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.
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:
| Domestic | International | |
|---|---|---|
| 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.
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.
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.
Bank of America’s transfer limit varies on whether you are sending money through a consumer or business account.
| 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) |
| 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 |
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 take
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.
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:
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.
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.
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When sending a wire transfer to other country ; can interchange of beficairy first name to last name affect the transaction to be successful?
For example , Finding Philip Joe as Joe Philip on transfer confirmation receipt
Hi Kathryn,
Thanks for reaching out to us.
When sending wire transfers it’s very important that the first name and last name of your recipient is correct as there may be chances that other people will have the same name. For more information, you must contact the money transfer provider to see what will happen if you made a mistake about the transfer and ask if it’s still possible to cancel the transaction.
Hope this helps! For any clarifications, feel free to message us again.
Regards,
Nikki
Why do i have pay for fee from bsnk of america to my bank of malaysia?
Hi Raniraj,
Thanks for leaving a question on finder.
Since you will be using an international, interbank process, there will be a fee because usually there will be manual work done in an international bank transfer- much like sending money via a money transfer service. If you would like to weigh your options, check our guide in sending money to Malaysia.
Please send me a message if you need anything else. :)
Cheers,
Joel
Is that any activist fee in your bank ?
Hi Sasee!
Thanks for your inquiry and for visiting finder.
Did you mean transaction fee? Below are the transactions fees applied when you send money overseas using Bank of America:
Outbound domestic wire transfer $30
Outbound international wire sent in foreign currency $35
Outbound international wire sent in U.S. dollars $45
Hope this helps! Feel free to message us should you have further questions.
Kind Regards,
Nikki
sir, someone transered money from usa through BOA is it necessary to to pay any fee those who will receive in india
Hi Nuel,
Thanks for leaving a question on finder.
There might be an inbound fee in your bank in India and there might also be an intermediary bank fee. You can check directly with your bank on how much it would be. I hope you find the answer to your question.
Cheers,
Joel
Sir, Actually someone in Texas bought a Phone from me he says he transferred the money.But he says I have to deposit 10k INr to the representative bank as activation fees ,so I have a doubt that is it fraud or do I have to pay 10k to receive the payment
Hi Robn,
Thank you for leaving a question.
If the money transfer was done via a money transfer company, activation fee is not required. I do suggest that you contact the representative bank on the legitimacy of this fee before making a move on sending the funds for the activation fees. Hope this helps!
Cheers,
Reggie