So, you're looking to send money from your Bank of America account to someone in South Korea? Excellent! Whether it's for family, a friend studying abroad, a business transaction, or just to surprise someone, sending money internationally can seem a bit daunting at first. But don't worry, with the right information and a clear step-by-step guide, it's a straightforward process. Let's break it down together!
How to Send Money to a Korea Bank from Bank of America: A Comprehensive Guide
Sending money internationally, especially to a country like South Korea, primarily involves an international wire transfer. Bank of America offers this service, and you can typically initiate it through their mobile banking app, online banking, or by visiting a financial center. We'll focus on the digital methods as they're often the most convenient.
Step 1: Gather Your Intel - What You Absolutely Need Before You Start
Before you even think about logging in, let's make sure you have all the necessary details on hand. This is perhaps the most crucial step, as even a small error can cause significant delays or even send your money to the wrong place!
- Recipient's Full Name and Address: This needs to be the exact legal name as it appears on their bank account.
- Recipient's Bank Name: The full, official name of the bank in South Korea (e.g., Kookmin Bank, Shinhan Bank, Woori Bank).
- Recipient's Bank Address: The physical address of the recipient's bank branch.
- Recipient's Bank Account Number: The full and accurate account number. Double-check this!
- Recipient's Bank SWIFT/BIC Code: This is an international bank identifier code (Society for Worldwide Interbank Financial Telecommunication / Bank Identifier Code) that uniquely identifies banks and financial institutions worldwide. For South Korean banks, it will be an 8 or 11-character code. You absolutely need this for international wire transfers. Your recipient can get this from their bank or their bank's website.
- Purpose of the Wire Transfer: Banks often require you to specify why you are sending the money (e.g., family support, gift, payment for goods/services, education expenses).
- Your Bank of America Account Information: The account number and routing number for the Bank of America account you'll be sending from.
- Your Debit Card Number and PIN: If you are not enrolled in Bank of America's "Secured Transfer" service, you may need these to verify your identity.
- Your U.S. Mobile Number: For enrollment in Secured Transfer and for authorization codes.
Pro-Tip: Contact your recipient in South Korea directly and ask them to provide all these details. It's always best to get the information directly from them to avoid any misunderstandings or errors.
Step 2: Accessing the Bank of America Wire Transfer Service
You have a couple of primary options for initiating the wire transfer:
Sub-heading 2.1: Via the Bank of America Mobile Banking App (Recommended for convenience)
- Log in to your Mobile Banking app. Make sure you have the latest version downloaded.
- From the main menu, select "Pay & Transfer" (or similar, the wording might vary slightly but it will be in this section).
- Tap "Wire".
- If you have multiple accounts (e.g., checking, savings, investing), select the account you wish to send the money from.
- Tap "Start a wire" to begin the process.
Sub-heading 2.2: Via Bank of America Online Banking
- Log in to your Bank of America Online Banking account on their website.
- Navigate to the "Pay & Transfer" section.
- Look for and select "Wires/ACH (U.S. or international)" or a similar option like "Send a Wire Transfer."
Step 3: Adding a New Recipient (If Applicable)
If this is your first time sending money to this specific person in South Korea, you'll need to add them as a new recipient.
- Tap "Add new recipient".
- Select the appropriate country where your recipient's bank account is located. In this case, choose "South Korea". Tap Next.
- You may be prompted to review relevant fees and select the currency. For South Korea, the local currency is the Korean Won (KRW). Sending in KRW often results in $0 outbound wire transfer fees from Bank of America, though exchange rate markups will apply. If you choose to send in USD, there's typically a $45 fee. Consider the exchange rate carefully when making this decision.
- Select the Recipient account type (e.g., Checking, Savings). Tap Next.
- Enter the Recipient's Information: Carefully input the recipient's full name, address, and any other requested personal details. Tap Next.
- Add Recipient's Bank Information: This is where you'll enter the Bank Name, Bank Address, and SWIFT/BIC code you gathered in Step 1. Tap Next.
- The system may attempt to verify the bank routing information. Confirm it looks correct. Tap Next.
- Review all the details you've entered for your recipient. Scroll down to ensure you've reviewed every piece of information. Any mistake here could cause issues. Tap Add.
- You may receive an important scam reminder. Always read these warning messages carefully. Tap OK to proceed.
If you are sending to an existing recipient, simply select their name from your list and proceed to Step 4.
Step 4: Initiating the Transfer Amount and Currency
Now that your international recipient is set up, it's time to specify the transfer details.
- Tap "Choose account" to select the Bank of America account you want to send the money from.
- Tap "Enter amount".
- Enter the amount you'd like to transfer. You can usually enter this in USD or, if available, directly in Korean Won (KRW).
- If you enter in USD, the system will convert it to KRW based on the current exchange rate provided by Bank of America.
- If you enter in KRW, the system will show you the USD equivalent required.
- Remember, Bank of America includes markups in their exchange rates, which affect the total amount your recipient receives.
- Review the total cost for the wire transfer, including any wire fees (which, as mentioned, can be $0 if sending in foreign currency from Bank of America's side, but exchange rate markups still apply). Tap Next.
