A major bank index fell by the most Thursday in nearly three years. That sent the stocks of giant financial institutions tumbling Thursday, including the biggest of the big: JPMorgan Chase ( JPM) and Bank of America ( BAC). The concern now among investors is that much bigger banks could be forced to do the same. dollars using the applicable exchange rate without prior notice to you.įor additional information related to Wires and foreign currency wires, please see the Wells Fargo Wire Transfers Terms and Conditions.Greg Becker, President and CEO at SVB speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2022. Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. We may refuse to process any request for a foreign exchange transaction. Wells Fargo is your arms-length counterparty on foreign exchange transactions. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks.

Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers.

The exchange rate Wells Fargo provides to you may be different from exchange rates you see elsewhere. The applicable exchange rate does not include, and is separate from, any applicable fees. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The exchange rate used when Wells Fargo converts one currency to another is set at our sole discretion, and it includes a markup. In addition to any applicable fees, Wells Fargo makes money when we convert one currency to another currency for you.

All country currency rate