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.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Are you visiting from outside the US?
There’s no true free B2B international money transfer service, but some are cheaper than others. See a side-by-side comparison of cost-effective options.
Transfer agents, mobile wallets and online credit card payments don’t necessarily require a bank account.
Learn how to take advantage of door-to-door cash by getting money delivered directly to your home or recipient’s doorstep.
Enjoy cheap currency exchange rates with CurrencyFair, a peer-to-peer provider with 20 available currencies.
We compare two big names in international money transfers to see who is cheaper and faster.
Western Union’s extensive global network comes with high fees and weak exchange rates, use these alternatives to look for a better deal.
Compare MoneyGram with competitive alternatives to find the best deal for your transfer.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
We dive deep into OFX, looking at everything from supported currencies to customer service.
Xe is a leading company of currency solutions and it offers competitive international money transfer options to individuals and businesses around the world.
I want to send money with amount 150000 $ from IRAN from turkey or U.A.E.
Please guide me how I should inform to my bank or OFAC .
Hi Arash,
We’ve read your message, Thanks!
As a Bank of America customer you can log into your online banking account and initiate a wire transfer to another bank account from the convenience of your home. Or if you feel more comfortable making the transfer in person, you can head to your nearest branch.
Bank of America has a three-tiered transfer fee, with the price depending on the following criteria:
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!
Regards,
Nikki
Hi
I just want to know that what information i have to give to my dad so he can send me money over here in USA, but my dad is not in USA.
Hi Armaan,
Thanks for leaving a question on Finder.
Assuming you have a Bank of America bank account. All your dad has to do is to log in to his online banking and transfer funds from there. Since it is an international account, normally, his account will be debited the same day and his bank will send the payment out immediately. Bank of America will generally receive the funds 1 to 2 days later. The funds will usually be credited to you within 2 days. Check out our guide in sending money to the US, if you still want to weigh your options in receiving your funds.
Cheers,
Joel
Bank of America: 2 questions for you:
1. As a south african working abroad with a US Wells Fargo account, I would like to send money back to my south african bank.
Can i change from wells fargo to Bank of America to do this? I don’t have social secuirty number, but a passport number.
2. Is there a daily and monthly limit to how much i can send?
Hi Dale,
Thanks for getting in touch with finder. I hope all is well for you. :)
Please note that we are not affiliated with Bank of America or any company we feature on our site and so we can only offer you general advice.
Let me answer your questions one by one:
1. Yes, you can create a new Bank of America account. However, please check their eligibility requirements since you are a non-resident and each state has their own set of requirements as well.
2. It is worth noting that you need to be a current BofA customer to use their money transfer services. According to BofA’s website, “Fees and limits may apply, depending on your account type and the type of wire. You will be able to review any fees and limits before completing your wire transfer in Online Banking.”
I would recommend that you directly get in touch with BofA to learn more about their money transfer services.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
there is a international company that need to transfer funds to bank of america account but they have alittle problems what i need to do.
Hi Pete,
Thanks for your message and for visiting Finder – the leading comparison website & general information service built to give you advice on your buying decision needs. How are you doing today?
First of all, you’d need to ask them what problems they have that are preventing them from transferring money to Bank of America.
To clarify, is this your account from Bank of America?
Since the money is coming from another bank/money transfer service, the rules/restrictions are dependent on them and not on BOA.
Our guide on Expats Transfer may help you understand how receive money internationally.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki
I remitted USD 50 from Bank in India by Swift for credit to my BofA account.charged USD 16. What is the charge structure?
Hi John,
Thank you for your inquiry.
With this specific concern, the fees allotted to a transaction may vary depending on the bank/money transfer company. You can back track the information by contacting the bank in India where you had a transaction with.
I hope this information has helped.
Cheers,
Harold