Yes, Bank of America charges fees on most international transactions

Bank of America charges a foreign transaction fee of 3% on purchases made outside the United States, whether you use a debit card, credit card, or ATM. This means if you spend $100 abroad, you pay an extra $3. The fee applies to the transaction amount itself, not as a separate charge line item — it gets added to what you owe before the purchase posts to your account.

ATM withdrawals carry a different structure: Bank of America charges a $5 out-of-network fee for using an ATM that is not part of the Bank of America network, plus any fee the foreign bank itself charges. If you withdraw $200 from a non-Bank of America ATM in London, you might pay $5 from Bank of America plus another £2 or £3 from the local bank, depending on their policy.

Wire transfers sent to accounts outside the United States cost $45 for a standard wire and $50 for an expedited wire. Incoming international wires cost $15 to receive. These fees are separate from any fees charged by the receiving bank or intermediary banks involved in the transfer.

Key Takeaways

  • Bank of America charges 3% on all debit and credit card purchases made outside the United States, calculated on the transaction amount.
  • ATM withdrawals abroad cost $5 per transaction through Bank of America, plus whatever fee the foreign bank charges.
  • Sending money internationally by wire costs $45 standard or $50 expedited; receiving a wire costs $15.
  • Some Bank of America accounts and card products waive or reduce these fees, so checking your specific account terms may save money.
  • Using a Bank of America ATM abroad or a partner bank ATM in certain countries avoids the $5 out-of-network fee.

Which Bank of America accounts waive international fees

Bank of America's Preferred Rewards program reduces the foreign transaction fee based on your membership tier. Gold members (who maintain $20,000 to $49,999 in combined deposits and investments) get the fee reduced to 2%. Platinum members ($50,000 to $99,999) pay 1%. Platinum Honors members ($100,000 or more) pay 0% — meaning no foreign transaction fee at all.

The Preferred Rewards program is free to join if you have a Bank of America checking or savings account. Your tier is determined by your average combined balance across all your Bank of America deposit and investment accounts. The tier resets monthly, so if your balance drops below the threshold, your fee reduction drops with it.

Bank of America's Premium Rewards credit card also waives the 3% foreign transaction fee for cardholders. This is a flat benefit regardless of your Preferred Rewards tier. If you carry this card and use it for purchases abroad, you avoid the fee entirely. The card does have an annual fee ($95), so the math only works if you travel regularly or spend enough to earn rewards that offset the cost.

How to find Bank of America ATMs and partner banks abroad

Bank of America has a limited international ATM network of its own — mostly in London, Tokyo, and a few other major cities. You can search for these locations on the Bank of America website by entering your destination city. If there is a Bank of America ATM where you are going, using it avoids the $5 out-of-network fee.

Bank of America also partners with the Global ATM Alliance, a network of banks in over 100 countries. Using an ATM from a Global ATM Alliance partner bank waives the $5 out-of-network fee. Partner banks include Deutsche Bank in Germany, Barclays in the United Kingdom, and BNP Paribas in France. The foreign bank may still charge its own fee, but Bank of America's $5 charge does not apply.

Before you travel, log into your Bank of America account or call 1-800-432-1000 to ask which banks in your destination country are part of the Global ATM Alliance. This takes five minutes and can save you $5 per withdrawal if you plan to use ATMs multiple times.

Wire transfer costs and timing

Sending money to an account outside the United States through Bank of America costs $45 for a standard wire (which typically takes 3 to 5 business days) or $50 for an expedited wire (1 to 2 business days). You can initiate a wire through online banking, at a branch, or by phone.

The receiving bank may also charge a fee to accept the wire — this varies widely by country and institution. Some banks charge $10 to $25 to receive an international wire; others charge nothing. You do not know this fee in advance, so ask the person receiving the money to check with their bank before you send.

