Bank of America vs XE: Fees, Rates & Speed Compared
Bank of America
3.3Bank of America offers international wire transfers for account holders. While convenient for existing customers, rates and fees are significantly higher than specialist transfer services.
XE
4.4XE is a trusted name in currency exchange, offering international money transfers with competitive rates and no transfer fees for most corridors.
Bank of America and XE are both popular choices for international money transfers, but they take different approaches. Bank of America, founded in 1904 and headquartered in Charlotte, USA, is best known for large transfers and business payments. XE, operating since 1993 from Newmarket, Canada, focuses on large transfers and business payments. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs. Our data shows the difference can be significant — on a $500 USD → PHP transfer, Bank of America delivers ₱1021.08 more to the recipient.
In this comparison
Live comparison: Bank of America vs XE across popular corridors
The table below shows how much the recipient receives when sending through Bank of America vs XE on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Bank of America | XE | Winner |
|---|---|---|---|
| USD → INR($1,000) | — | ₹96,033.71 | N/A |
| GBP → EUR(£1,000) | — | €1,146.94 | N/A |
| USD → PHP($500) | ₱29,848.42 | ₱28,827.34 | Bank of America (+₱1021.08) |
| USD → MXN($1,000) | MX$16,892.12 | MX$17,191.59 | XE (+MX$299.47) |
| GBP → PKR(£500) | — | ₨174,170.74 | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Bank of America and XE
Bank of America vs XE: Feature comparison
| Feature | Bank of America | XE |
|---|---|---|
| Overall rating | 3.3/5 (Fair) | 4.4/5 (Excellent) |
| Fee structure | $35-$45 per international wire | No transfer fees |
| Exchange rate markup | 3% - 5% above mid-market | 0.5% - 1.5% above mid-market |
| Transfer speed | 2-5 business days | 1-4 business days |
| Supported countries | 200+ | 130+ |
| Supported currencies | 100+ | 130+ |
| Max transfer | $100,000 | $500,000 |
| Payment methods | Bank Transfer | Bank Transfer, Debit Card, Credit Card |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | OCC, FDIC, Federal Reserve | FCA, FinCEN, ASIC, FINTRAC |
| Founded | 1904 | 1993 |
Pros and cons
Bank of America
Pros
- Trusted major US bank
- Send from existing account
- Strong regulatory protection
Cons
- High transfer fees ($35-$45)
- Poor exchange rates (3%+ markup)
- Slow delivery times
- Much more expensive than specialists
XE
Pros
- Well-known and trusted brand
- No transfer fees for most transfers
- Supports 130+ currencies
- Rate alerts available
- Excellent currency data and tools
Cons
- Exchange rates include a markup
- No cash pickup option
- Transfer speed can be slow
When to choose Bank of America vs XE
Choose Bank of America if:
- You want the real mid-market exchange rate with no hidden markup
- You need wider country coverage (200+ vs 130+ countries)
- Bank of America's strengths (Bank Deposit) match your needs
Choose XE if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (XE supports up to $500,000)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
Verdict: Bank of America or XE?
Cost: Too close to call
Bank of America and XE are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Speed: Similar delivery times
Both providers offer similar transfer speeds. Bank of America typically delivers in 2-5 business days, while XE takes 1-4 business days. The actual speed depends on the corridor and delivery method.
Wider coverage: Bank of America
Bank of America has broader coverage with 200+ countries and 100+ currencies. Bank of America also offers Bank Deposit.
Bottom line
Bank of America and XE serve different needs well. Bank of America is best for large transfers and business payments, while XE excels at large transfers and business payments. Your best choice depends on what matters most: cost, speed, coverage, or delivery options.
Frequently asked questions
Is Bank of America or XE cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows Bank of America and XE are closely matched on total cost. Bank of America charges $35-$45 per international wire with a 3% - 5% above mid-market exchange rate markup, while XE charges No transfer fees with a 0.5% - 1.5% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, Bank of America or XE?
Bank of America typically completes transfers in 2-5 business days, while XE takes 1-4 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Bank of America and XE safe to use?
Yes, both are regulated money transfer services. Bank of America is regulated by OCC, FDIC, Federal Reserve and has a 3.3/5 Trustpilot rating. XE is regulated by FCA, FinCEN, ASIC, FINTRAC with a 4.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Bank of America vs XE?
Bank of America has a maximum transfer of $100,000 (minimum $1), while XE allows up to $500,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use Bank of America or XE to send money internationally?
It depends on your priorities. Choose Bank of America for large transfers and business payments, or XE for large transfers and business payments. We recommend comparing rates for your specific transfer amount and corridor using our calculator above.