How to Wire Money With Bank of America?

Last Updated on June, 2024

Transferring money can seem complicated, but with a Bank of America account, it is SUPER EASY. Whether you’re transferring funds domestically or internationally, Bank of America provides options online or in person. 

In this guide, we’ll walk you through the process step by step, ensuring you understand how to wire transfer money efficiently and save on fees.

Quick Summary

Bank of America offers multiple options for wire transfers, both domestically and internationally, through online banking or in-person.

To avoid high fees for international wire transfers, consider using a specialized account or service, such as Wise or OFX, or compare fees and exchange rates between banks or services.

Bank of America customers can save on wire transfer fees by using ACH transfers, bundling multiple transfers together, and negotiating with the bank for lower fees if they send a large volume of transfers. However, some customers have expressed dissatisfaction with the bank’s customer service and policies.

How to Wire Money With Bank of America?

bank of america logo

Wiring money with Bank of America isn’t a big deal. Here’s how to wire transfer money through Bank of America, either through online banking or in person:

Online:

  • First, log in to your Bank of America account. 
  • Go to the Transaction section. 
  • Add the recipient’s details if it’s your first time sending them money. 
  • Confirm the payment details, such as amount, currency, recipient, and date.
  • Verify everything and confirm the transfer.

At a Bank of America Branch:

  • You can also send money in person at a branch. 
  • Consider making an appointment beforehand. 
  • When you’re there, a bank staff member will guide you through the process.

How to Avoid International Wire Transfer Fees?

Sending money internationally through your regular bank can be costly. They often charge high fees, plus extra costs from intermediaries.

But don’t worry. There are ways to avoid these fees:

  • Use a special account that can hold different currencies, like Wise or Revolut
  • Pick a service that focuses on international transfers, such as Wise or OFX.
  • Compare different OPTIONS using a comparison tool. You can see the fees, rates, and how long it takes for the money to arrive.
  • International Transfers: Foreign Currency Vs.U.S.Dollars

When you’re choosing which currency to use for an international wire transfer, think about things like exchange rates and any extra fees. It’s usually best to send money in the same currency your recipient uses.

For example, if your friend is in Spain, send Euros. But sometimes, sending in the recipient’s currency (an unknown currency) can be cheaper. Understood? Bank of America doesn’t charge fees for sending money in a foreign currency. 

If you do it online, you might get a better deal on the exchange rate. Plus, exchanging your money upfront can avoid confusion and ensure you know exactly how much you’re sending.

How to Open an Account?

Login page of Bank of America Online banking

Opening a Bank of America account is pretty easy.

Here’s what you need to do:

  • Decide which type of account you want: CD, checking account, or savings. 
  • Collect the documents you’ll need, like your ID, Social Security number, and address.
  • Start the application process either online or at a Bank of America location. 
  • Fill out the application with your personal information. 
  • If you apply online, your identity will be verified through codes sent to your phone and email. If you apply in person, your national ID will be checked.
  • Once you’ve filled out the application, you’ll need to provide your opening deposit. You can either use your debit card or bank account online or bring cash, a cheque, or a money order to a Bank of America location. 
  • Depending on the account you choose, you might need to answer some additional questions about things like getting a debit card or overdraft protection. 
  • Finally, review and agree to the terms of your new account, verify your information, and apply.
  • It usually takes one or two business days for them to process your application and let you know if your account information is approved. If you’re getting a debit card, it might take four to six business days to arrive. 

That’s it! You’re all set to start banking with Bank of America.

Bank of America: Exchange Rates and Wire Transfer Fees

Wire Transfer Fees

The following table lays out the fees for both domestic and international wire transfers from Bank of America, making it easier to understand better.

Type of TransferInternational Wire Transfers FeeIncoming Fee
Domestic wire transfers (within the US)$30Varies by account type
International (sent in USD)$45Varies by account type
International (sent in foreign currency)No feeVaries by account structure, exchange rate markups apply

Exchange Rates

When you send money internationally with Bank of America, they might not charge you a separate fee for the transfer itself. But they’ll still add a little extra onto the exchange rate they use to convert your money into the foreign currency you need.

