Moving money between banks might seem like a complex task, but with Bank of America's various options, it's often quite straightforward. Whether you're sending money to family, paying a bill, or transferring funds to your own account at another institution, knowing the different methods and their specifics is key.
Ready to take control of your finances and send money where it needs to go? Let's dive in!
Your Comprehensive Guide: How to Transfer Money from Bank of America to Another Bank
Bank of America offers several convenient ways to transfer money to external banks, each with its own advantages, fees, and processing times. We'll walk you through the most common methods step-by-step.
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| How Can I Transfer Money From Bank Of America To Another Bank |
Step 1: Understand Your Options – Choose the Right Method for Your Needs
Before you even log in, it's crucial to understand the different ways you can send money from your Bank of America account. Each method serves a different purpose and comes with its own set of considerations.
Sub-heading: Quick Overview of Transfer Methods
- Zelle®: Ideal for fast, free, and smaller transfers to people you know and trust. Funds usually arrive within minutes if the recipient is also enrolled with Zelle.
- ACH (Automated Clearing House) Transfers: Best for regular, non-urgent transfers, like paying bills or moving money between your own accounts at different banks. These are generally free or low-cost but take a few business days.
- Wire Transfers: Fastest option for larger, time-sensitive transfers, both domestic and international. They come with higher fees but offer immediate availability of funds once received by the recipient's bank.
- External Account Transfers (Linking Accounts): This is a specific type of ACH transfer where you link your external bank account to your Bank of America online banking. Once linked, you can easily pull or push funds between them.
Step 2: Gather the Necessary Information
No matter which method you choose, you'll need specific details about the recipient and their bank. Having this information ready before you start will save you a lot of time and frustration.
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Sub-heading: Essential Information Checklist
- Recipient's Full Name: As it appears on their bank account.
- Recipient's Bank Name: The full legal name of the receiving bank (e.g., Wells Fargo, Chase, Citibank).
- Recipient's Account Number: The full account number where the funds will be deposited.
- Routing Number (for Domestic Transfers): This is a 9-digit code that identifies the recipient's bank within the U.S. You can often find this on a check or by contacting the recipient or their bank.
- SWIFT/BIC Code (for International Wire Transfers): This is an international bank code used for overseas transfers.
- Recipient's Bank Address (for Wire Transfers): The physical address of the recipient's bank.
- Your Bank of America Account Information: This includes your Bank of America account number and your online banking login credentials.
Step 3: Access Your Bank of America Account
You have a couple of primary ways to initiate a transfer.
Sub-heading: Online Banking vs. Mobile App
- Online Banking (Desktop/Laptop):
- Go to the official Bank of America website.
- Click on "Sign In" and enter your Online ID and Passcode.
- Once logged in, navigate to the "Pay & Transfer" or "Transfers" section.
- Mobile Banking App:
- Open the Bank of America Mobile Banking app on your smartphone or tablet.
- Log in using your fingerprint, Face ID, or passcode.
- Look for "Pay & Transfer" or a similar option in the app's menu.
Step 4: Choose Your Transfer Method and Follow the Prompts
This is where the process diverges based on the method you selected in Step 1.
Sub-heading: Option A: Sending Money with Zelle® (Fast & Free for Small Amounts)
Zelle is integrated directly into the Bank of America app and online banking, making it incredibly convenient for person-to-person payments.
- Locate Zelle: In the "Pay & Transfer" section, look for "Send Money with Zelle" or simply "Zelle."
- Add Recipient: If you haven't sent money to this person before, you'll need to add them. You'll typically need their email address or U.S. mobile number.
- Important Note: Only send money to people you know and trust. Zelle payments are like cash – once sent, they cannot be canceled if the recipient is already enrolled.
- Enter Amount: Input the amount you wish to send. Be mindful of Zelle's daily and monthly limits, which for Bank of America personal accounts are typically up to $3,500 per day and $20,000 per month. Business account limits are generally higher.
- Review and Send: Double-check all details, including the recipient and amount. Confirm the transfer. Funds are usually available to the recipient within minutes if they are enrolled with Zelle.
Sub-heading: Option B: Initiating an ACH Transfer (For Regular, Non-Urgent Transfers)
ACH transfers are great for routine payments to other bank accounts you own or to third parties.
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- Find External Transfers: In the "Pay & Transfer" section, look for "External Transfers" or "Transfer to another bank."
- Add External Account: You'll likely need to add the recipient's bank account as an external account. This usually involves providing:
- Recipient's Bank Name
- Recipient's Account Number
- Recipient's Routing Number
- Verification: For security, Bank of America may send small trial deposits (usually a few cents) to the external account. You'll then need to verify these amounts back in your Bank of America online banking or app to confirm ownership/validity of the external account. This verification process can take 1-3 business days.
- Schedule Transfer: Once the external account is linked and verified, you can initiate a transfer.
- Select the Bank of America account you want to transfer from.
- Select the linked external account you want to transfer to.
- Enter the amount and date of the transfer. You can often set up one-time or recurring transfers.
