Transferring money internationally can seem like a daunting task, but with Bank of America, it's a straightforward process, especially if you're prepared. This comprehensive guide will walk you through every step, ensuring your funds reach their destination smoothly and securely.
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A Comprehensive Guide to Sending Money Abroad with Bank of America
Sending money to friends, family, or for business purposes overseas requires careful attention to detail. Bank of America offers international wire transfers, a reliable way to move funds globally. This guide will help you understand the process, requirements, fees, and timelines involved.
Step 1: Gather Your Information (and Engage Your Recipient!)
Before you even log into your banking app or head to a branch, the most crucial step is to get all the necessary details from your recipient. This is where you engage them! Reach out to them and clearly explain what information you need. A small mistake here can lead to significant delays and even returned funds.
Here's the essential information you'll need from your recipient:
- Recipient's Full Name: Ensure it matches exactly as it appears on their bank account. Even a minor spelling error can cause issues.
- Recipient's Full Address: Including street, city, state/province, and postal code.
- Recipient's Bank Name: The full legal name of their bank.
- Recipient's Bank Address: The physical address of their bank.
- Recipient's Account Number: Their specific bank account number.
- SWIFT/BIC Code: This is a unique international identifier for banks. It's like a routing number for international transfers. Make sure you get the correct one for their specific bank and potentially their branch, although often the head office SWIFT code works.
- IBAN (International Bank Account Number): Required for transfers to many European countries and some other regions. If your recipient is in a country that uses IBANs, this is absolutely critical.
- Reason for Transfer: You may be asked to provide the purpose of the transfer (e.g., family support, gift, payment for services).
- Currency of Recipient's Account: While you can often send in USD, it's generally best to send in the recipient's local currency if possible, as it can sometimes avoid additional conversion fees on their end.
Pro Tip: Encourage your recipient to get these details directly from their bank – either through their online banking portal, a bank statement, or by speaking with a bank representative. This minimizes the chance of errors.
Step 2: Accessing Bank of America's Wire Transfer Service
Once you have all the required information, you're ready to initiate the transfer. Bank of America provides two convenient ways to do this:
Sub-heading 2.1: Online Banking (Recommended for Convenience)
This is typically the fastest and most convenient method.
- Log In: Go to the Bank of America website (
bankofamerica.com - Navigate to Transfers & Payments: Look for a section titled "Transfers & Payments," "Send Money," or "Wires/ACH." The exact wording might vary slightly.
- Select "Send a Wire Transfer": Within the transfer options, choose "Send a Wire Transfer" or "International Wire Transfer."
- Choose Transfer Type: You'll likely be prompted to choose between domestic and international wire transfers. Select "International."
- Add New Recipient (if applicable): If you're sending to this recipient for the first time, you'll need to add them as a new recipient. This is where you'll input all the details you gathered in Step 1.
- Select Existing Recipient: If you've sent money to them before, simply select their name from your saved recipients.
Sub-heading 2.2: Mobile Banking App
The Bank of America Mobile Banking app offers a similar experience for sending wires on the go.
- Open the App: Launch the Bank of America Mobile Banking app on your smartphone or tablet.
- Log In: Sign in to your account.
- Tap "Pay & Transfer": This is usually found in the bottom navigation or a prominent menu option.
- Select "Wire": Look for the "Wire" option within the "Pay & Transfer" section.
- Start a Wire: Tap "Start a wire" and follow the prompts, similar to the online banking process, to add a new recipient or select an existing one.
Sub-heading 2.3: In-Person at a Financial Center
If you prefer a face-to-face interaction or need assistance, you can also initiate a wire transfer at a Bank of America financial center.
- Locate a Branch: Find your nearest Bank of America financial center.
- Bring Required Documents: Bring your government-issued ID, your Bank of America debit card, and all the recipient's bank details. It's also wise to bring your account number.
- Consult a Representative: A bank representative will assist you in filling out the necessary forms and completing the transfer.
Step 3: Entering Transfer Details and Reviewing Fees
This is where you specify the amount and confirm the transaction details.
Sub-heading 3.1: Amount and Currency
- Enter the Amount: Specify the amount you wish to send.
- Choose Currency: Decide whether to send in USD or the recipient's local currency.
- Sending in foreign currency: Bank of America generally waives the outbound wire transfer fee if you send in a foreign currency. However, be aware that exchange rate markups will apply.
- Sending in U.S. dollars: A fee of $45 is typically charged for international wire transfers sent in USD. The recipient's bank will then convert it, potentially incurring additional fees and a less favorable exchange rate.
- Purpose of Transfer: Select the appropriate purpose from the dropdown list provided. This is often a regulatory requirement.
Sub-heading 3.2: Reviewing Fees and Exchange Rates
Before confirming, carefully review all fees and the exchange rate.
- Outbound Wire Transfer Fees:
- $0 if sent in foreign currency (but exchange rate markups apply).
- $45 if sent in U.S. Dollars.
- Exchange Rate: Bank of America determines its exchange rates, which will include a markup. This means you won't get the exact mid-market rate you see on currency exchange sites. The bank will show you the exact amount the recipient will receive if you send in their local currency.
- Intermediary Bank Fees: It's important to understand that other financial institutions involved in the transfer (intermediary banks) may also charge fees, which can be deducted from the amount sent. Bank of America may not have information on these exact fees upfront for all transfers.
