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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.
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:
|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 type||Sending limits||Receiving 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 type||Sending limits||Receiving 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.
- Wise is a peer-to-peer transfer service that uses the mid-market rate — the same rate banks and transfer services use when they trade among themselves — so with Wise you’ll get the best exchange rate possible on your transfer.
- OFX is a global company that offers competitive exchange rates and low fees on money transfers, with a focus on larger transfers over $1,000.
- XE, known for providing exchange rate information, also sends money transfers to more than 100 countries at competitive rates.
How does Bank of America compare to other services?
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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:
- Log in to your Bank of America account online.
- Hover over the Transfers tab and then locate the Send money to someone section and select Using their account number at another bank.
- 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
- 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.
- 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 name||SWIFT/BIC||Bank address||Recipient’s name||Recipient’s account number|
|Bank of America||BOFAUS3N||222 Broadway New York, New York 10038||Beneficiary’s name as it appears on the bank statement||Complete 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:
- Sign in to Bank of America’s app and select Send.
- Choose who you want to send money to.
- Enter the amount you want to transfer.
- Write an optional note and hit Send Money.
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.
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