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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How do i send money in dollar from USA to someone at overseas to be recieved also in USA dollar without it being converted to the overseas currency
Hi Frank,
Thanks for getting in touch with finder. I hope all is well with you. :)
Regarding your question, you can send money in Dollar from the US to someone overseas by ensuring that your recipient has a USD bank account. Before you send the money, please indicate to your service provider that you want to keep the money in its original currency.
For the exact steps, please speak to your bank 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
Hi, I have a friendo who has a Bank of America account and want to send me money to Costa Rica. The Bank in Costa Rica told me that to send me money, my friend needs to use an intermediary bank.
Could you help to know which is the correct process to do this.
Thank you
Hi Santiago,
Thanks for getting in touch with finder. I hope all is well with you. :)
An intermediary bank is needed when you need to send money outside of the US. This is a common occurrence especially if you are sending money to a smaller bank.
It is the duty of the bank in Costa Rica to explain to you how to wire the money using the correct intermediary/correspondent bank. For this reason, it would be a good idea to directly get in touch with your bank or Bank of America 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
Can you explain to me the procedures for transfer money from Bank of America to other bank account in Malaysia
Hi Joey,
Thanks for leaving a question on finder.
To send an international wire transfer with Bank of America, you’ll need to first set up a bank account. 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 Malaysia.
Cheers,
Joel
If someone transfer me money USD,from bank of Amerika,to bank malaysia .. Do need payment ,like activition fee Or anything, Please guide me..
Hi Rinjohn,
Thanks for leaving a question on finder.
Yes, he will have to pay a transaction fee when he sends an international wire transfer. However, these fees vary depending on whether he is sending a foreign currency or US dollars. He’ll be able to review any fees that apply to his transfer before completing the transaction.
Cheers,
Joel
Okey,sir now i am done to make paymet for activition fee,paymet fee change the money, and paymet goverment tax, ada now i need pay online bills. That true sir.. We must pay online bills??
Hi Rinjohn,
Thanks for getting in touch with finder. I hope all is well with you. :)
Regarding your question, it depends which online bill you are referring to. If it has to do with the service you use, then you need to pay the fee to complete your transaction. If you are not sure about this online bill, it would be a good idea to ask Bank of America first before making a payment to make sure you are not wasting money.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Someone send me cheque from america and im in south africa so its possible to check for me if its a real cheque or he or she wanted to make a fraud
Hi Solly,
Thanks for leaving a question on our page.
Please note that we are not affiliated with BOA or any company we feature on our site. To check the legitimacy of the check, you may contact Bank of America directly.
Hope this clarifies.
Cheers,
Nikki