Consumer complaint received 2021-10-17 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Unexpected or other fees — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION

Complaint narrative:
I contacted the Customer Feedback office of Bank of America on XX/XX/XXXX ( original email below ). After obtaining a USB security key, I tried again to do the exact same transaction ( Wire US {$10000.00} to my XXXX XXXX account in XXXX ) and I've run into the same wall. The bank can not complete the transaction because to comply with the XXXX XXXX, the bank must inform me of any charges the local bank will charge me for the incoming transfer. This Act has been law for around 7 years. It is hard to believe that after EIGHT months since I tried to make the first transfer, BoA did not, or can not, ascertain the charges XXXX XXXX will charge me for an incoming wire transfer in order for BoA to comply with the law. And, as an FYI, XXXX XXXX charges me exactly XXXX. 

BoA suggests that I make the transfer in local currency, XXXX XXXX ( Interestingly, they can do this presumable because they know and can tell me what the local bank will charge me. Taking this option has the net effect of costing me around {$450.00} MORE ( Yes, " More '' ), than doing the transfer in dollars for a transfer of $ XXXX. I am getting the feeling that this excuse for not being able to transfer dollars has become quite profitable to the XXXX department. I would not be surprised if this is happening to tens of thousands of other customers. At the very least, a customer should be able to opt out or to give his/her consent for the bank to complete the request with full knowledge that BoA can not supply the charges the local bank will apply. 

Below is a copy of my original email to BoA. 

On Wednesday, XX/XX/XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX wrote : Dear Ms. XXXX , Im pretty sure BoA does a great job handling most day-to-day customer issues. My problem seems to be a bit out of the box. The MOST frustrating thing about it is being unable to find someone who can help. Yes.I have spent upwards of 3 hours on the customer service line ( XXXX including wait time ). All the people I have dealt with have politely tried to solve my issue in a professional manner. But there does not seem to be a flow chart for issues that hit a dead end. 

I am in XXXX and will not be traveling until this COVID disaster subsides. I have previously had no problem moving funds from my BoA account in the US to my US $ account with XXXX in XXXX. I specifically obtained a XXXX card in XX/XX/XXXX to avoid problems with codes that couldnt be sent to non-US mobiles. In XX/XX/XXXX I tried to transfer some funds to myself only to find the XXXX card did not work. I was told the only solution was to order a new one, which I did. It was issued on XX/XX/XXXX and by XXXX still had not arrived. 

As I am in need of funds I added a XXXX XXXX ( my sister in XXXX ) to my account so I could get codes through her. I also re-did all my recipient information on Online Banking to comply with the new requirement for XXXX account information. Today when I tried to wire myself funds to my XXXX account in $ here in XXXX I got a message : We are required by law to inform you of the exact fees you will incur for international wires.we do not have the exact fees from other banks and therefore can not process your request. ..you may try again in foreign currency..we are very sorry.etc. 

Needless to say this is indeed an inconvenience ; this seems to me to be one of the primary services of the banking system. Regardless, I then set up my XXXX local currency account as a recipient through Online banking and tried again in local currency. Everything was fine until I came to the confirmation page. There it showed that the exchange rate for the transaction ( today XX/XX/XXXX ) was XXXX. Thats funny, I thought. The rate for purchasing US $ at my bank in XXXX was XXXX ( had I been able to transfer $ ). The difference for my {$10.00} XXXX transaction was {$500.00}. Less the {$45.00} wire fee ( Online banking does not charge a wire fee for foreign currency wires.and little wonder ), I would be out of pocket for {$450.00}. As the cost is in the rate and not a fee, the larger the transaction, the more egregious this is for a service with a fixed break-even. 

I hope you will agree that this is a bit much and that BoA will have a less costly, fairer solution. 

Thank you, XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation