Jake Miller
Bank of the West is a financial institution headquartered in San Francisco, California, with branches in the Midwest and Western United States. The bank offers a range of services, including loans, credit cards, and mobile banking. In terms of foreign currency exchange, Bank of the West does provide currency exchange services, allowing customers to hold foreign cash and make payments in foreign currencies. However, the availability of specific currencies, such as pesos, and the associated fees and delivery options may vary. It's recommended to contact a Bank of the West representative directly or visit their website for the most accurate and up-to-date information regarding their foreign currency exchange services.
| Characteristics | Values |
|---|---|
| Name of the bank | Bank of the West |
| Type of bank | American financial institution |
| Headquarters | San Francisco, California, United States |
| Branches | Over 600 branches and offices in the Midwest and Western United States |
| Current owner | Canadian banking group BMO Financial Group |
| Previous owner | French banking group BNP (1979-2023) |
| Year founded | 1874 |
| Origin | Founded in San Jose, California, as the Farmers National Gold Bank of San Jose |
| Services | Foreign currency exchange, international wire transfers, wealth management services, home loans, mobile banking app, access to fee-free ATMs |
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What You'll Learn
Bank of the West foreign currency exchange
Bank of the West BNP Paribas does offer currency exchange services, but these are primarily designed for business clients. The bank also offers a digital cross-border payment platform for making payments in foreign currencies and for saving foreign-denominated bank notes. However, banks typically use weak exchange rates and charge commission fees, so there are better options for exchanging currency for travel or sending money abroad. For example, Revolut offers industry-best exchange rates on 25+ currencies directly through its smartphone app and travel debit card.
If you are a retail customer looking to exchange currency for travel, it is recommended that you avoid using Bank of the West currency exchange services. Large American banks like Bank of the West charge two very large fees: a transparent bank fee, and a hidden exchange rate margin. For example, Bank of the West marks up USD to CAD exchanges by around 3%.
Instead, you could consider opening a foreign currency account, which enables you to transact and maintain foreign currency balances without having to open a bank account in a foreign country. East West Bank, for example, offers foreign currency accounts in various denominations. Their Foreign Currency Demand Account and Foreign Currency Certificates of Deposit (FXCD) allow you to make and receive payments or hold balances in several of the most commonly traded foreign currencies.
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International wire transfers
Before making an international wire transfer with Bank of the West, it is important to gather all the necessary information, including your account details and those of the beneficiary, such as their account number, account address, and bank details (including a Swift number). Additionally, Bank of the West imposes a strict cut-off time for international wire transfers, so it is essential to initiate the transfer before this designated time to ensure timely processing.
The fee for outgoing international wire transfers is typically $50, while incoming transfers are charged at $15. It is important to note that further fees may be deducted by intermediary banks or the receiving bank, resulting in a lower amount being received by the beneficiary. Additionally, Bank of the West does not specify its exchange rate for international wire transfers, and it is common for banks to use a marked-up exchange rate, which effectively becomes another fee.
The processing time for an international wire transfer through Bank of the West can take up to 72 hours, and the receiving bank may require additional time to clear the funds. Therefore, the entire process can take approximately 3 to 5 working days.
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$15.95 $15.95
Bank of the West's FX solutions
Bank of the West offers foreign currency exchange services, allowing customers to hold foreign cash and make payments in foreign currencies. These FX solutions are primarily targeted at business clients and customers interested in investing their wealth in foreign currencies. The bank also provides a digital cross-border payment platform for transactions involving foreign currencies and for saving foreign-denominated bank notes.
To access Bank of the West's FX solutions, you must be an account holder with the bank. As a customer, you can visit your local banker to initiate a wire transfer for sending money abroad via international wire transfers. This service comes with associated fees, including a hidden exchange rate margin, which typically ranges from 4% to 7%.
It is important to note that Bank of the West's FX solutions may not be the most cost-effective option for currency exchange, especially when compared to online money transfer services. These alternative services are often cheaper, faster, safer, and more transparent. Additionally, Bank of the West's FX solutions are geared more towards businesses and investors rather than individual travellers.
As of February 2023, Bank of the West was acquired by the Canadian banking group BMO Financial Group, now known as BMO Bank, N.A. This acquisition expanded BMO's presence in the United States, and all accounts and branches of Bank of the West were converted to BMO by September 5, 2023. Therefore, the FX solutions and services previously offered by Bank of the West may have been integrated into BMO's existing offerings.
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Wealth management services
Bank of the West Wealth Management Group, founded in 1874, offers a wide range of wealth management services to business owners, high-net-worth individuals and families. The group is a subsidiary of BNP Paribas, a leading bank in Europe with a presence in 74 countries and over 192,000 employees. Bank of the West Wealth Management has over $89.8 billion in assets as of December 31, 2017, and provides wealth planning, investment management, personal banking, philanthropy, and trust and fiduciary services.
The group's wealth management services include traditional wealth services such as portfolio management, philanthropic services, financial and estate planning, and brokerage and advisory services. They take a unified, global approach to wealth management, backed by the extensive capabilities of BNP Paribas. This approach is ideal for expatriate clients looking for cutting-edge wealth management products and services.
Bank of the West Wealth Management has expanded its presence by opening an office in Midtown Manhattan, New York City, to serve clients in the city and the surrounding area. This expansion demonstrates the group's commitment to growing its presence in one of the largest wealth markets in the world.
The wealth management services provided by Bank of the West are enhanced by their affiliation with BNP Paribas. With over 6,800 professionals in Europe, Asia, and the US, BNP Paribas Wealth Management offers a global network of expertise and resources to support the wealth management needs of its clients. This international presence and comprehensive range of services make Bank of the West Wealth Management a prominent player in the industry.
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Bank of the West's acquisition by BMO (Bank of Montreal)
BMO Financial Group, along with its wholly-owned subsidiary BMO Harris Bank, signed an agreement with BNP Paribas to acquire Bank of the West and its subsidiaries for $16.3 billion in December 2021. The acquisition was expected to close by the end of 2022, subject to regulatory approvals.
The deal brings nearly 1.8 million new customers to BMO and extends its presence to 514 additional branches in the United States, including key markets like California. BMO gains a strong position in three of the top five U.S. markets, a footprint in 32 states, and expanded national specialty commercial businesses.
Darryl White, CEO of BMO Financial Group, highlighted that the acquisition aligns with BMO's growth strategy, adding meaningful scale and expansion in attractive markets. BMO plans to retain Bank of the West's front-line branch employees and does not intend to close any branches.
The transaction is expected to be immediately accretive to BMO's adjusted earnings per share, with a projected internal rate of return of approximately 14%. BMO will fund the acquisition primarily with excess capital and expects to incur pre-tax merger and integration costs of around C$1.7 billion, achieving pre-tax cost savings through operational efficiency improvements.
With the acquisition, BMO aims to drive greater growth, returns, and efficiencies while delivering a highly competitive offering to new growth markets, leveraging its digital banking platform and team of bankers.
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Frequently asked questions
Yes, Bank of the West offers currency exchange services that allow customers to hold foreign cash. They also have a digital cross-border payment platform for making payments in foreign currencies and for saving foreign-denominated bank notes.
Currency exchange services at Bank of the West are primarily designed for business clients and customers who want to risk investing their wealth in foreign currencies. To get a quote for the bank's FX solutions and wealth management services, customers will need to contact a Bank of the West representative directly.
Yes, Bank of the West customers can send money abroad via international wire transfers. The bank charges two fees for sending wire transfers by SWIFT: a hidden exchange rate margin and a commission fee.
