Transferring money internationally can seem like a daunting task, with fees, exchange rates, and various requirements to navigate. But don't worry, if you're a Bank of America customer looking to send money across borders, this comprehensive guide will walk you through everything you need to know about international wire transfer fees, step by step!
Ready to send money abroad? Let's dive in!
Understanding Bank of America International Wire Transfer Fees: A Detailed Guide
International wire transfers are a convenient way to send funds globally, but they come with associated costs. Bank of America, like most financial institutions, charges fees for these services. The exact amount you pay can vary depending on several factors, including the currency you send and whether you are sending or receiving the wire.
Step 1: Determine Your Transfer Type and Its Fee Implications
The very first thing you need to consider is what kind of international wire transfer you're making. Are you sending money out, or are you expecting to receive money from abroad? This crucial distinction directly impacts the fees you'll encounter.
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Outgoing International Wire Transfers (Sending Money)
- Sending in U.S. Dollars (USD): If you choose to send your international wire transfer in U.S. dollars, Bank of America typically charges a fee of $45.00. It's important to remember that other banks involved in the transfer process (intermediary banks and the recipient's bank) may also levy their own fees, which could be deducted from the amount sent, resulting in the recipient receiving less than the initial amount.
- Sending in Foreign Currency: Here's a major advantage for Bank of America customers! If you choose to send your international wire transfer in the recipient's local foreign currency, Bank of America generally charges $0 (no fee) for the outbound wire transfer. However, it's crucial to understand that Bank of America includes a markup in its exchange rates for these foreign currency transfers. While there's no direct wire fee, the exchange rate offered will factor into the total cost, and may not be the mid-market rate you see online. Always compare the exchange rate offered by Bank of America with other services to ensure you're getting a competitive deal.
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Incoming International Wire Transfers (Receiving Money)
- If you are receiving an international wire transfer into your Bank of America account, you will generally be charged a fee of $15.00. This fee is charged by Bank of America for processing the incoming funds.
- Preferred Rewards members at certain tiers (Platinum, Platinum Honors, Diamond, and Diamond Honors) may have this incoming wire transfer fee waived. This is a significant benefit if you frequently receive international transfers.
Step 2: Gather the Necessary Information for Your Transfer
Before you can initiate a wire transfer, whether outgoing or incoming, you'll need specific details. Having these ready will make the process much smoother.
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For Outgoing International Wire Transfers (Sending):
- Recipient's Full Name and Address: Ensure this is exactly as it appears on their bank account.
- Recipient's Bank Name and Address: The full legal name and physical address of the recipient's bank.
- Recipient's Account Number: The exact account number where the funds will be deposited.
- SWIFT/BIC Code: This is a unique international bank identifier. Every bank has one. For Bank of America, the SWIFT code for USD payments is typically BOFAUS3N and for foreign currency payments it's BOFAUS6S. You'll need the recipient's bank's SWIFT/BIC code.
- IBAN (International Bank Account Number): Required for transfers to many European countries and some other regions.
- Purpose of the Transfer: Banks often require you to state why you are sending the money (e.g., family support, gift, payment for services).
- Your Bank of America Account Information: The account number from which you'll be sending the funds.
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For Incoming International Wire Transfers (Receiving):
- Your Bank of America Account Number: Provide your full account number, including any leading zeros.
- Your Full Name and Address: As it appears on your Bank of America account.
- Bank of America's SWIFT/BIC Code: This is crucial for the sender. As mentioned, it's typically BOFAUS3N for USD payments and BOFAUS6S for foreign currency payments.
- Bank of America's Address:
- For USD payments: Bank of America, N.A., 222 Broadway, New York, NY 10038
- For foreign currency payments: Bank of America, N.A., 555 California St., San Francisco, CA 94104
Step 3: Initiating Your Wire Transfer
Bank of America offers a few convenient ways to send an international wire transfer.
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Online Banking or Mobile App:
- This is generally the easiest and most convenient method.
- Log in to your Bank of America online banking or mobile app.
- Navigate to the "Pay & Transfer" section, then look for "Wire Transfers" or "Send a Wire."
- You'll be prompted to select whether it's a domestic or international transfer and then to add a new recipient or select an existing one.
- Follow the on-screen instructions to enter all the required recipient and transfer details.
- Important: When sending in a foreign currency, the system will often show you the exchange rate upfront and the exact amount the recipient will receive. This provides greater transparency.
- You may need to be enrolled in "Secured Transfer" for higher amounts, which might involve a six-digit code sent via text for verification.
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In-Person at a Bank of America Financial Center:
- If you prefer a face-to-face interaction or have complex questions, you can visit a Bank of America financial center.
- A banking specialist can assist you with filling out the wire transfer form and ensuring all details are correct.
- Be sure to bring all the necessary recipient information with you.
Step 4: Review and Confirm Your Transfer
- Double-Check Everything: Before you hit "send" or hand over the form, meticulously review all the details. Even a single incorrect digit in an account number or SWIFT code can cause significant delays or even loss of funds.
- Understand the Fees and Exchange Rate:
- For USD international wires, confirm the $45 fee.
- For foreign currency international wires, note that while the wire fee is $0, the exchange rate will impact the final amount received by the recipient. The system should clearly display this for online transfers.