This extra bit they tack on is called ‘markup’ or ‘margin.’ It’s basically a percentage of your transfer amount rolled into the exchange rate.

So, when you exchange money with Bank of America, the rate they offer might not be as good as what you’d see if you Googled it. That’s because their rate could include not just a markup but also their profits, fees, and other costs.

In short, the rate you get them from Bank of America might not be the best deal out there, so it’s worth checking around for better OPTIONS to avoid paying more than you need to.

Additional Fees

Listen, when you’re sending money internationally through Bank of America, there could be extra fees paid to other companies involved in the process. These fees usually happen because the transfer goes through the Society for Worldwide Interbank Financial Telecommunication (SWIFT network).

Along the way, there are other banks involved that need to be paid. One issue with this is that you might need to know the total cost of your transfer before you send it. Your existing recipient might end up with less money than you expected.

Alternatives to Bank of America Wire Transfer

Wise

wise logo

Wise offers international money transfers with transparent fees and mid-market transfer rates. Its borderless account is used to hold and manage multiple currencies and local branch details for receiving money in different countries.

Pros

Low fees
Transparent pricing
Fast transfers
Multi-currency accounts

Cons

Limited coverage for some currencies and destinations
May not be the fastest option for urgent transfers

OFX

OFX specializes in international money transfers for businesses and individuals with competitive transfer rates. It’s designed solutions for businesses and risk management tools like forward contracts and limit orders.

Pros

Competitive rates
Dedicated support for businesses
Hedging options

Cons

Not as user-friendly for casual users
May require verification and setup for new accounts
Designed solutions for businesses, risk management tools like forward contracts, and limit orders

Remitly

Remitly Logo

Remitly focuses on remittances with fast and affordable transfers to various countries. It offers Express and economy transfer options, mobile banking transfers in some regions, and cash pickup locations. 

Pros

Speedy transfers
Competitive rates
Options for express or economy transfers

Cons

Limited coverage for certain couriers
May not support all currencies

Western Union

Western Union Logo

Western Union offers a wide network of agent locations for cash pickup and various transfer options: cash pickup options worldwide, multiple transfer methods, and a loyalty program for repeat customers.

Pros

Extensive global network 
Multiple transfer methods (online, in-person, mobile)
Diverse currency support

Cons

Higher fees and transfer rates compared to digital-first alternatives
May be slower for online transfers

The following is a summary of Bank of America’s fees compared to those of several online payment specialists, such as Wise and OFX.

ProviderDomestic Wire Transfers (U.S. Fee)International Transfer FeeInternational Transfer Exchange Rate
Bank of America$30No upfront fee for payments done in foreign a currency/ currencies
$45 will be charged for payments in dollars
Exchange rates include markups, profits, fees, costs, and charges
Wise$4.23 for wire transfer
0.2% variable fee + $0.71 for ACH payment
Low fees, varied by destinationMid-market exchange rate
OFXNot availableLow fees, varied by destinationExchange rates include a markup

How Long Does a Bank of America Wire Transfer Take?

TRUST ME. Transferring money domestically usually happens quickly, but if you’re sending wire transfers internationally through Bank of America, it might take a few days for the funds to reach the recipient’s account.

The time it takes depends on various factors like the currency, countries involved, transfer amount, and how the recipient’s bank processes payments. Bank of America may also label some countries as ‘slow to pay,’ meaning transfers to these places are more likely to be delayed.

Using a specialized service like Wise or OFX can speed up the process. These services bypass the traditional SWIFT, the Federal Reserve Wire Network, and can often move your money faster, with some transfers arriving instantly for popular routes.

How to Receive Money Into a Bank of America Account?

When someone sends you money to your Bank of America account, they’ll need:

  • Your full name as it appears on your account. 
  • Your complete bank account number.
  • The wire transfer routing number (also called ABA). 

If the payment is from another country, more information might be needed, like the Bank of America SWIFT code, the reason for making the transfer, the IBAN or country-specific account structure, and more. But we’ll talk about that later.