Step 4: Security and Confirmation
Bank of America employs security measures to protect your transfers.
Sub-heading 4.1: Secure Transfer (SafePass)
For transfers exceeding a certain amount (e.g., over $1000), Bank of America often requires an extra layer of security called "Secure Transfer" or "SafePass."
- Enrollment: If you're not already enrolled, you may be prompted to do so by providing your U.S. mobile number and verifying it with a one-time authorization code sent via text message. You may also need to provide your debit card number and PIN.
- Authorization Code: For subsequent transfers, especially for higher amounts, you'll receive a six-digit code via text message to confirm your identity before the transfer is processed.
Sub-heading 4.2: Final Review and Submission
- Double-Check Everything: This cannot be stressed enough. Before hitting "Send" or confirming, meticulously review all the details you've entered: recipient's name, account number, SWIFT/BIC, IBAN (if applicable), bank name, and the amount. A single incorrect digit can lead to significant delays or even loss of funds.
- Read Terms and Conditions: Ensure you understand the terms, conditions, and disclosures related to the international wire transfer.
- Authorize and Send: Once you're confident all information is accurate, authorize the transfer. You'll typically receive a confirmation message and an email.
Step 5: Tracking and Follow-Up
After sending the money, you'll likely want to know its status.
Sub-heading 5.1: Tracking Your Transfer
- Online Banking/Mobile App: You can usually view the status of your wire transfer within your Bank of America online banking or mobile app under the "Transfers" or "Activity" section.
- Confirmation: You will receive a remittance transfer receipt screen which you can save or share.
- Delivery Time: International wire transfers typically take 1 to 5 business days to reach the recipient's account. Factors that can affect this timeline include:
- Cutoff Times: Transfers initiated after Bank of America's cutoff time (typically 5 PM ET for international wires) will be processed on the next business day.
- Recipient Country Regulations: Some countries have stricter regulations that may lead to longer processing times.
- Intermediary Banks: If multiple banks are involved in the transfer route, each may add to the processing time.
- Currency Conversion: If a currency conversion is involved, this can sometimes add an extra day or more.
- Weekends and Holidays: Transfers are generally only processed on business days.
Sub-heading 5.2: What to do if there's a Delay
If the transfer is taking longer than expected:
- Check Your Online Banking: First, review the status in your Bank of America online banking.
- Contact Recipient: Ask your recipient to check with their bank to see if the funds have arrived or if there's any pending action on their end.
- Contact Bank of America: If the issue persists, contact Bank of America customer service. Have your transfer confirmation number readily available.
10 Related FAQ Questions
How to check Bank of America international wire transfer fees?
You can check Bank of America's international wire transfer fees by looking at their fee schedule online, within the online banking platform when initiating a transfer, or by speaking with a bank representative. Generally, it's $0 for foreign currency transfers (with exchange rate markups) and $45 for USD transfers.
How to find the correct SWIFT code for an international transfer?
The correct SWIFT code can be obtained directly from your recipient's bank, either from their official website, a bank statement, or by contacting their customer service. You can also use online SWIFT code lookup tools, but it's always best to verify with the recipient's bank.
How to track an international wire transfer from Bank of America?
You can track an international wire transfer by logging into your Bank of America Online Banking or Mobile Banking app and navigating to your "Transfers" or "Activity" section. You'll usually see the status of your recent transfers there.
How to cancel an international wire transfer with Bank of America?
To cancel an international wire transfer, you need to contact Bank of America as soon as possible. Whether a transfer can be canceled depends on its status; if it has already been processed and sent, it may be difficult or impossible to recall the funds.
How to ensure a smooth international wire transfer with Bank of America?
To ensure a smooth transfer, always double-check all recipient details (name, account number, SWIFT/BIC, IBAN, bank address) for accuracy. Send in the recipient's local currency if possible, understand the fees and exchange rates, and initiate the transfer before the daily cutoff time.
How to avoid common delays in Bank of America international transfers?
Avoid delays by providing accurate recipient information, initiating transfers during business hours and before cutoff times, and being aware of public holidays in both the sending and receiving countries. Currency conversion can also add time, so planning for that is helpful.
How to send money to a Bank of America account from abroad?
If someone is sending money to your Bank of America account from abroad, they will need your full name, your Bank of America account number, and Bank of America's SWIFT code (BOFAUS3N for USD payments, or BOFAUS6S for foreign currency payments). They may also need Bank of America's address: 222 Broadway, New York, NY 10038.
How to determine the best currency to send an international wire in?
Generally, sending money in the recipient's local currency is recommended as it can sometimes result in better exchange rates and avoid additional conversion fees on the recipient's end. However, compare the exchange rate offered by Bank of America for foreign currency transfers versus sending in USD and letting the recipient's bank convert it.
How to get help if I encounter issues with my Bank of America international transfer?
If you encounter issues, the best course of action is to contact Bank of America customer service directly. Have your transfer details, including the confirmation number, ready to provide to the representative.
How to find Bank of America's international wire transfer cutoff times?
Bank of America's cutoff time for international wire transfers is typically 5 PM Eastern Time (ET). Transfers initiated after this time will generally be processed on the next business day. You can find this information in their online banking platform or by asking a representative.