Ready to send money across borders with Bank of America? International wire transfers, often referred to as SWIFT transfers, are a reliable way to send funds to recipients worldwide. While it might seem daunting at first, Bank of America offers a streamlined process through their online banking and mobile app.
This comprehensive guide will walk you through every step, ensuring you have all the information you need to successfully complete your SWIFT transfer.
Step 1: Get Ready – Gather Your Information!
Before you even log in, the most crucial step is to gather all the necessary details about your recipient and their bank. Trust me, having everything at your fingertips will save you a lot of time and potential frustration.
- Engage with me here: Have you ever sent an international transfer before? What's your biggest concern about the process? Knowing this helps us focus on the most important aspects for you.
Here’s your essential checklist:
- Recipient's Full Name: This should be exactly as it appears on their bank account. Any discrepancies could cause delays.
- Recipient's Full Address: Including street, city, state/province, and postal code.
- Recipient's Bank Name: The official name of their bank.
- Recipient's Bank Address: The full address of their bank.
- Recipient's Account Number: The precise account number where the funds will be deposited.
- SWIFT/BIC Code: This is an absolutely critical 8 or 11-character code that identifies your recipient's bank internationally. It's like a global postal code for banks. You must get this from your recipient.
- Quick Tip: Bank of America's primary SWIFT code for USD payments is BOFAUS3NXXX, and for non-USD payments, it's BOFAUS6S. However, you need the recipient's bank's SWIFT code, not Bank of America's for sending money.
- IBAN (International Bank Account Number), if applicable: For many European countries and some others, an IBAN is required in addition to or instead of a regular account number. If your recipient is in a country that uses IBANs, they will provide this to you.
- Purpose of Transfer: You'll often be asked to specify why you're sending the money (e.g., family support, gift, payment for goods/services).
- Your Bank of America Account Information: The account from which you'll be sending the funds.
- Your U.S. Mobile Number (for Secured Transfer enrollment): If you're not already enrolled in Bank of America's Secured Transfer feature, you'll need this for verification.
- Your Debit Card Number and PIN: Also for Secured Transfer enrollment, if required.
Step 2: Log In to Your Bank of America Account
Once you have all your information meticulously organized, it's time to access your Bank of America account.
- Online Banking: Open your web browser and go to the official Bank of America website. Log in using your User ID and Passcode.
- Mobile Banking App: Open the Bank of America mobile app on your smartphone or tablet and log in. The mobile app often provides a very user-friendly experience for international transfers.
Step 3: Navigate to the Wire Transfer Section
After logging in, you'll need to find the section for sending transfers.
- For Online Banking: Look for "Pay & Transfer" and then select "Wires/ACH (U.S. or international)."
- For Mobile Banking App: Tap "Pay & Transfer," then select "Wire."
Step 4: Initiate a New International Wire Transfer
If this is your first time sending a wire or to a new recipient, you'll need to add them.
- Adding a New Recipient: Select "Add Account/Recipient" or "Add new recipient."
- You'll typically be prompted to choose between "Domestic" and "International." Make sure to select International.
- Next, choose the country where your recipient's bank account is located. The required information might differ slightly based on the country.
- Then, select the currency you wish to send. If you're unsure, the transfer will usually default to U.S. dollars. Be aware that sending in foreign currency might have different fees or exchange rates compared to sending in USD.
- Sending to an Existing Recipient: If you've sent money to this recipient before, simply select their name from your saved recipient list. You can then proceed to the next steps of entering the amount and confirming.
Step 5: Enter Recipient and Bank Details
This is where all that pre-gathered information comes in handy! Carefully enter every detail.
- Recipient Information:
- Enter the recipient's full name and address exactly as you collected it.
- Recipient's Bank Information:
- Input the recipient's bank name and address.
- Enter the SWIFT/BIC code. Double-check this for accuracy! A wrong SWIFT code could send your money to the wrong bank or cause significant delays.
- Enter the recipient's account number or IBAN, depending on the country. Again, accuracy is paramount.
Step 6: Secure Your Transfer (Secured Transfer Enrollment)
Bank of America takes security seriously, especially for international transfers.
- If you're not already enrolled in Secured Transfer, you'll likely be prompted to do so. This typically involves:
- Adding your U.S. mobile number.
- Receiving an authorization code via text message.
- Entering the code and your ATM/debit card details.
- Security Tip: Bank of America will never call or text you asking for this authorization code. Be vigilant against scams!
Step 7: Enter the Transfer Amount and Review Fees/Exchange Rates
Now, specify how much money you want to send.
- Enter Amount: Input the amount you wish to transfer. You might have the option to enter it in USD or the foreign currency. The system will typically show you the converted amount based on the current exchange rate.
- Review Fees: Bank of America charges fees for outgoing international wire transfers.
