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

Review: Bank of America international money transfers – November 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
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.

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
$0 3 - 5 days USD 0.00 0.871 EUR 4,354 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1,000 1 day USD 0.00 0.87 EUR 4,351 No maximum limit, no fees and competitive exchange rates for 100+ currencies. Go to site Show details
USD 1 3 - 5 days USD 50.00 0.878 EUR
4,347
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 0.87 EUR 4,348 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
1 - 2 days USD 0.00 0.869 EUR 4,347 Get live quotes on exchange rates and take advantage of no transaction fees with no limits on transfers. Go to site Show details

Compare up to 4 providers

Frequently asked questions

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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.

World First Foreign Exchange

No maximum limit, no fees and competitive exchange rates for 100+ currencies.

TransferWise International Money Transfers

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

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24 Responses

  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. Default Gravatar
    CarlosAugust 27, 2018

    Hi, I need to open a bank account from Venezuela to receive some dollars every month, can you please bring me any advice related to this? Thanks in advance

    • finder Customer Care
      joelmarceloAugust 28, 2018Staff

      Hi Carlos,

      Thanks for leaving a question on finder.

      Unfortunately it is not possible to open a BOA account without having a US address. However, you have options in receiving money regularly in Venezuela. You can click HERE to compare and read our guide.

      Cheers,
      Joel

  7. Default Gravatar
    AsifAugust 8, 2018

    I ask what is the procedure when first time company payment is coming from america bank to Pakistan bank . how many days required for transfer payment . if first time payment is coming

    • finder Customer Care
      joelmarceloAugust 9, 2018Staff

      Hi Asif,

      Thanks for leaving a question on finder.

      An international wire transfer from BoA to a bank in Pakistan typically completes within two business days. However, there are other ways in sending money to Pakistan other than the usual bank transfer. If you want to read our guide and comparison, please click HERE.

      Cheers,
      Joel

  8. Default Gravatar
    JaenJuly 14, 2018

    can i fund my bitcoin wallet from my bank of america account?

    • finder Customer Care
      nikkiangcoJuly 22, 2018Staff

      Hi Jaen Marie!

      Thanks for your message and for contacting finder.

      We don’t have information if Bank of America allows fund transfer to your account. Best to call them if they allow this.
      Here are other ways to buy bitcoin in cash.

      Hope this helps!

      Nikki

  9. 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

  10. 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

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