significant savings, as UK prices can be substantially higher.
For expats living in Mexico, typical monthly living costs can range from 15,000 to 25,000 MXN, depending on lifestyle and location. Major expenses include rent, utilities, groceries, and transportation. Urban centers such as Mexico City might skew towards the higher end of that range, while smaller towns may offer more budget-friendly options.
When it comes to banking and handling financial transactions, it’s common to use functionality-rich banking apps alongside debit and credit cards. Visa and Mastercard are widely accepted, but it’s recommended to notify your bank of your travel plans to avoid potential holds on your cards. For sending and receiving money, online transfer services like Wise or OFX often provide better exchange rates and lower fees than traditional banks, making them an excellent choice for both expats and travelers. Exchanging money locally can sometimes result in higher fees, especially at airports or tourist hotspots, so it's typically better to plan ahead and utilize digital solutions for financial transactions.
View a full list of exchange rates by selecting your Base (from) currency:
