Thinking about moving your money from Bank of America to another bank? It's a common need, whether you're consolidating accounts, seeking better interest rates, or simply changing your primary banking institution. The good news is that Bank of America offers several convenient ways to transfer funds, both domestically and internationally.
This guide will walk you through each method step-by-step, helping you choose the best option for your needs and ensure a smooth transfer.
Your Guide to Seamless Bank of America Fund Transfers
Ready to take control of your finances and move your money where you need it? Let's dive in!
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| How To Transfer Funds From Bank Of America To Another Bank |
Step 1: Assess Your Transfer Needs – What's Your Priority?
Before you even log into your Bank of America account, let's figure out what kind of transfer you need. This will dictate the best method to use. Ask yourself:
- How much money am I transferring? Large sums might require different methods than small amounts.
- How quickly do I need the money to arrive? Some methods are instant, while others take several business days.
- Is the other bank in the U.S. or another country? International transfers have different requirements and fees.
- Who is the recipient? Are you sending money to yourself, a family member, or a business?
- Am I comfortable with online banking, or do I prefer to visit a branch?
Understanding these factors will help you choose the most efficient and cost-effective transfer method.
Step 2: Gather Necessary Information for the Recipient Bank
No matter which transfer method you choose, you'll need specific details about the recipient's account. This is a crucial step to avoid delays or misdirected funds.
QuickTip: Treat each section as a mini-guide.
Sub-heading: For Domestic Transfers (within the U.S.)
You'll generally need:
- Recipient's Full Name: As it appears on their bank account.
- Recipient's Bank Name: The full legal name of the financial institution.
- Recipient's Account Number: The full account number where the funds will be deposited.
- Recipient's Routing Number (ABA): This nine-digit number identifies the recipient's bank. You can usually find this on checks, the bank's website, or by contacting the recipient's bank directly.
Sub-heading: For International Transfers (outside the U.S.)
International transfers require more detailed information due to the global banking network:
- Recipient's Full Name and Address: Essential for international regulations.
- Recipient's Bank Name and Address: The full legal name and physical address of the bank.
- Recipient's Account Number/IBAN: The specific account number. For many international transfers, an International Bank Account Number (IBAN) is used.
- SWIFT/BIC Code: This is a Bank Identifier Code (BIC) that identifies banks and financial institutions globally. Bank of America's SWIFT code for USD transfers is BOFAUS3N and for foreign currency transfers is BOFAUS6S. You'll need the recipient bank's SWIFT/BIC.
- Purpose of Transfer: Many international transfers require you to specify the reason for the payment (e.g., family support, gift, payment for services).
- Currency of Transfer: Decide if you want to send in U.S. dollars or the recipient's local currency. Sending in foreign currency might avoid Bank of America's outbound wire transfer fee, but exchange rate markups apply.
Step 3: Choose Your Transfer Method from Bank of America
Bank of America offers several ways to transfer funds. Here's a breakdown of the most common options:
Sub-heading: Option A: Online Bank Transfer (ACH Transfer)
This is often the most cost-effective and convenient way to transfer funds between U.S. banks. ACH (Automated Clearing House) transfers are electronic funds transfers that move money directly from one bank account to another.
- Log In to Bank of America Online Banking: Go to the Bank of America website (bankofamerica.com) and log in to your account.
- Navigate to "Pay & Transfer": Look for a tab or menu option labeled "Pay & Transfer" or "Transfers."
- Select "External Accounts" or "To another bank": You'll typically find an option to add or manage external accounts.
- Add the Recipient's Bank Account:
- You'll need to enter the recipient's bank name, routing number, and account number.
- Verification Process: Bank of America will usually send small "trial deposits" (typically a few cents) to the external account within 1-3 business days. You'll then need to verify these amounts in your Bank of America online banking to confirm ownership of the external account. This is a security measure.
- Initiate the Transfer: Once the external account is verified, you can select it as the "To" account, enter the amount you wish to transfer, and confirm the details.
- Review and Confirm: Always double-check all the information before confirming the transfer.
- Pros: Generally free for standard transfers, convenient, secure.
- Cons: Can take 1-3 business days for funds to arrive, initial setup with trial deposits takes a few days.
Sub-heading: Option B: Wire Transfer
Wire transfers are ideal for large sums or when you need funds to arrive quickly. They are processed in real-time, but come with higher fees.
QuickTip: Reading carefully once is better than rushing twice.
- Log In to Bank of America Online Banking or Mobile App: Wire transfers can be initiated online or through the mobile app. For very large amounts, visiting a branch might be an option.
- Navigate to "Pay & Transfer" and Select "Wire":
- Choose Domestic or International Wire: Select the appropriate option based on your recipient's location.
- Add New Recipient (if not already added): You'll need all the detailed information gathered in Step 2.
- For Domestic Wires: Recipient name, address, bank wire routing number, and account number.
- For International Wires: Recipient name, address, bank name, address, SWIFT/BIC code, account number/IBAN, and purpose of transfer.
- Enter Amount and Currency: Specify the amount you want to send. For international wires, you'll also select the currency.
- Important Note on International Wires: Bank of America does not charge an outbound wire transfer fee if sent in foreign currency, but exchange rate markups apply. If sent in U.S. dollars, a fee of $45 applies for international wires. Domestic wire transfers typically cost $30.
- Review Fees and Exchange Rates: Be aware of any applicable fees and the exchange rate if sending in a foreign currency.
- Confirm and Authorize: You may need to use a "Secured Transfer" authorization code sent to your phone for verification, especially for larger amounts.
- Pros: Fastest method (often same day for domestic, 1-2 business days for international), secure.
