Ever found yourself needing to move money between your Bank of America and Wells Fargo accounts and wondering, what's the best way to do this? You're not alone! Transferring funds between different financial institutions is a common task, and thankfully, there are several convenient and secure methods available. This comprehensive guide will walk you through each option, step by step, so you can choose the method that best suits your needs.
Understanding Your Transfer Options
Before diving into the "how-to," it's important to understand the primary ways you can transfer money between banks. Each method has its own set of advantages, disadvantages, associated fees, and processing times.
- Zelle®: A fast, free, and easy way to send and receive money directly between bank accounts, typically within minutes. Both Bank of America and Wells Fargo are part of the Zelle network.
- ACH (Automated Clearing House) Transfers: Electronic transfers between banks that typically take 1-3 business days. These are often used for direct deposits, bill payments, and recurring transfers. They are generally free or have very low fees.
- Wire Transfers: A fast and secure method for sending money, often used for larger sums or when funds need to arrive quickly. However, they come with higher fees than ACH or Zelle.
- Linking External Accounts: This allows you to connect your Bank of America account to your Wells Fargo account (or vice versa) within one bank's online banking platform, enabling easy internal transfers.
- Third-Party Money Transfer Services: While not directly bank-to-bank, services like Wise (formerly TransferWise) can offer competitive exchange rates and lower fees for certain types of transfers, especially if dealing with different currencies, though for direct USD transfers between these two US banks, direct methods are usually more efficient.
Now, let's explore each method in detail!
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| How To Transfer Money From Bank Of America To Wells Fargo |
Step 1: Gather Necessary Information (Crucial First Step!)
Before you initiate any transfer, make sure you have all the required details on hand. This will prevent delays and ensure your money reaches its intended destination.
Tip: Reading with intent makes content stick.
- For transfers to your own account at the other bank:
- Your full account number at the receiving bank.
- The routing number for the receiving bank. You can usually find this on your checks, in your online banking, or on the bank's official website.
- For transfers to someone else's account at the other bank:
- The recipient's full name.
- The recipient's full address.
- The recipient's account number at the receiving bank.
- The routing number for the receiving bank (Wells Fargo in this case).
- For Zelle: The recipient's enrolled U.S. mobile number or email address.
- For Wire Transfers: The recipient's bank's SWIFT/BIC code (if international, though for domestic, the wire routing number is key).
Step 2: Choose Your Transfer Method and Follow the Guide
Let's break down the process for each popular transfer method.
Option A: Zelle® (Fastest and Often Free)
Zelle is ideal for sending money quickly between friends, family, or people you trust.
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Sub-heading: Using Zelle from Bank of America
- Step 2.1: Log In to Bank of America Online Banking or Mobile App.
- Open the Bank of America Mobile Banking app on your smartphone or log in to your account via the Bank of America website.
- Step 2.2: Navigate to Zelle.
- On the mobile app, tap "Pay & Transfer" and then "Send Money with Zelle®."
- On the website, look for the "Pay & Transfer" tab and select "Zelle."
- Step 2.3: Enroll in Zelle (If Not Already Enrolled).
- If it's your first time using Zelle, you'll need to enroll your eligible U.S.-based checking or savings account. This typically involves reading and accepting a service agreement and linking an email address or U.S. mobile number.
- Step 2.4: Add Recipient (If New).
- Select "Add Recipient" or a similar option.
- Enter the recipient's name (or business name for businesses) and their enrolled email address or U.S. mobile number associated with their Wells Fargo account. Make sure this information is accurate to avoid sending money to the wrong person.
- Step 2.5: Enter Amount and Review.
- Select the recipient from your list.
- Enter the amount you wish to send.
- Add a memo if desired.
- Review all details carefully. Zelle transactions are usually irreversible.
- Step 2.6: Send Money.
- Confirm the transfer. The money typically arrives in the recipient's Wells Fargo account within minutes if both parties are enrolled in Zelle.
- Step 2.1: Log In to Bank of America Online Banking or Mobile App.
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Sub-heading: Zelle Limits and Fees (Bank of America)
- Bank of America generally offers free Zelle transfers.
- Daily limits for Zelle from Bank of America are typically around $3,500 USD.
- Weekly limits are usually around $10,000 USD.
- Monthly limits are around $20,000 USD.
- These limits can vary based on your account type and relationship with Bank of America, so always check your specific limits within your online banking or app.
Option B: ACH Transfer (Good for Regular or Larger Transfers, Low Cost)
ACH transfers are suitable for regular payments, such as transferring money between your own accounts at different banks, or for one-time transfers where speed isn't the absolute highest priority.
Tip: Use the structure of the text to guide you.