Now, when you get a payment, there might be a fee. It depends on your account type and the type of payment. Some accounts, like certain Bank of America advantage accounts and preferred reward accounts, might not charge a fee for domestic wire transfers.

However, for most other accounts, there’s usually a fee of around $15. Check your online banking for all the details. If the payment is from overseas, customers with only some preferred rewards won’t have to pay fees.

For everyone else, there might be a fee, and you can find out how much in your specific account terms and conditions.

How to Register for Secured Wire Transfers?

Bank of America logo with arrow and cash

If you’re using Bank of America and want to make sure your international wire transfers are super safe, they’ve got a suggestion for you. They recommend using SafePass. It’s like an extra shield for your online banking inside the Bank of America website.

To get this extra layer of security, first log in to your account. Then, go to ‘Profile and Settings.’ After that, click on ‘Security settings’ and find ‘Manage SafePass.’ Just follow the instructions there, and you can ensure high security. 

Another cool OPTION they have is YubkiKey. It’s like a special key you plug into your computer. When you log in to your account, you use your regular username and password plus this YubiKey. It’s like having a secret code that only you have. 

So, even if someone gets your login details, they can’t make transfers without your YubiKey. It adds extra protection.. It’s like having double protection for your account.

Bank of America Transfer Limit

When transferring money through Bank of America, the amount you can send international wires depends on whether you have a regular account or a business account.

If you have a regular account:

  • You can send up to $1,000 in an international wire transfer per day.
  • Same-day transfers within the U.S. also have a limit of $1,000 per day.
  • If you’re doing a Next Business/working day transfer within the US, the limit is again $1,000 per day.
  • For ACH transfers that take three business days, the limit is also $1,000 per day.
  • When receiving money via ACH into your regular account, the limit is $10,000 per day or $50,000 per month.

If you have a business account:

  • The limits for transferring money are higher. 
  • You can send up to $5,000 in an international wire transfer per day.
  • Same-day transfers within the U.S. have a limit of $5,000 per day.
  • There are no set limits for Next Business Day ACH transfers for business accounts.
  • Business accounts do not have receiving limits for ACH transfers.

How to Save Money on Wire Transfers?

To save money on international wire transfers with Bank of America:

  • Use ACH transfers instead of wire transfers when you can. They’re cheaper but take longer.
  • Check the transfer limits for your account type. If your transfer fits within the ACH limits, you’ll pay less than with wire transfers.
  • Look for any special deals or discounts Bank of America might offer for certain transfers or account types.
  • Compare fees with other banks or money transfer services to see if you can find a better deal. 
  • If you need to make multiple transfers, do them together. Sometimes, intermediary banks give discounts for bundling transfers.
  • If you’re a business customer or send a lot of transfers, try negotiating lower fees with the bank. It doesn’t hurt to ask. 

Bank of America Customer Service

Customers have voiced dissatisfaction with Bank of America’s customer service, citing several common issues in Trustpilot

These include long wait times on the phone and in branches, ineffective phone support, perceived lack of support in resolving issues like fraudulent charges or account management problems, unclear communication regarding account changes, and inconvenient policies such as requiring all co-trustees to be present for certain transactions.

These factors contribute to negative perceptions of the bank’s customer service and highlight areas for improvement to enhance customer satisfaction.

Conclusion

In short, wiring money with Bank of America is simple and convenient. Remember to consider factors like fees, exchange rates, and alternative transfer options to maximize your transactions.

With a clear understanding of the process and available choices, you can confidently manage your finances and send money securely wherever it needs to go.

FAQs

Depending on the account type, fees may vary. Transfers within the country will incur a $30 fee. Sending money abroad in a different foreign currency does not have a direct fee, but there may be charges included in the Bank of America exchange rate for converting from USD to the required currency.

If you have a personal account, you can only send up to $1,000 at a time. You’ll need to visit a branch to inquire about sending larger amounts.

The cut off time for wire transfers at Bank of America is 5.00 p.m. ET on a business day. If the wire transfer is sent by this time, the recipient’s bank will receive the money on the same day.

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Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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