Bank of America money transfers review March 2019 | finder.com

Bank of America money transfer review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Convenient, secure money transfers to more than 200 countries.

Send money online or at your nearest branch in only two days — but watch out for high fees and membership requirements.

Product NameBank of America
Min. Transfer Amount$0
Max. Transfer AmountNo limit
Transfer Methods
Online,
Transfer Options
Regular payments, One off payments
Transfer Speed
Minimum transfer time
2 days
Customer Service
Phone, Branch
Available CurrenciesUSD
Exchange Rate UpdatesReal time

Wire transfers from your BofA bank account

As a Bank of America customer, you can log on to your online banking account and wire money directly from there. Or head to your nearest branch to initiate a transfer in person. Only bank-to-bank transfers are available with Bank of America.

Highlights

  • BofA customers. Wire money directly from your BofA bank account.
  • Worldwide transfers. Bank of America allows you to send funds to more than 200 countries.
  • In-person transfers. You can initiate your transfer online or at your local Bank of America branch. BofA operates thousands of ATMs and branches.
  • Added security. Wire transfers are a safe, secure method of sending money overseas.

Bank of America SWIFT/BIC information

Bank nameSWIFT/BICBank addressRecipient’s nameRecipient’s account number
Bank of AmericaBOFAUS3N222 Broadway New York, New York 10038Beneficiary’s name as it appears on the bank statementComplete bank account number

How much will I pay to transfer money with Bank of America?

Bank of America has a three-tiered transfer fee, with the price depending on the following criteria:

Outbound domestic wire transfer$30
Outbound international wire sent in foreign currency$35
Outbound international wire sent in U.S. dollars$45

Exchange rates

Like any large bank, Bank of America updates its rates regularly to align with the changing global market. While it doesn’t reveal its exchange rates online, Bank of America will show you the rate that applies to your transaction before you confirm the details of your transfer. You’ll get a weaker exchange rate than you will with a specialist money transfer company.

What types of transfers can I make with Bank of America?

Bank of America offers international wire transfers directly to your recipient’s bank account in more than 200 countries around the world. If you don’t want to send a wire transfer, it also provides the option of obtaining an international money order and then mailing it to your recipient overseas.

TransferWise vs. Bank of America

Pros and cons of using Bank of America

Pros
  • Send money to 200+ countries. Help out family and friends wherever necessary.
  • Secure transfer method. Wire transfers are a secure, reliable way to send money overseas.
  • Transfer options. You can initiate your transfer online or at your local Bank of America branch.
  • Trusted provider. A trusted name in the banking industry, BofA has a long history of providing financial solutions for millions of customers.
  • Two-day delivery. Send money in two business days, which is better than many banks but won’t help with weekend transfers.
Cons
  • Fees. Prepare to pay a transfer fee of $35 to $45 when you send money overseas. Domestic transfers cost less.
  • Customers only. You’ll need to have an account with BofA before starting a transfer.
  • Wire transfer or money orders only. Recipients can withdraw cash from their account after the transfer is complete.

How does Bank of America compare to other services?

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 3 - 5 days USD 0.00 0.875 EUR 4,374 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1 1 - 2 days USD 7.00 0.877 EUR
4,381
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 0.876 EUR 4,375 Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.
Go to site Show details
USD 1,000 1 day USD 0.00 0.874 EUR 4,369 Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.875 EUR 4,374 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 50 1 - 2 days USD 25.00 0.874 EUR 4,347 Simple, zero-margin exchange rates, plus earn loyalty points on sign up, referral and every transaction. Go to site Show details

Compare up to 4 providers

The registration and transfer process

If you aren’t already a customer of Bank of America and you’d like to use its transfer services, you will need to open a bank account.

Depending on the type of account you open, you’ll need to provide your full name and contact information and your Social Security Number. Once you have an account, you can log in to Bank of America’s online banking portal to set up a transfer or you can visit your local branch.

To initiate a wire transfer, you will need to provide:

  • Your recipient’s name, mailing address and country of residence.
  • Your recipient’s routing and account number and SWIFT code.
  • Your reason for sending funds overseas.

Once you’ve initiated your wire transfer, it typically takes up to two business days for the money to arrive in your recipient’s account.

Does Zelle work with Bank of America?

Yes. Zelle, the new peer-to-peer payment platform, is available through Bank of America’s app. Here’s how you can use it to transfer money to other Zelle accounts in minutes:

  1. Sign in to Bank of America’s app and select Send.
  2. Choose who you want to send money to.
  3. Enter the amount you want to transfer.
  4. Write an optional note and hit SendMoney.

Bottom line

Bank of America’s wire transfers are a secure, convenient solution when you need to send money overseas.

However, to find a service that’s best for your situation, compare the transfer fees, exchange rates and other details of money transfer specialists.

Frequently asked questions

Was this content helpful to you? No  Yes

US International Money Transfers Offers

Important Information*
XE Money Transfer

Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

34 Responses

  1. Default Gravatar
    OnderMarch 20, 2019

    Who is the euro correspondent of Bank of America? Since the upcoming brexit BOFAGB22 cannot be used.