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Sub-heading: Initiating an ACH Transfer from Bank of America to Wells Fargo (Linking Accounts)
- This is often the most convenient method for moving money between your own accounts at different banks.
- Step 2.1: Log In to Bank of America Online Banking or Mobile App.
- Access your Bank of America account online or through the mobile app.
- Step 2.2: Navigate to External Accounts/Transfers.
- Look for an option like "Transfers," "Pay & Transfer," or "External Accounts."
- You'll likely see an option to "Add a non-Bank of America account" or "Link External Account."
- Step 2.3: Add Your Wells Fargo Account as an External Account.
- You will need to provide your Wells Fargo routing number and account number.
- Bank of America will typically initiate a "micro-deposit" verification process. This involves sending two small, random deposits (e.g., $0.13 and $0.27) to your Wells Fargo account.
- Step 2.4: Verify Micro-Deposits.
- After 1-3 business days, check your Wells Fargo account statement for these small deposits.
- Go back to your Bank of America online banking, find the linked external account section, and enter the exact amounts of the two micro-deposits to verify the account.
- Step 2.5: Initiate Transfer.
- Once your Wells Fargo account is linked and verified, you can easily transfer funds between your Bank of America and Wells Fargo accounts.
- Select your Bank of America account as the "From" account and your newly linked Wells Fargo account as the "To" account.
- Enter the amount and desired frequency (one-time or recurring).
- Review carefully and confirm the transfer.
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Sub-heading: Initiating an ACH Transfer via Wells Fargo (Pulling Funds)
- Alternatively, you can often "pull" funds from your Bank of America account into your Wells Fargo account.
- Step 2.1: Log In to Wells Fargo Online Banking or Mobile App.
- Access your Wells Fargo account online or through the mobile app.
- Step 2.2: Navigate to Transfers.
- Look for "Transfer & Pay" or "Transfers."
- Select "Add Non-Wells Fargo Accounts" or "Link External Accounts."
- Step 2.3: Add Your Bank of America Account as an External Account.
- You will need to provide your Bank of America routing number and account number.
- Wells Fargo will also likely use the micro-deposit verification process.
- Step 2.4: Verify Micro-Deposits.
- Check your Bank of America statement for the small deposits (1-3 business days).
- Return to Wells Fargo online banking and enter the micro-deposit amounts to verify the account.
- Step 2.5: Initiate Transfer.
- Once verified, select your Bank of America account as the "From" account and your Wells Fargo account as the "To" account.
- Enter the amount and frequency.
- Review carefully and confirm.
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Sub-heading: ACH Transfer Times and Fees
- ACH transfers typically take 1-3 business days to process. Same-day ACH is becoming more common but isn't guaranteed for all transfers.
- Most banks, including Bank of America and Wells Fargo, offer free ACH transfers for linked external accounts or standard transfers. However, some might charge a small fee for expedited ACH.
Option C: Wire Transfer (Fastest but Costliest)
Wire transfers are best for urgent, large-sum transfers, as they offer near real-time settlement within the U.S.
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Sub-heading: Sending a Wire Transfer from Bank of America to Wells Fargo
- Step 2.1: Log In to Bank of America Online Banking.
- Wire transfers are generally more easily initiated through the online banking website rather than the mobile app, especially for new recipients or larger amounts.
- Step 2.2: Navigate to Wire/ACH Transfers.
- Look for "Pay & Transfer" and then select "Wire/ACH." You might need to enroll in a "Secured Transfer" service if it's your first time.
- Step 2.3: Select Domestic Wire Transfer.
- Choose "Domestic (U.S.)" as the transfer type.
- Step 2.4: Add Recipient Information.
- You will need the recipient's full name, address, Wells Fargo wire routing number (ABA number), account number, and account type.
- Double-check this information meticulously. Even a small error can cause delays or misdirection of funds.
- Step 2.5: Enter Amount and Details.
- Specify the amount you want to send.
- Add a description or memo if needed.
- Select the frequency (one-time).
- Step 2.6: Review and Confirm.
- Carefully review all the details of the transfer, including the recipient's information, the amount, and any associated fees.
- Confirm the transfer. You may be prompted for additional security verification (e.g., an authorization code sent to your phone).
- Step 2.1: Log In to Bank of America Online Banking.
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Sub-heading: Wire Transfer Times and Fees
- Processing Time: Domestic wire transfers from Bank of America typically arrive at Wells Fargo the same business day if initiated before Bank of America's cutoff time (often 5:00 PM ET or later for domestic wires). Transfers initiated after the cutoff will be processed the next business day.
- Bank of America Wire Transfer Fees:
- Outgoing domestic wire transfers typically cost around $30 USD.