- Generally, for outgoing international wire transfers in foreign currency, there might be a fee (e.g., $35).
- For outgoing international wire transfers sent in U.S. dollars, the fee could be higher (e.g., $45).
- Important: There might also be markup in the exchange rate if you're sending in a foreign currency. This is how banks often make money on currency conversion. Always check the total cost, including any exchange rate markups.
- Purpose of Wire: Select the appropriate purpose for your wire transfer from the drop-down list.
Step 8: Add Optional Instructions and Confirm Details
- Optional Instructions: You might have an option to add additional instructions for the recipient's bank. This is usually not necessary but can be used for specific payment references if required by the recipient.
- Review and Confirm: This is a critical step. Review all the details you've entered – recipient name, address, bank name, SWIFT/BIC, account number/IBAN, amount, currency, and fees.
- Any mistake here could result in the funds being delayed, returned, or sent to the wrong person, and rectifying it can be difficult and costly.
- Scroll down to ensure you've reviewed every field.
- Check the box to confirm you've read and agreed to the terms, including exchange rates, fees, and taxes.
Step 9: Submit the Transfer
Once you're absolutely certain all details are correct, proceed to submit.
- Click "Send" or "Make Transfer."
- You'll likely see a "Please wait" screen as your transaction is processed. Do not close the window prematurely.
Step 10: Receive Confirmation and Track Your Transfer
- Upon successful submission, you'll receive a confirmation message on screen (e.g., "Your transfer is on the way").
- You will also typically receive an email confirmation.
- Tracking: Your wire transfer should appear in your Bank of America activity screen, where you can view its status and details. While direct, real-time tracking like a package isn't usually available, you'll know when it's been sent.
- Expectation: International wire transfers typically arrive at the recipient's bank within 2-3 business days after being processed, though some major payment routes might be faster (e.g., 2 days). Factors like intermediary banks, recipient country regulations, and time zones can influence this. The daily cutoff time for international wire transfers at Bank of America is generally 5 PM ET. If you send it after this time, it will be processed on the next business day.
10 Related FAQ Questions
Here are some common questions about Bank of America SWIFT transfers:
How to Check Bank of America's SWIFT Code?
Bank of America's primary SWIFT code for USD payments is BOFAUS3NXXX, and for non-USD payments, it's BOFAUS6S. You can often find this on your bank statements or by searching on their official website. However, remember you need the recipient's bank's SWIFT code when sending a transfer.
How to Find My Recipient's SWIFT Code?
You must obtain the SWIFT/BIC code directly from your recipient. They can usually find it on their bank statements, through their online banking portal, or by contacting their bank directly.
How to Know If an IBAN is Required?
IBANs are primarily used in European countries and some others. Your recipient will inform you if an IBAN is required for their bank account. If they provide an IBAN, use it in addition to or instead of a standard account number as prompted by Bank of America.
How to Avoid Delays in My SWIFT Transfer?
To avoid delays, double-check all recipient and bank details for accuracy (name, address, account number, SWIFT/BIC, IBAN). Ensure you initiate the transfer before Bank of America's daily cutoff time (generally 5 PM ET) and have sufficient funds in your account.
How to Cancel a SWIFT Transfer with Bank of America?
Contact Bank of America immediately if you need to cancel a wire transfer. Cancellation might be possible if the funds haven't yet been processed and sent out. Once the transfer is sent, it becomes much more difficult, if not impossible, to recall.
How to Track a Bank of America SWIFT Transfer?
While real-time tracking isn't always available like a package, you can check the status of your wire transfer in your Bank of America online banking or mobile app's activity section. You will also receive email confirmations for successful submissions.
How to Understand Bank of America SWIFT Transfer Fees?
Bank of America charges fees for outgoing international wire transfers. These typically range from $35 (for foreign currency) to $45 (for USD transfers). Be aware that there might also be a markup on the exchange rate if you're converting currencies. Intermediary banks may also deduct small fees.
How to Send a Large Amount via SWIFT Transfer?
Bank of America may have daily or transaction limits for international wire transfers. For higher amounts, you might be required to use their Secured Transfer feature or even visit a branch. It's best to check their current limits or contact their customer service for large transfers.
How to Receive an International Wire Transfer to My Bank of America Account?
To receive an international wire transfer, you'll need to provide the sender with your Bank of America account name and number, and Bank of America's SWIFT code (BOFAUS3N for USD, BOFAUS6S for non-USD). You might also need to provide Bank of America's address: Bank of America, NA, 222 Broadway, New York, NY 10038.
How to Contact Bank of America for SWIFT Transfer Support?
You can contact Bank of America's customer service through their online banking message center, by calling their dedicated customer support lines, or by visiting a local branch for assistance with international wire transfers.