Step 5: Specifying the Purpose and Finalizing
Almost there! A few more details to confirm.
- If prompted, tap "Choose Purpose" and select the appropriate reason for your wire transfer from the dropdown list. Tap Next.
- You can add optional instructions for the recipient's bank if desired, though this is usually not necessary for standard transfers. Tap Next.
Step 6: Security Verification - Secured Transfer Enrollment
To complete your wire transfer, especially for amounts over certain thresholds, you'll likely need to be enrolled in Bank of America's Secured Transfer service.
- If you're not already enrolled, you'll be prompted to do so. Add your U.S. mobile number and tap Next.
- You will receive a text message with an Authorization Code.
- Enter this Authorization Code in the app/online banking.
- You may also need to enter your ATM/debit card details to complete the enrollment. Tap Add Number (or similar) to confirm.
- You'll receive a confirmation that your mobile number is enrolled. Tap Continue to proceed with your international wire transfer.
Security Tip: Never share this code with anyone. Bank of America will never call or text you asking for this code.
Step 7: Review and Confirm Your Transfer
This is your final chance to review everything before the transfer is sent.
- Carefully examine all the details: recipient's name, bank information, account number, the amount in both USD and KRW, the exchange rate, and any fees.
- If everything looks correct and you're confident in the details, confirm the transfer.
You will receive a confirmation screen or email indicating that your wire transfer has been initiated. Keep this confirmation for your records.
Important Considerations and Potential Delays
- Cut-off Times: Bank of America has daily cut-off times for international wire transfers (often around 5:00 PM ET). If you initiate a transfer after this time, it will be processed on the next business day.
- Processing Time: International wire transfers to South Korea typically take 1 to 5 business days to arrive. This can vary depending on intermediary banks, the recipient's bank's processing times, and any holidays in either country.
- Fees and Exchange Rates:
- Sending in foreign currency (KRW) often incurs a $0 outbound wire transfer fee from Bank of America, but the exchange rate will include a markup.
- Sending in U.S. Dollars (USD) typically incurs a $45 outbound wire transfer fee from Bank of America. The recipient's bank in Korea may also charge a fee to receive USD and convert it to KRW.
- Always compare exchange rates and fees with other services if cost-effectiveness is a primary concern.
- Transfer Limits: Bank of America has daily and per-transaction limits for international wire transfers. These limits can vary based on your account type and verification level. Online transfers may have a lower limit (e.g., $1,000 USD per transaction online) compared to in-branch transfers. You may need to visit a branch or contact customer service for higher limits.
- Incorrect Details: As mentioned, incorrect recipient information is the leading cause of delays or failed transfers. Double-checking everything is paramount.
- Bank Holidays: National holidays in the US or South Korea can affect transfer times.
10 Related FAQ Questions (How to...)
Here are some quick answers to common questions about sending money to Korea with Bank of America:
How to check the status of my international wire transfer?
You can typically check the status of your international wire transfer through your Bank of America online banking portal or mobile app in the "Pay & Transfer" or "Wire Transfers" section.
How to find my Bank of America SWIFT code for receiving funds?
If someone is sending you money, Bank of America's SWIFT code is BOFAUS3N for wires in U.S. dollars and BOFAUS6S for wires in foreign currency.
How to find a South Korean bank's SWIFT code?
You'll need to ask your recipient for their specific bank's SWIFT/BIC code, or you can often find a list of common SWIFT codes for major South Korean banks online (e.g., Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Nonghyup Bank).
How to increase my international wire transfer limit with Bank of America?
International wire transfer limits vary by account type and whether you send online or in a branch. For higher limits, you may need to visit a Bank of America financial center or contact their customer service to discuss options based on your account and verification.
How to send money to Korea without wire transfer?
While this guide focuses on wire transfers, alternatives include using third-party money transfer services (like Wise, Remitly, Xoom), which often offer competitive exchange rates and lower fees, or international money orders (though these are slower).
How to cancel an international wire transfer from Bank of America?
Wire transfers are often processed quickly, making cancellation difficult. You should contact Bank of America customer service immediately if you need to cancel a transfer. There's no guarantee it can be stopped, especially if it has already been sent to the beneficiary bank.
How to resolve issues with a delayed international wire transfer to Korea?
First, double-check all the recipient details you provided. Then, contact Bank of America customer service with your wire transfer confirmation number. They can investigate the delay and provide updates.
How to ensure the best exchange rate when sending money to Korea?
Compare the exchange rates offered by Bank of America (including their markup) with those of dedicated money transfer services before initiating the transfer. Sending in the recipient's local currency (KRW) often gives you a better upfront understanding of the exchange rate.
How to avoid common mistakes when sending money to Korea?
- Double-check all recipient details. This cannot be stressed enough.
- Understand the fees and exchange rates upfront.
- Be aware of cut-off times.
- Confirm the purpose of the transfer with your recipient if unsure.
How to contact Bank of America customer service for international transfers?
You can usually find their international customer service number on the Bank of America website, often under their "Contact Us" section. For wire transfer inquiries, you can also call 877-337-8357 (or 302-781-6374 from outside the U.S.).