- Cut-off Times: Be aware of Bank of America's wire transfer cut-off times. Transfers initiated after the cut-off time will typically be processed on the next business day, which can delay the arrival of funds. The cut-off time for international wires is generally 5 p.m. Eastern Time.
- Confirmation: Once the transfer is submitted, you will typically receive a confirmation number or receipt. Keep this for your records.
Step 5: Tracking Your International Wire Transfer
While international wire transfers are generally reliable, it's natural to want to know the status of your funds.
- Online Banking/Mobile App: You can often track the status of your outgoing wire transfers within your Bank of America online banking or mobile app in the "Activity" section.
- Contact Customer Service: If you have concerns about a delayed transfer or need a more detailed update, you can contact Bank of America customer service. Have your confirmation number ready.
- Recipient Confirmation: The best way to know if the funds have arrived is often to communicate directly with your recipient and ask them to confirm receipt.
Important Considerations Beyond the Fee
- Intermediary Bank Fees: Even if Bank of America charges a $0 fee for foreign currency transfers, or your $45 fee for USD transfers, intermediary banks (also known as correspondent banks) involved in routing the money between countries may deduct their own fees. This is more common with USD transfers to a non-USD account. These fees are outside of Bank of America's control and can reduce the final amount received by your recipient.
- Exchange Rate Markups: As mentioned, when sending in foreign currency with Bank of America, while the wire transfer fee might be $0, Bank of America makes a profit by applying a markup to the exchange rate. This means the rate they offer you is slightly less favorable than the interbank or mid-market rate. For large transfers, even a small difference in the exchange rate can amount to a significant cost.
- Transfer Limits: Bank of America may have daily or per-transaction limits for international wire transfers. These limits can vary based on your account type and your verification level. If you need to send a very large amount, it's advisable to contact Bank of America directly to discuss your options.
- Fraud Prevention: Wire transfers are largely irreversible, making them a target for scammers. Always be extremely cautious when sending money via wire transfer, especially to individuals or entities you don't know well. Verify all recipient details independently before initiating the transfer. Bank of America will likely display fraud warnings during the online transfer process – pay close attention to them.
- Processing Time: International wire transfers typically take 2-3 business days, but can sometimes take up to 5 business days or more, depending on the destination country, the receiving bank's processing speed, and any intermediary banks involved. Bank holidays in either country can also cause delays.
This detailed guide should equip you with the knowledge to confidently navigate international wire transfers with Bank of America. Remember, while the fees are a part of the equation, understanding the exchange rates and potential intermediary charges is key to knowing the true cost of your transfer.
Frequently Asked Questions (FAQs) - How to...
Here are 10 related FAQ questions with quick answers to further assist you with Bank of America international wire transfers:
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How to find Bank of America's SWIFT code? Bank of America's SWIFT code for USD payments is typically BOFAUS3N, and for foreign currency payments it's BOFAUS6S. You can also find it on their official website or by contacting customer service.
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How to avoid international wire transfer fees at Bank of America? The best way to avoid the outbound wire transfer fee is to send the money in the recipient's local foreign currency, as Bank of America charges $0 for this service (though exchange rate markups still apply). For incoming transfers, consider if you qualify for Bank of America's Preferred Rewards program, as some tiers waive this fee.
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How to send an international wire transfer through Bank of America's mobile app? Log in to the Bank of America mobile app, go to "Pay & Transfer," select "Wire," then "Start a wire." Follow the prompts to add recipient details, choose currency, and confirm the transfer.
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How to receive an international wire transfer to my Bank of America account? Provide the sender with your full Bank of America account number, your full name and address, and Bank of America's appropriate SWIFT/BIC code (BOFAUS3N for USD, BOFAUS6S for foreign currency) and bank address.
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How to track an international wire transfer with Bank of America? You can usually track outgoing wire transfers through your Bank of America online banking or mobile app in the "Activity" section. For more detailed information, contact Bank of America customer service with your confirmation number.
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How to find the exchange rate for an international wire transfer at Bank of America? When initiating an international wire transfer in a foreign currency via online banking or the mobile app, Bank of America will typically display the exchange rate before you confirm the transaction.
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How to know if there will be intermediary bank fees on my Bank of America wire transfer? It's difficult to predict intermediary bank fees precisely, as they are charged by other banks in the chain. These are more common with USD transfers to a non-USD account. The safest assumption is that there might be additional deductions, especially for large transfers or if multiple banks are involved.
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How to cancel an international wire transfer with Bank of America? Outgoing international wire transfers initiated from consumer accounts may be canceled within 30 minutes of submission if done online. After this window, or for small business accounts, they are immediately processed and generally cannot be canceled. Contact Bank of America immediately if you need to attempt a cancellation.
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How to increase my international wire transfer limit at Bank of America? Bank of America has varying wire transfer limits based on your account type and verification level. To discuss increasing your limit, you will typically need to contact Bank of America customer support directly.
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How long does an international wire transfer from Bank of America usually take? International wire transfers from Bank of America typically take 2-3 business days for the funds to be credited to the recipient's account, though it can sometimes extend up to 5 business days depending on the destination and banks involved.
