Bank of America money transfers review July 2018 | finder.com

Review: Bank of America international money transfers – July 2018

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Convenient, secure money transfers to more than 200 countries

With almost 5,000 retail financial centers, 16,000 ATMs and an online banking platform used by more than 30 million people, Bank of America is one of the world’s leading financial institutions. In addition to operations across all 50 states, the bank also serves the financial needs of clients in more than 35 countries.

If you need to send money overseas, Bank of America offers a secure, convenient international wire transfer to more than 200 countries. Transfers can be sent online or at your nearest Bank of America branch and are typically completed within two business days. But you must have an account with Bank of America.

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
Banking PartnerBank of America
Customer Service
Phone, Branch
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.

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.

How does Bank of America compare to other services?

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds overseas with our money transfer partners.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.853 EUR 4,267 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
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USD 1 Within an hour USD 3.99 0.848 EUR 4,238 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 100 3 - 5 days USD 0.00 0.856 EUR 4,280 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1,000 1 day USD 0.00 0.851 EUR 4,254 Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 3 - 5 days USD 50.00 0.859 EUR
4,254
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

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8 Responses

  1. Default Gravatar
    KhayrJune 6, 2018

    After a wire transfer made to me, do i have to pay verification fee to get the money? And for first time user, do i have to be connected with clover go?

    • finder Customer Care
      nikkiangcoJune 7, 2018Staff

      Hi Khayr,

      Thanks for visiting finder.

      There is no fee for receiving funds as the cost will be on the sender’s side.

      Regarding CloverGo, please know that we don’t have any information regarding this. You may contact the sender’s bank if they will allow sending funds to CloverGo.

      Hope this clarifies.

      Regards,
      Nikki

  2. Default Gravatar
    UAEApril 14, 2018

    Why isn’t the UAE on the drop down list of countries to be able to wire money from B of A in the USA to the UAE?

    • finder Customer Care
      JoshuaApril 14, 2018Staff

      Hello there,

      Thanks for getting in touch with finder.

      Upon checking, UAE is one of the countries listed in the drop-down list. You may want to try again. Just type in “United Arab Emirates” and you should be able to see this option.

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

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    NurApril 12, 2018

    I want to ask.. The women from US send me money use her US bank and I’m from malaysia. What to receive the money. How much do I have to pay the fee.. And how I want to proof that the receipt is true..

    • finder Customer Care
      JoanneApril 13, 2018Staff

      Hi Nur,

      Thanks for reaching out.
      Will they be doing a wire transfer? If so, you may need to check with your bank if they will charge you for the incoming international wire transfer fee and how much it would cost you. You can verify with your bank and the sender as to how long it would take for an international wire transfer to post on your account as well as verifying what fees are involved.

      You may also get a reference number for the wire transfer or the screenshot of the transaction so the sender can prove that she has already sent in the funds.

      Hope this helps,
      Joanne

  4. Default Gravatar
    DebbieApril 11, 2018

    I want to send a bank draft for a wedding present in New Zealand dollars from the US. Is there a way to do this? I don’t have the recipients account information so don’t want to do a wire transfer.

    • finder Customer Care
      JoshuaApril 12, 2018Staff

      Hi Debbie,

      Thanks for getting in touch with finder.

      Yes. There’s a way for you to send your bank draft from the US and prepare it in the New Zealand dollars. The best way to do this is to check with your bank to see which countries it can send bank drafts to. Find out as well what sort of fees apply for doing so.

      You may want to read our concise guide to international bank drafts.

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

      Have a wonderful day!

      Cheers,
      Joshua

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