- Review and Confirm: Carefully review all details before confirming the transfer. ACH transfers typically take 1-3 business days to process. There are generally no fees for standard ACH transfers.
Sub-heading: Option C: Sending a Wire Transfer (For Large, Urgent, or International Transfers)
Wire transfers are the fastest way to move money but come with higher fees. They are often used for real estate transactions, international payments, or large sums.
- Navigate to Wire Transfers: In the "Pay & Transfer" section, select "Wire Transfer" or "Send a Wire."
- Choose Domestic or International: Specify whether the wire is within the U.S. or to a foreign country.
- Add Recipient Details: This is where you'll input all the comprehensive information you gathered in Step 2, including:
- Recipient's Full Name and Address
- Recipient's Bank Name and Address
- Recipient's Account Number
- For Domestic: Routing Number (ABA)
- For International: SWIFT/BIC Code, and possibly IBAN for certain countries.
- You may also need to specify the purpose of the transfer for international wires.
- Enter Amount and Currency: Input the amount. For international wires, you may have the option to send in USD or the recipient's local currency.
- Tip: Sending in foreign currency can sometimes be cheaper as Bank of America waives the outbound wire fee if sent in foreign currency, though exchange rate markups may apply. If sent in USD, there's typically a fee of $45. Domestic outgoing wire transfers cost around $30.
- Review Fees and Exchange Rates: Before confirming, carefully review any applicable fees and, for international transfers, the exchange rate.
- Confirm and Authenticate: Confirm the transfer. For security, you may need to use a Secure Transfer feature, which often involves verifying your identity with a code sent to your U.S. mobile number or a USB security key.
- Cut-off Times: Be aware of daily cut-off times. For Bank of America, the cut-off time for most wire transfers (both domestic and international) is 5:00 PM Eastern Time on business days. Wires initiated after this time will generally be processed the next business day. Domestic wires usually arrive the same business day if sent before the cut-off, while international wires can take 1-5 business days.
Step 5: Review and Confirm Your Transfer
Regardless of the method, this step is critical. A single incorrect digit can send your money to the wrong place, and recovering it can be a lengthy and difficult process.
- Double-Check Everything: Before you hit "send" or "confirm," meticulously review every piece of information: recipient name, account number, routing/SWIFT code, amount, and date.
- Confirmation: Once you confirm, you'll typically receive a confirmation number or message. Keep this for your records.
Step 6: Monitor Your Transfer
After sending, you can usually track the status of your transfer within your Bank of America online banking or mobile app.
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- For Zelle, you'll see a "sent" status, and the recipient will typically receive an immediate notification.
- For ACH and wire transfers, you'll see a "pending" or "processing" status until the funds are fully transferred.
10 Related FAQ Questions
Here are some frequently asked questions about transferring money from Bank of America to another bank, with quick answers:
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How to check my Bank of America transfer limits?
Your transfer limits for Zelle, ACH, and wire transfers are usually displayed within the respective transfer sections of your Bank of America online banking or mobile app when you initiate a transfer. Limits can vary by account type and customer verification level.
How to transfer money from Bank of America to Wells Fargo?
You can transfer money to Wells Fargo using Zelle (for smaller amounts, if the recipient is enrolled), ACH transfer (by linking the Wells Fargo account), or a wire transfer. The steps for each method are detailed above.
How to transfer money from Bank of America to Chase?
Similar to Wells Fargo, you can transfer money to Chase using Zelle (if the recipient is enrolled), an ACH transfer (by linking the Chase account), or a wire transfer. Follow the steps for the chosen method.
How to link an external bank account to Bank of America?
You can link an external bank account in your Bank of America online banking or mobile app under the "Transfers" or "External Accounts" section. You'll need the external account's routing and account numbers, and Bank of America will likely send small trial deposits for verification.
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How to avoid fees when transferring money from Bank of America?
Use Zelle for free, immediate transfers (within limits). Standard ACH transfers are generally free. For international wire transfers, sending in the recipient's local currency often waives the outbound wire fee, though exchange rate markups still apply.
How to cancel a money transfer from Bank of America?
Zelle payments are generally not cancellable if the recipient is already enrolled. ACH transfers might be cancellable if caught before processing. Wire transfers are typically final once sent, making it extremely difficult to recall funds. Always double-check recipient details before confirming.
How to send money internationally from Bank of America?
International money transfers are typically done via wire transfers through Bank of America's online banking or mobile app. You'll need the recipient's full name, address, bank name, account number, and the SWIFT/BIC code for their bank.
How to speed up an ACH transfer from Bank of America?
Standard ACH transfers typically take 1-3 business days. There isn't a way to "speed up" a standard ACH transfer. If you need funds to arrive faster, consider a wire transfer, but be aware of the associated fees.
How to find Bank of America's routing number for incoming transfers?
Bank of America's routing number for domestic wire transfers is 026009593. For general incoming ACH transfers, you can usually find the routing number on your checks or by logging into your online banking account details.
How to get a receipt for a Bank of America money transfer?
After completing a transfer, you'll usually see a confirmation screen with a transaction ID. You can also view your transfer history in your online banking or mobile app, and often print or save a digital receipt from there.
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