Sending money, especially large sums, can feel like a daunting task, can't it? Whether you're sending funds to a family member across the country, making a down payment on a property overseas, or handling a crucial business transaction, a Bank of America wire transfer can be a reliable option. But how exactly do you go about it? Don't worry, we're here to guide you through every step of the process, ensuring your money reaches its destination safely and efficiently.
Let's dive into the detailed process of how to do a Bank of America wire transfer!
Understanding Wire Transfers: A Quick Overview
Before we get into the "how-to," let's quickly understand what a wire transfer is. Unlike electronic funds transfers (EFTs) like Zelle or ACH, which typically use a clearinghouse, wire transfers are direct bank-to-bank transfers. This makes them faster and often more secure for larger amounts, as funds are transferred directly from one bank's account to another.
Bank of America offers both domestic (within the U.S.) and international wire transfers. The requirements and fees can vary slightly between the two, so we'll cover both aspects in detail.
Your Step-by-Step Guide to a Bank of America Wire Transfer
Ready to get started? Let's begin!
Step 1: Gathering Your Essential Information - The Foundation of a Smooth Transfer
This is perhaps the most crucial step. Think of it as collecting all the ingredients before you start cooking. Missing even one piece of information can lead to delays or, worse, the transfer being rejected.
For all wire transfers (domestic and international), you'll need:
- Your Bank of America Account Information:
- Your full account number: Make sure it's the complete number, including any leading zeros.
- Your Bank of America routing number: For domestic wires, this is 026009593.
- Your personal details: Your full name, address, and contact information.
For the Recipient (the person or entity receiving the money), you'll need:
- Recipient's Full Name and Address: This should be the exact name and address associated with their bank account. Accuracy here is paramount!
- Recipient's Bank Name and Address: The full legal name of their bank and its complete physical address.
- Recipient's Account Number: This is the account number where the funds will be deposited. Double-check this meticulously. A single wrong digit can send your money to the wrong place.
Additional Information for International Wire Transfers:
- SWIFT/BIC Code: For international transfers, this is the equivalent of a routing number. It's a unique identification code for a bank in an international transaction. Bank of America's SWIFT code for USD payments is BOFAUS3N. For transfers in foreign currency, it's BOFAUS6S. The recipient's bank will have their own specific SWIFT/BIC code. Confirm this with your recipient!
- IBAN (International Bank Account Number) - If Applicable: Many European countries, and some others, use an IBAN for international transfers. If your recipient is in a country that uses IBAN, you must have this.
- CLABE (Clave Bancaria Estandarizada) - If Applicable: For transfers to Mexico, you'll need the 18-digit CLABE number.
- Purpose of the Wire: Bank of America may require you to state the reason for the transfer (e.g., family support, gift, business payment, property purchase). This is a regulatory requirement for many international transfers.
- Currency of the Recipient's Account: While you can send USD internationally, sending in the recipient's local currency can sometimes be more cost-effective (though exchange rate markups may apply). Confirm the currency with your recipient.
Pro-Tip: Always ask your recipient to provide this information directly from their bank's official documentation or online banking portal. This minimizes the risk of errors.
Step 2: Choosing Your Transfer Method - Online, Mobile, or In-Person?
Bank of America offers a few convenient ways to initiate a wire transfer. Each has its own advantages:
Sub-heading 2.1: Online Banking (Recommended for Convenience)
This is often the quickest and easiest method if you're comfortable with online banking.
- Log In: Go to the official Bank of America website (
www.bankofamerica.com - Navigate to "Pay & Transfer": Once logged in, look for a section or tab typically labeled "Pay & Transfer," "Transfers," or "Send Money."
- Select "Wire Transfer" or "Wires/ACH": Within this section, you'll find an option to initiate a wire transfer. It might be specifically labeled "Wire" or grouped with "ACH." Choose the option for "Same business day/Wire Transfer" for domestic wires.
- Add a New Recipient (if applicable): If you haven't sent money to this recipient before, you'll need to add them as a new recipient. This will prompt you to enter all the recipient's details you gathered in Step 1.
- Initiate the Transfer: Once the recipient is set up or selected, you'll enter the amount you wish to send.
- Review and Confirm: Carefully review all the details – recipient name, account number, routing/SWIFT code, amount, and any fees. This is your last chance to catch any errors.
- Authorize the Transfer: You may need to use a security feature like SafePass (a six-digit code sent via text message) or a USB security key to authorize the transfer, especially for amounts over $1,000. This adds an extra layer of security.
Sub-heading 2.2: Mobile Banking App
The Bank of America mobile app offers a streamlined experience for initiating wire transfers on the go.
- Open the App: Launch the Bank of America Mobile Banking app on your smartphone or tablet.
- Log In: Log in using your credentials.
- Go to "Pay & Transfer": Similar to online banking, locate the "Pay & Transfer" section.
- Select "Wire": Tap on "Wire" and then "Start a wire."
- Add or Select Recipient: If it's a new recipient, tap "Add new recipient" and follow the prompts to enter their details. Otherwise, select an existing recipient.
- Enter Details and Confirm: Input the amount and review all the information before confirming the transfer.
- Authorize: Authorize the transfer using the app's security protocols.
Sub-heading 2.3: In-Person at a Bank of America Financial Center
For those who prefer a face-to-face interaction or need to send a very large amount that exceeds online limits, visiting a financial center is an option.
- Gather Documents: Bring all the recipient's information (from Step 1), your Bank of America debit card, and a valid government-issued ID (driver's license, passport, etc.).
- Visit a Branch: Locate your nearest Bank of America financial center.
- Speak with a Representative: Inform the representative that you wish to send a wire transfer. They will guide you through the process, fill out the necessary forms, and verify your identity and account details.
- Confirm Details and Sign: Pay close attention as the representative inputs the information. Double-check everything before you sign the wire transfer authorization form.
Important Note on Limits: Bank of America has transfer limits, especially for online and mobile wires. Online, you can typically send up to $1,000 per transaction. In-branch limits can be higher and may vary by account type. If you need to send a larger amount, you might need to visit a branch or discuss increasing your limits with a Bank of America representative.
Step 3: Understanding Fees and Exchange Rates - No Surprises!
Wire transfers come with fees, and it's essential to be aware of them beforehand.
Sub-heading 3.1: Domestic Wire Transfer Fees
- Outgoing Domestic Wire Transfer: Bank of America typically charges a fee of around $30 for outgoing domestic wire transfers.
- Incoming Domestic Wire Transfer: There's usually a fee of around $15 for incoming domestic wire transfers, although some higher-tier accounts or Preferred Rewards members might have this waived.
Sub-heading 3.2: International Wire Transfer Fees
International wire transfer fees can vary depending on the currency you're sending.
- Outgoing International Wire Transfer (in U.S. Dollars): Expect a fee of approximately $45.
- Outgoing International Wire Transfer (in Foreign Currency): Good news! Bank of America often charges no direct transfer fee if you send the wire in the recipient's local currency. However, be aware of exchange rate markups. This means Bank of America makes money on the currency conversion by offering you an exchange rate that's slightly less favorable than the interbank rate.
- Incoming International Wire Transfer: Similar to domestic, there's usually a fee of around $15 for incoming international wire transfers.
Exchange Rates: For international transfers in foreign currency, the exchange rate Bank of America provides will determine how much the recipient ultimately receives. It's a good idea to compare their exchange rate with other services if the exact amount is crucial.
Fee Waivers: Some Bank of America Preferred Rewards members (especially Diamond and Diamond Honors) may be eligible for waivers on outgoing wire transfer fees. Check with your bank representative or your account's fee schedule for details.
Step 4: Timing is Everything - Cut-off Times and Delivery
Wire transfers are known for their speed, but there are cut-off times to consider for same-day processing.
- Cut-off Time for Same-Day Processing: For most Bank of America wire transfers (domestic and international), the cut-off time for same-business-day processing is 5:00 PM Eastern Time (ET).
- Delivery Time:
- Domestic Wires: Funds typically arrive at the recipient's bank on the same business day if sent before the cut-off time.
- International Wires: These can take 1 to 5 business days to reach the recipient, depending on the recipient's country, their bank's processing times, and any intermediary banks involved in the transfer.
Important: If you initiate a wire transfer after the cut-off time, it will generally be processed on the next business day. Weekends and federal holidays are not considered business days.
Step 5: Tracking Your Transfer - Peace of Mind
Once you've sent your wire, you'll likely want to know its status.
- Online Banking/Mobile App: You can usually track the detailed status of your wire transfer by logging into your Bank of America Online Banking or Mobile App. Navigate to the "Pay & Transfer" section and then "Activity" to locate the transaction.
- Confirmation: After the wire is successfully initiated, you should receive a confirmation number or receipt. Keep this number handy, as it will be crucial if you need to inquire about the transfer later.
- Contact Customer Service: If you have concerns or can't find the status online, you can contact Bank of America's customer service for wire transfers. The general customer service number is 1.800.432.1000. For international queries, you can often call collect at 1.315.724.4022.
Step 6: Troubleshooting & What If Scenarios - Being Prepared
Even with careful planning, sometimes things don't go perfectly.
Sub-heading 6.1: What if I entered the wrong details?
- Act Immediately: If you realize you've made an error (e.g., wrong account number, misspelled name), contact Bank of America customer service immediately.
- Cancellation: For online/mobile remittance transfers, you may have the option to cancel within a certain timeframe (usually by locating the transaction in your "Activity" section and selecting "cancel"). However, once a wire transfer is processed, it's very difficult to reverse.
- Retrieval Attempts: Bank of America may be able to attempt to recall the funds, but there's no guarantee, especially if the money has already been credited to another account. You might incur additional fees for such attempts.
Sub-heading 6.2: What if the recipient hasn't received the funds?
- Check Tracking: First, check the status of your transfer through online or mobile banking.
- Contact Recipient's Bank: Ask your recipient to contact their bank with the wire transfer details (especially the confirmation number) to inquire about the status.
- Contact Bank of America: If the recipient's bank cannot provide an update, contact Bank of America's wire transfer support.
Sub-heading 6.3: What about fraud?
- Be Vigilant: Wire transfers are largely irreversible, making them a target for scammers. Never send money via wire transfer to someone you don't know and trust. Be wary of unsolicited requests for money, especially from online acquaintances or lottery/inheritance scams.
- Report Suspicious Activity: If you suspect fraud, immediately contact Bank of America's fraud department at 1.800.432.1000.
10 Related FAQ Questions
How to find my Bank of America routing number for a wire transfer?
Your Bank of America wire routing number for domestic transfers is 026009593. For international transfers, you'll need a SWIFT/BIC code, which is BOFAUS3N (for USD) or BOFAUS6S (for foreign currency).
How to check my Bank of America wire transfer limits?
Your wire transfer limits vary by account type and whether you're sending online, through the mobile app, or in a branch. You can typically see the applicable limit when you initiate a transfer in your digital banking service, or you can contact Bank of America customer service for specific details related to your account. Online limits are usually around $1,000 per transaction.
How to track a Bank of America wire transfer?
You can track your wire transfer by logging into your Bank of America Online Banking or Mobile App, navigating to "Pay & Transfer," and then selecting "Activity" to view the transaction status.
How to cancel a Bank of America wire transfer?
For online or mobile remittance transfers, you may have a limited window to cancel the transfer directly through the app or online banking by finding the transaction in your "Activity" and selecting "cancel." Otherwise, you must contact Bank of America customer service immediately.
How to send an international wire transfer in a foreign currency with Bank of America?
You can initiate an international wire transfer in a foreign currency through online banking, the mobile app, or at a financial center. When setting up the transfer, you'll select the foreign currency option. Bank of America typically charges no direct fee for this, but exchange rate markups will apply.
How to receive a wire transfer to my Bank of America account?
To receive a wire transfer, you'll need to provide the sender with your full Bank of America account number, the Bank of America domestic wire routing number (026009593), and for international wires, the correct Bank of America SWIFT code (BOFAUS3N for USD, BOFAUS6S for foreign currency). You may also need to provide your full name and address.
How to find my Bank of America SWIFT code?
Bank of America's SWIFT code for receiving USD payments internationally is BOFAUS3N. If you're receiving funds in a foreign currency, the SWIFT code is BOFAUS6S.
How to increase my Bank of America wire transfer limit?
Online wire transfer limits are often fixed for security reasons. For higher limits, especially for very large transfers, you may need to visit a Bank of America financial center. You can also inquire with customer service about potential temporary or permanent limit increases based on your account type and relationship with the bank.
How to dispute an error in a Bank of America wire transfer?
If you believe there's an error in your wire transfer, you have the right to dispute it. Contact Bank of America within 180 days by calling their wire transfer support line at 1.877.337.8357 (or 1.302.781.6374 from outside the U.S.).
How to contact Bank of America customer service for wire transfers?
For general wire transfer inquiries, you can call Bank of America at 1.800.432.1000. For specific wire transfer issues, especially regarding errors or disputes, call 1.877.337.8357. If calling from outside the U.S., you can call collect at 1.302.781.6374.
