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Bank of America wire transfers review

Send fast, secure international wire transfers from your BofA bank account - but prepare for high fees.

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If you need to transfer funds anywhere around the world, Bank of America offers international wire transfers to more than 200 countries — a substantially longer list than other financial institutions like Chase. However, watch out for higher fees and weaker exchange rates compared to an independent money transfer service like Wise or OFX.

Bank of America wire transfer fees

Although fees may differ based on your type of account, receiving a domestic wire transfer costs $15 and sending an international transfer costs $45. Typical wire transfer fees at Bank of America are:

DomesticInternational
Incoming fee$15$16
Outgoing fee$30$45
Tracer fee (optional)$25$25

If you send an outgoing transaction in a foreign currency, Bank of America may waive the wire transfer fee and instead add a margin onto the currency exchange for your transfer.

Bank of America wire transfer limits

Limits vary based on whether you’re sending through a consumer or business account.

Consumer wire transfer limits

Transfer typeSending limitsReceiving Limits
International Wire Transfer$1,000 (per 24 hours)N/A
Same Business Day Domestic$1,000 (per 24 hours)N/A
Next Business Day ACH$1,000 (per 24 hours)$10,000 (per 24 hours), $50,000 (monthly)
Three Business Day ACH$1,000 (per 24 hours)$10,000 (per 24 hours), $50,000 (monthly)

Business wire transfer limits

Transfer typeSending limitsReceiving limits
International Wire Transfer$5,000 (per 24 hours)N/A
Same Business Day Domestic$5,000 (per 24 hours)N/A
Next Business Day ACH$5,000 (per 24 hours)N/A
Three Business Day ACH$5,000 (per 24 hours)N/A

How long does it take?

A domestic wire transfer sent with Bank of America usually lands in the recipient’s account within 1-2 business days. For an international wire transfer, 2-3 business days is the norm. But you must make the daily cut off time for wire transfers, which is 5 p.m. ET for both domestic and international wire transfers in either US dollars or foreign currency. Any wire transfer made after this time will be processed the next business day by Bank of America.

How are Bank of America’s exchange rates?

Like any large bank, Bank of America regularly updates its rates 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 transfer’s details. You’ll get a stronger exchange rate from a money transfer specialist, so look for alternatives to save money on your international transfer.

Available currencies and countries

Bank of America supports transfers to 200+ countries in more than 140 currencies. But keep in mind that transfers are not allowed to some countries, including the Democratic Republic of Congo, Iran, Iraq, Syria, Myanmar, Belarus and others.

MUST READ: Who charges less for wire transfers?

Independent transfer services usually win out over banks when it comes to fees. There are several providers that will send a transfer for free with competitive exchange rates, including OFX, XE and Wise.

How does Bank of America compare to other services?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Dunbridge Financial
Dunbridge Financial
24 hours
$10

View details
Dunbridge Financial offers diverse transfer options to more than 120 countries.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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How do I send a wire transfer with Bank of America?

You’ll need a Bank of America bank account to send an international or domestic wire transfer with BofA. You can quickly and easily sign up for an account online with your Social Security Number, contact information and residential address.

Once you have an account, you can send a wire transfer overseas online or at a local Bank of America branch.

To initiate an international wire transfer online:

  1. Log in to your Bank of America account online.
  2. Hover over the Transfers tab and then locate the Send money to someone section and select Using their account number at another bank.
  3. Enter the details of your transaction — how much you’re sending and your recipient’s banking info.

Your transfer will typically be delivered in two business days to more than 200 countries worldwide.

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, you also have the option of obtaining an international money order and then mailing it to your recipient overseas. Some transfers are dependent on the type of account you have, so learn about the types of accounts offered by Bank of America to customize your options.

Pros and cons of using Bank of America

Pros

  • Send money to 200+ countries. Help out family and friends wherever necessary.
  • Secure transfer method. An international wire transfer is 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 wire 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.

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

Does Zelle work with Bank of America?

Yes, Zelle 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 Send Money.

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

What details will I need to provide about my recipient’s bank account?

You will need to provide the name, address and country of your recipient’s bank, along with their routing and account number. For international transfers, you’ll also need the bank’s SWIFT code.

How do I contact customer support?

If you need assistance or have a question about your transfer, you can contact Bank of America at 800-933-6262.

Compare money transfer services

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76 Responses

    Default Gravatar
    VanyaMarch 6, 2020

    Is there a limit to the amount you can send domestically to your Bank of America account?

      Avatarfinder Customer Care
      CharisseMarch 7, 2020Staff

      Hi Vanya,

      Thanks for reaching out to Finder.

      Yes- limits may apply when making domestic transfers into a Bank of America account. The limits will depend on the account type and the type of wire. While we are unable to give you the exact transfer limit, any fees and limits can be reviewed before completing the wire transfer via online banking.

      You may want to review the account terms of use to see if the sending limit is outlined there or contact Bank of America and inquire with them directly.

      I hope this helps.

      Cheers,
      Charisse

    Default Gravatar
    RamshuOctober 12, 2019

    One of my friend sent money to my Indian bank account but now they said that I need to pay money for verification. Should I pay money to receive the money transfer?

      Default Gravatar
      AshOctober 12, 2019

      Hi Ramshu,

      Thanks for contacting Finder.

      If you will be paying for a fee with regards to receiving the money transfer, it should be paid to your local bank. You must reach out directly (contact through phone or visit one of their branches) to your local bank if there are any fees that needs to be paid for receiving the International money transfer.

      I hope this helps.

      Cheers,
      Ash

    Default Gravatar
    KarenApril 15, 2019

    Hi I have a Bank of America account in Naples Florida but live in the uk. My credit card has expired and I’ve asked for a new one twice to be sent to our Florida address but they both have never arrived. We are not coming to the US this year but would like access to our account. Can a replacement card be sent to our UK address ?

      Avatarfinder Customer Care
      nikkiangcoApril 16, 2019Staff

      Hi Karen,

      Thanks for reaching out to Finder. Sorry to hear that you haven’t received your Bank of America credit card to your Florida address. It would be best to contact Bank of America immediately that you haven’t received your credit card and inform them of your location. It would be a good idea to ask if they can send it to your UK address as well. You can find their contact details on their CONTACT PAGE on their website. Hope this helps!

      Best,
      Nikki

    Default Gravatar
    AngelicaApril 2, 2019

    Can I transfer money from a Mexico bank to my US bank of America account?

      Avatarfinder Customer Care
      JhezApril 3, 2019Staff

      Hi Angelica,

      Thank you for your comment.

      Yes, you can transfer money from your account in Mexico to your BOA account. You can do it via online banking by logging in to your account or your can go directly to your bank and have a transaction with them to send money overseas.

      Regards,
      Jhezelyn

    Default Gravatar
    MunirahMarch 31, 2019

    Is it true if my customer transfers my money from Bank of America to Malaysian Bank, I have to pay for the activist fee then I will get the money?

      Avatarfinder Customer Care
      JoshuaApril 2, 2019Staff

      Hi Munirah,

      Thanks for getting in touch with Finder. I hope all is well with you.

      Upon checking, Bank of America does not charge an activist fee. The same is true with Malaysian Bank. What I can advise is for you to be careful with transacting with someone you don’t know on the Internet. There are a lot of scammers on the Internet claiming that you have to pay a fee to get your money. To be sure, only transact with trusted entities. Please speak to your bank as well 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

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