- Cons: Higher fees ($30 for domestic, $45 for international in USD), limits may apply, more information required.
Sub-heading: Option C: Zelle®
Zelle is excellent for fast, small-to-medium-sized transfers to individuals within the U.S. It's integrated directly into the Bank of America mobile app and online banking.
- Enroll in Zelle: If you haven't already, you'll need to enroll in Zelle through your Bank of America online banking or mobile app.
- Select "Send Money with Zelle®": Find this option within the "Pay & Transfer" section.
- Add Recipient: You'll need the recipient's U.S. mobile phone number or email address. Crucially, the recipient must also be enrolled in Zelle through their bank.
- Enter Amount: Input the amount you wish to send.
- Bank of America Zelle Limits: Typically, Bank of America has a daily Zelle limit of $3,500 and a monthly limit of $20,000 for personal accounts. Business account limits are higher.
- Review and Send: Confirm the details and send. The money is usually available to the recipient within minutes.
- Pros: Instant transfers, no fees from Bank of America, only need recipient's email or phone number.
- Cons: Only for transfers within the U.S., daily/monthly limits apply, recipient must be enrolled in Zelle.
Sub-heading: Option D: Writing a Check and Depositing It
While less common for direct transfers between banks, writing a check to yourself and depositing it into your other bank account is a simple, no-fee option for many.
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- Write the Check: Make the check payable to yourself.
- Endorse the Check: Sign the back of the check.
- Deposit the Check: Use the mobile deposit feature of your other bank's app, visit an ATM, or go to a branch to deposit the check.
- Pros: No fees, easy for those who prefer traditional methods.
- Cons: Funds may take several business days to clear, not suitable for urgent transfers.
Step 4: Confirm Your Transfer and Monitor Your Accounts
Once you've initiated the transfer, it's a good practice to:
- Take a Screenshot/Save Confirmation: Keep a record of the transaction confirmation.
- Check Bank of America Account: Verify that the funds have been debited from your Bank of America account.
- Check Recipient Account: For ACH transfers and checks, monitor the recipient account for the arrival of funds. For Zelle and wires, funds should arrive much faster.
- Keep Records: Maintain records of all transfer details for your personal finances.
Important Considerations and Tips
- Transfer Limits: Each transfer method has specific daily, weekly, or monthly limits set by Bank of America. Always check these before initiating a large transfer.
- Fees: Be aware of any fees associated with your chosen transfer method. While ACH transfers are often free, wire transfers carry a cost.
- Cut-off Times: Transfers initiated after a certain daily cut-off time (often 5 PM ET for wires) will be processed on the next business day.
- Security: Always ensure you're using a secure internet connection and logging into the official Bank of America website or app. Never share your login credentials or one-time passcodes.
- Fraud Awareness: Be extremely cautious of unsolicited requests for money transfers. Always verify the identity of the recipient, especially for Zelle payments, as these are often irreversible.
By following these steps, you can confidently and securely transfer funds from your Bank of America account to another bank, whether it's across the street or across the globe.
10 Related FAQ Questions
How to Check My Bank of America Transfer Limits?
You can typically find your transfer limits for various methods (Zelle, external transfers, wires) by logging into your Bank of America online banking or mobile app and navigating to the "Pay & Transfer" section, or by checking the terms and conditions for each service.
QuickTip: Stop scrolling, read carefully here.
How to Add an External Account for Transfers at Bank of America?
Log in to online banking, go to "Pay & Transfer," select "External Accounts," and follow the prompts to add the recipient's bank name, routing number, and account number. You'll then need to verify small trial deposits.
How to Send Money Internationally from Bank of America?
You can send international wire transfers through Bank of America's online banking or mobile app. You'll need the recipient's full name, address, bank name, bank address, SWIFT/BIC code, account number/IBAN, and the purpose of the transfer.
How to Avoid Fees When Transferring Money from Bank of America?
For domestic transfers, using ACH (Automated Clearing House) transfers is generally free. For international transfers, sending in the recipient's local currency via wire transfer might waive Bank of America's outbound wire transfer fee, though exchange rate markups will apply. Zelle transfers are also free.
How to Track a Wire Transfer from Bank of America?
Once you've initiated a wire transfer, you'll receive a confirmation. You can often view the status of your wire transfer within the "Pay & Transfer" or "Activity" section of your online banking or mobile app. For more detailed tracking, you may need to contact Bank of America customer service.
How to Reverse a Bank of America Transfer?
Generally, once a transfer is initiated, especially through Zelle or a wire transfer, it's very difficult, if not impossible, to reverse. ACH transfers might have a short window for cancellation if caught immediately. Always double-check all details before confirming any transfer.
QuickTip: Focus on one line if it feels important.
How to Increase My Bank of America Zelle Limit?
Zelle limits are often fixed by the bank for security reasons. While some banks may adjust limits for established customers with a consistent transaction history, it's best to contact Bank of America directly to inquire about potential limit increases.
How to Transfer Money from My Bank of America Checking to Savings (or vice versa)?
You can easily transfer money between your own Bank of America checking and savings accounts instantly through online banking, the mobile app, or at an ATM by selecting "Transfer between my accounts."
How to Find Bank of America's SWIFT Code for Incoming International Transfers?
Bank of America's SWIFT code for incoming U.S. dollar (USD) or unknown currency transfers is BOFAUS3N. For incoming foreign currency (non-USD) denominated wires, it's BOFAUS6S.
How to Deal with a Delayed Bank of America Transfer?
If your transfer is delayed beyond the expected timeframe, first re-verify all the recipient details you provided. If everything is correct, contact Bank of America customer service with your transaction details and confirmation number for assistance.
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