- Preferred Rewards members might qualify for fee waivers.
- Wells Fargo Incoming Wire Transfer Fees:
- Wells Fargo typically charges a fee for incoming wire transfers, which can be around $15 USD for consumer accounts. This fee may be deducted from the transferred amount or charged separately to the recipient.
Step 3: Confirm Your Transfer
Once you've initiated the transfer, it's crucial to confirm its status.
- For Zelle: You'll usually receive an instant confirmation message, and the money should appear in the recipient's account within minutes.
- For ACH Transfers: Check your online banking or app for a "pending" or "processing" status. You'll typically see the funds deducted from your Bank of America account and credited to your Wells Fargo account within 1-3 business days.
- For Wire Transfers: You'll receive a confirmation number. You can also check the "Transfer Activity" section in your Bank of America online banking to track the status. The funds should be available at Wells Fargo the same business day for domestic wires if initiated before the cutoff time.
Important Considerations and Tips
- Transfer Limits: Be aware of the daily, weekly, and monthly transfer limits set by both Bank of America and Wells Fargo for each transfer method. Exceeding these limits will prevent the transfer from going through. You can usually find these limits within your online banking portal or by contacting customer service.
- Fees: Always check for any associated fees before confirming a transfer. While Zelle and ACH are often free, wire transfers always incur fees.
- Cut-off Times: Transfers initiated after a bank's daily cut-off time will typically be processed on the next business day. Keep this in mind, especially for urgent transfers.
- Security: Always ensure you are on the official Bank of America or Wells Fargo website or using their official mobile app. Be wary of phishing attempts or suspicious requests for your banking information. Never share your passwords or verification codes with anyone.
- Recipient Information: Double-check all recipient details (account number, routing number, name, email/phone) before initiating any transfer. Incorrect information can lead to delays or the funds being sent to the wrong account, which can be difficult to recover.
- Recurring Transfers: If you plan to transfer money regularly between your accounts, consider setting up a recurring ACH transfer for convenience.
10 Related FAQ Questions
How to initiate a Zelle transfer from Bank of America?
To initiate a Zelle transfer from Bank of America, log in to your Bank of America online banking or mobile app, go to "Pay & Transfer," select "Send Money with Zelle," add your recipient's enrolled email or U.S. mobile number, enter the amount, and confirm.
Tip: Reread the opening if you feel lost.
How to link my Wells Fargo account to Bank of America for transfers?
You can link your Wells Fargo account to Bank of America by logging into Bank of America online banking, navigating to "Transfers" or "External Accounts," and selecting "Add a non-Bank of America account." You'll need your Wells Fargo routing and account numbers and will likely complete a micro-deposit verification.
How to find my Wells Fargo routing number for a transfer?
You can find your Wells Fargo routing number on your Wells Fargo checks, by logging into your Wells Fargo online banking account, or by visiting the official Wells Fargo website and searching for "routing numbers."
How to send a wire transfer from Bank of America?
To send a wire transfer from Bank of America, log in to Bank of America online banking, go to "Pay & Transfer," select "Wire/ACH," choose "Domestic (U.S.) wire," enter the recipient's Wells Fargo wire routing number, account number, name, and address, then specify the amount and confirm.
QuickTip: Repeat difficult lines until they’re clear.
How to check the status of a Bank of America transfer?
You can check the status of a Bank of America transfer by logging into your online banking or mobile app and looking for "Transfer Activity" or a similar section within the "Pay & Transfer" menu.
How to avoid fees when transferring money from Bank of America to Wells Fargo?
To avoid fees, use Zelle (usually free) or an ACH transfer (often free for standard transfers, especially when linking accounts) instead of a wire transfer, which typically incurs a fee.
How to set up recurring transfers between Bank of America and Wells Fargo?
If you've linked your external accounts, you can set up recurring transfers by initiating an ACH transfer and choosing a "recurring" frequency option within the transfer setup process in either Bank of America or Wells Fargo online banking.
How to increase my transfer limits at Bank of America?
Transfer limits at Bank of America can sometimes be increased by contacting customer service directly, especially for wire transfers. Limits vary by account type and your relationship with the bank. For Zelle, limits are generally fixed but can be higher for certain customer tiers.
How to confirm if a Zelle recipient is enrolled at Wells Fargo?
When you try to send money via Zelle to a new recipient, Zelle will typically indicate if the email or mobile number is already enrolled. If they aren't, they'll receive an invitation to enroll to claim the funds.
How to handle a failed transfer from Bank of America to Wells Fargo?
If a transfer fails, first check your banking notifications for any error messages. Verify the recipient's information (account number, routing number, Zelle details). If the problem persists, contact Bank of America customer service for assistance and troubleshooting.
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