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Bank of America wire transfers review

Send fast and secure international wire transfers with Bank of America.

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  • Great for secure and convenient transfers with a trusted provider.
  • Not so great if you are looking for varied transfer options.

Bank of America support international wire transfers to more than 200 countries in over 140 currencies. As the second-largest banking institution in the US, it caters to a substantially longer country list than banking US banking giant Chase Bank. While you can rely on a secure and convenient process with Bank of America, watch out for higher fees and exchange rates compared to independent money transfer services like Wise or OFX.

Why should I consider Bank of America?

  • 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 at your local Bank of America branch.
  • Trusted provider. A trusted name in the banking industry, Bank of America 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 other banks.

What to be aware of

  • Transfer 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 Bank of America before starting a transfer.
  • Wire transfer or money orders only. Recipients can withdraw cash from their accounts after the transfer is complete.

How much are 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 will waive the wire transfer fee and instead add margin onto the currency exchange for your transfer.

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.

It’s also worth keeping in mind that Bank of America’s wire transfer service adds a margin on top of the mid-market rate for international transfers. Therefore, it is best to compare the displayed rate on Bank of America with the current interbank rate to work out the size of this margin.

What are the ways I can send money abroad 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.

What is the wire transfer limit for Bank of America?

Bank of America’s transfer limit varies on whether you are sending money 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 a transfer with Bank of America 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 pm 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.

Transfers typically takeClock icon for transfer speed

2 days

How to make your first wire transfer with Bank of America

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

Making an international wire transfer with Bank of America

Once you have an account, you can send a wire transfer 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 “using their account number at another bank” section.
  3. Enter the details of your transaction including how you’re sending and your recipient’s banking information.

Is Bank of America safe to use?

  • Regulation: Regulated by the Office of the Comptroller of the Currency
  • Security: USB security key, secure one-time authorization codes, cyber security program
  • Established: 1998

Bank of America is the second-largest banking institution in the US and the eighth-largest bank in the world. It is regarded as one of the world’s leading financial institutions and has a long history of providing financial solutions to millions of customers.

How does Bank of America compare to other money transfer services?

If you want to see how Bank of America compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.

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.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
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.
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.
Instarem
Within an hour
$1

View details
Use code HAPPY22 to get USD 22 off your first transfer. Valid for transfers over USD 250 and till 31 January 2022. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
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
Use code Take10USD to get $10 off when you spend $20. Valid till 31 January 2022. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX International Money Transfers (Business)
24 hours
$0

View details
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0

View details
Increase business efficiency with zero transaction fees and same-day transfers.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
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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 ?

      Default Gravatar
      nikkiangcoApril 16, 2019

      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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