    • finder Customer Care
      johnbasanesMarch 21, 2019Staff

      Hi Onder,

      Thank you for reaching out to Finder.

      We do apologize but we do not have the contact information you require as this is with bank of America. You may however call Bank of America directly to get the details you require. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    MuhammadMarch 17, 2019

    I have win cash from sweepstakes can you help me how I collected it

    • finder Customer Care
      johnbasanesMarch 18, 2019Staff

      Hi Muhammad,

      Thank you for reaching out to Finder.

      Congratulations on your win. You may need to read the back part of the ticket for you to know how to claim your prize. There should also be contact information that you could reach with regards to claiming the prize. Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    AshleyJanuary 7, 2019

    Is there a smaller fee to transfer funds internationally between Bank of America and Deutsche Bank, or is it the same?

    • finder Customer Care
      CharisseJanuary 11, 2019Staff

      Hi Ashley,

      Thanks for reaching out to finder.

      As of this time, there is no smaller fee to internationally wire transfer funds through Bank of America. The fees listed above are the current fees that Bank of America charge for their domestic and international wire transfers.

      I hope this helps.

      Cheers,
      Charisse

  4. Default Gravatar
    AlloyciousDecember 10, 2018

    Which bank does the Bank of America transfer funds to in the West African Country of Liberia?

    • finder Customer Care
      AshDecember 13, 2018Staff

      Hi Alloycious,

      Thank you for contacting finder.

      Bank of America does not have a specific list of banks where they can make money transfer to. You may initiate the money transfer as long as you can provide the following:

      *Your recipient’s name, mailing address and country of residence.
      *Your recipient’s routing and account number and SWIFT code.
      *Your reason for sending funds overseas.

      I hope this helps.

      Please do not hesitate to reach out again if you have additional questions that you need assistance with.

      Cheers,
      Ash

  5. Default Gravatar
    tdnNovember 27, 2018

    will your bank receiving the T/T for my bank of america account

    • finder Customer Care
      AshNovember 28, 2018Staff

      Hello TDN,

      Thank you for reaching out to us.

      Yes, Bank of America can accept Telegraphic Transfer (T/T) or Wire Transfer. You just need the Recipient’s Bank Account Number, Wire Transfer Routing Number and SWIFT Code.

      I hope this helps.

      Please do not hesitate to reach out again to us if you have additional questions that you need assistance with.

      Cheers,
      Ash

  6. Default Gravatar
    AbhishekOctober 16, 2018

    Do we have to pay extra activity fees for more than 5000$ transfer to india from USA

    • finder Customer Care
      AshOctober 16, 2018Staff

      Hi Abhishek,

      Thank you for reaching out to us.

      No, you will not pay extra for the amount that you will Wire Transfer but will be based on the transaction:

      Outbound domestic wire transfer $30
      Outbound international wire sent in foreign currency $35
      Outbound international wire sent in U.S. dollars $45

      I hope this helps.

      Please do not hesitate to reach out again to us if you have additional questions.

      Cheers,
      Ash

  7. Default Gravatar
    MaritaOctober 8, 2018

    Hi. If i will transfer the money to the philippines dollar to dollar. How much it will costs?

    • finder Customer Care
      nikkiangcoOctober 9, 2018Staff

      Hi Marita,

      Thanks for reaching out.

      Bank of America charges $45 for outbound international money transfers. The money you send with a wire transfer typically arrives in your recipient’s account within two business days. Exceptions include “slow to pay” countries, where funds take longer to be processed, which you can read about on Bank of America’s website.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Regards,
      Nikki

  8. Default Gravatar
    AfokeOctober 4, 2018

    What is the maximum amount I can receive into my BofA account (Savings and Checking)?

    And what is the maximum amount I can transfer daily and monthly internationally?

    • finder Customer Care
      JoshuaOctober 7, 2018Staff

      Hi Afoke,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      There’s no limit to how much you can receive and send, both daily and monthly internationally. You may also want to directly get in touch with Bank of America to learn more.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  9. Default Gravatar
    ManiSeptember 21, 2018

    Hello I’m sending money bank of America bank to india bank she first pad same amount

    • finder Customer Care
      nikkiangcoSeptember 25, 2018Staff

      Hi there Mani,

      Thanks for your message and for visiting finder.

      When you take money out of your Skrill account, it takes 1-3 business days for Skrill to review and approve the withdrawal. Once processed, it will take 24 hours for the funds to appear on your visa card.

      Hope this helps! Feel free to message us should you have further questions.

      Cheers!

      Nikki

  10. Default Gravatar
    DyanaSeptember 12, 2018

    Im from Malaysia and a person from America transfer me money and he said I need to pay activist fee before I receive the money. Is that anything really like that??

    • finder Customer Care
      AshSeptember 12, 2018Staff

      Hi Dyana,

      Thank you for contacting finder.

      The Sender should be the one who will be paying all the fees for the Wire Transfer. If there will be a fee that you will need to pay, you can contact your bank directly to know the details of the transaction.

      You may refer to this page for more information regarding the Bank Fees for every Wire Transfer.

      I hope this helps.

      Please do not hesitate to contact us again if you have additional question/s.

      Cheers,
      Ash

Go to site