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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I want to find out which bank offers the lowest rate and the highest speed transfer from Europe to USA.
Hi Nana,
Thank you for your inquiry.
Through this page you can check the information at the table where it has a section label “How does Bank of America compare to other services?”
1. Go to “I want to send” – This is to set the From/To country as well as the amount.
2. At the table you can see the information such as:
– Transfer speed
– Amount received
You can use these details to review and compare their offers that will fit your personal requirements.
I hope this information has helped.
Cheers,
Harold
Hi, I have an account with Bank of America and I want to send Money to Zenith Bank Nigeria, can Bank of America pay into my friend’s account directly with Dollar amount. For instance, to send $158 to NIGERIA.
Hi Otuto,
Thank you for your inquiry.
Here is the process for an international wire transfer online:
1. Log in to your Bank of America account online.
2. Click the Transfers tab and then Outside the Bank Transfers.
3. Enter the details of your transaction — how much you’re sending, the currency and to where.
I hope this information has helped.
Cheers,
Harold