Transfers typically take
- Great for secure and convenient transfers with a trusted provider.
- Not so great if you are looking for varied transfer options.
Bank of America supports international wire transfers to more than 200 countries in over 140 currencies. As the second-largest banking institution in the US, it caters to more countries than 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 OFX or Wise.
Why should I consider Bank of America?
- Send money to 200+ countries in over 140 currencies. Help out family and friends wherever necessary.
- Transfer options. You can initiate your transfer online or at your local Bank of America branch, they have 4,000 branches nationwide.
- Trusted provider. A trusted name in the banking industry, Bank of America has a long history of providing financial services to 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 $30 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 making a transfer.
- Wire transfer or money orders only. Recipients can withdraw cash from their accounts after the transfer is complete.
- Low transfer wire limits. Consumers are limited to $1,000 per transaction and small businesses can send up to $5,000. You may also be subjected to daily and monthly limits.
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:
|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?
While Bank of America doesn’t reveal its exchange rates online, they will show you the rate that applies to your transaction before you confirm the transfer’s details. You’ll get a better exchange rate from a money transfer specialist, so look for alternatives to save money on your transfer.
It’s also worth keeping in mind that Bank of America’s wire transfer service adds a 5% to 7% 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 exact size of the 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. 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.
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 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 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.
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:
- Log in to your Bank of America account online.
- Hover over the Transfers tab and then locate the “using their account number at another bank” section.
- 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 seventh-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.