If you are sending money to a family member or paying a bill abroad regularly, a wire is the most straightforward method but not always the cheapest. Third-party money transfer services like Wise, OFX, or Remitly often charge lower fees and offer better exchange rates, though they take longer (1 to 3 business days). Compare the total cost — Bank of America's fee plus the exchange rate markup — against these alternatives before you send.

Exchange rates and hidden costs

Bank of America applies an exchange rate markup to all foreign transactions. When you make a purchase in euros or pounds, Bank of America converts it to dollars using its own exchange rate, which is typically 1% to 2% higher than the mid-market rate (the real rate you see on financial news sites). This markup is separate from the 3% foreign transaction fee.

For example, if you spend €100 and the mid-market rate is 1.10 dollars per euro, you might expect to pay $110. Instead, Bank of America might convert at 1.115, charging you $111.50. That extra $1.50 is the exchange rate markup. Combined with the 3% foreign transaction fee, your total cost on that €100 purchase could be $114.80 instead of $110.

You cannot negotiate or avoid the exchange rate markup — it is built into how Bank of America processes foreign transactions. However, you can reduce your total cost by using a credit card or debit card that offers a lower markup or no markup, or by using a service like Wise for large transfers where the markup difference is more significant.

What to do before traveling internationally

Notify Bank of America of your travel dates before you leave. You can do this through online banking, the mobile app, or by calling 1-800-432-1000. This prevents your card from being declined due to fraud alerts when you make purchases abroad. Bank of America does not block cards outright, but notifying them reduces the chance of a hold.

Request a PIN for your debit card if you do not have one. Many ATMs outside the United States require a PIN, and some merchants do too. Your Bank of America debit card comes with a PIN, but if you have not used it in the United States, confirm you know it before you travel.

Download the Bank of America mobile app and set up account alerts. This lets you monitor transactions in real time and catch any fraud immediately. You can also check your exchange rate and fees as transactions post, so you know exactly what you are paying.

Alternatives to Bank of America for international travel

If you travel frequently or send money abroad regularly, other banks and financial institutions may offer better rates. Charles Schwab offers a checking account with no foreign transaction fees and reimburses all ATM fees worldwide — you pay nothing to withdraw cash abroad. Wise (formerly TransferWise) specializes in international transfers and offers a debit card with no foreign transaction fees and mid-market exchange rates.

Credit cards from issuers like Chase, American Express, and Capital One offer cards with no foreign transaction fees. These are often travel-focused cards with annual fees, but if you travel multiple times per year, the fee savings can exceed the annual cost.

For one-time or occasional international travel, Bank of America's standard fees may be acceptable. For frequent travelers or people who send money abroad regularly, comparing these alternatives against Bank of America's 3% fee and exchange rate markup is worth the time.

Frequently Asked Questions

Does Bank of America charge fees for online purchases from foreign websites?

Yes. If you buy something from a website based outside the United States, Bank of America charges the 3% foreign transaction fee on the purchase amount. This applies even if the website ships to you in the United States. The fee is based on where the merchant is located, not where you are.

Can I dispute a foreign transaction fee if I think it was charged in error?

You can contact Bank of America to review the transaction, but the fee is not an error if the purchase was made outside the United States or through a foreign merchant. If you believe the transaction itself was fraudulent, you can dispute the entire charge. Call 1-800-432-1000 or visit a branch to start a dispute.

What is the difference between the foreign transaction fee and the exchange rate markup?

The foreign transaction fee is a flat 3% charge on the transaction amount. The exchange rate markup is a separate percentage added to the conversion rate itself. Both apply to the same purchase, so your total cost is higher than the original amount in the foreign currency.

Do Bank of America traveler's checks have international fees?

Bank of America stopped issuing traveler's checks in 2018. If you need to carry money abroad, a debit card, credit card, or wire transfer are your main options through Bank of America.

Will Bank of America refund the foreign transaction fee if I return an international purchase?

Yes. When a return is processed, the foreign transaction fee is refunded along with the purchase amount. The refund appears in your account within the same timeframe as the original transaction reversal, usually 3 to 5 business days.