Transferring money from your Bank of America account to another bank, whether it's for a friend, family member, or a bill payment, is a common financial task. Bank of America offers several convenient and secure methods to do this. This comprehensive guide will walk you through each option step-by-step, helping you choose the best method for your needs.
How to Transfer Money from Bank of America to Another Bank: A Comprehensive Guide
Have you ever found yourself needing to send money quickly to another bank account, but felt unsure of the best way to do it? You're not alone! Many people grapple with the various options available. Thankfully, Bank of America provides a range of services designed to make external transfers as smooth as possible. Let's dive in and explore them!
Step 1: Understand Your Transfer Options
Before you initiate any transfer, it's crucial to understand the different methods Bank of America provides. Each has its own advantages, fees, and transfer limits, so knowing your options will help you make an informed decision.
Sub-heading 1.1: Zelle® - The Fast and Free Option for Smaller Transfers
Zelle is a popular peer-to-peer payment service integrated directly into the Bank of America mobile app and online banking. It's ideal for sending money quickly to friends, family, or even small businesses that are also enrolled with Zelle through their bank.
- Key Features:
- Speed: Transfers are typically completed within minutes.
- Cost: Generally free for both sender and receiver.
- Recipient Information: You only need the recipient's U.S. mobile number or email address. Their bank account details are not required.
- Limits: Bank of America usually has daily Zelle limits (e.g., $3,500 for personal accounts) and monthly limits (e.g., $20,000). These can vary based on your account type and history.
Sub-heading 1.2: Online Banking Transfers (ACH) - For Regular, Larger Transfers
Bank of America's online banking allows you to set up transfers to external accounts via the Automated Clearing House (ACH) network. This is a reliable option for sending larger amounts, making recurring payments, or when the recipient isn't enrolled in Zelle.
- Key Features:
- Speed: ACH transfers typically take 1-3 business days to process.
- Cost: Often free for standard transfers, though expedited options might incur a fee.
- Recipient Information: You will need the recipient's full name, bank name, account number, and routing number.
- Limits: ACH transfer limits are generally higher than Zelle, but specific limits depend on your account and security settings.
Sub-heading 1.3: Wire Transfers - For Urgent or High-Value Transfers
Wire transfers are the fastest way to send money, both domestically and internationally. They offer a high level of security and are typically used for large sums or time-sensitive payments.
- Key Features:
- Speed: Domestic wire transfers usually arrive on the same business day if sent before the cutoff time (typically 5 p.m. Eastern Time). International wires can take 1-5 business days.
- Cost: Wire transfers typically involve a fee. For Bank of America, outgoing domestic wires are around $30, while international wires can be $0 (if sent in foreign currency) to $45 (if sent in USD).
- Recipient Information: For domestic wires, you'll need the recipient's name, address, bank name, wire routing number (ABA), and account number. For international wires, you'll also need the recipient's bank's SWIFT/BIC code and sometimes their full address.
- Limits: Wire transfers generally have higher limits than Zelle or ACH, though online limits might still apply (e.g., $1,000 for online international transfers, higher at a branch). For very large amounts, you might need to visit a branch or call customer service.
Step 2: Gather Necessary Information
Once you've decided on the best transfer method, the next critical step is to collect all the required information. Accuracy is paramount here, as incorrect details can delay or even misdirect your funds.
Sub-heading 2.1: Information for Zelle® Transfers
- Recipient's U.S. Mobile Number OR Email Address: Confirm this with your recipient to ensure it's the one they have linked to their Zelle account.
Sub-heading 2.2: Information for Online Banking (ACH) Transfers
- Recipient's Full Name: As it appears on their bank account.
- Recipient's Bank Name: The full legal name of their bank.
- Recipient's Account Number: The full account number where the funds will be deposited.
- Recipient's Routing Number (ABA): This is a 9-digit code specific to their bank and is used for electronic transfers. It's crucial to get the correct ACH routing number, as banks can have different routing numbers for different types of transactions.
- Account Type: Whether it's a checking or savings account.
Sub-heading 2.3: Information for Wire Transfers
- Recipient's Full Name: As it appears on their bank account.
- Recipient's Full Address: Their physical street address.
- Recipient's Bank Name: The full legal name of their bank.
- Recipient's Bank Address: The physical street address of their bank.
- Recipient's Account Number: The full account number.
- Recipient's Wire Routing Number (ABA): For domestic wires, this is a specific routing number used for wire transfers. Bank of America's domestic wire routing number is typically 026009593.
- Recipient's SWIFT/BIC Code: For international wires, this is an 8 or 11-character code that identifies the recipient's bank globally (e.g., BOFAUS3N for Bank of America for USD wires).
- Purpose of Transfer (for international wires): You might be asked to specify the reason for the transfer (e.g., family support, gift, payment for services).
- Your Bank of America Debit Card Number and PIN (if not enrolled in Secured Transfer): For wire transfers, Bank of America may require this for verification.
Step 3: Initiating the Transfer
With all the necessary information in hand, you're ready to make the transfer. Bank of America offers convenient ways to do this online or through their mobile app.
Sub-heading 3.1: Transferring via Bank of America Online Banking
- Log In: Go to the Bank of America website and log in to your online banking account using your User ID and Passcode.
- Navigate to Transfers: Once logged in, look for a "Pay & Transfer" or "Transfers" tab or menu option.
- Choose Your Transfer Method:
- For Zelle: Select "Send Money with Zelle." You'll be prompted to enter the recipient's mobile number or email, the amount, and a memo. Review and confirm.
- For ACH (External Account Transfer): Select "Transfer Money" or "Send to someone's account at another bank."
- If it's your first time sending to this recipient, you'll need to Add a new recipient. Provide their bank name, routing number, account number, and account type. This process may involve a small verification deposit (often less than $1.00) into the recipient's account, which you'll need to confirm back in your Bank of America online banking. This can take a day or two.
- Once the recipient is added, select them from your list, enter the amount, select the "From" account, and choose the transfer date (immediate or future-dated). Review and confirm.
- For Wire Transfer: Select "Wire/ACH (U.S. or international)" and then "Start a Wire."
- If it's a new recipient, you'll need to Add a new recipient and provide all the detailed information gathered in Step 2.3. You may be prompted to enroll in "Secured Transfer" which involves verifying your identity with your debit card and PIN or a USB security key.
- Select the recipient, enter the amount, choose the currency (for international wires), and the purpose of the transfer. Review the fees and exchange rate (if applicable). Confirm the transfer.
Sub-heading 3.2: Transferring via Bank of America Mobile App
- Open the App: Launch the Bank of America Mobile Banking app on your smartphone or tablet.
- Log In: Sign in using your Touch ID/Face ID, User ID, and Passcode.
- Tap "Pay & Transfer": This is usually found at the bottom of the screen.
- Select Transfer Type:
- For Zelle: Tap "Zelle." Follow the prompts to select a recipient from your contacts or enter their mobile number/email, input the amount, and send.
- For External Account Transfer (ACH): Tap "Transfer between my accounts" or "To someone's BofA account" (if sending to another BofA customer) or "To someone at another bank."
- If adding a new external account, you'll go through a similar process as online banking, potentially including micro-deposits for verification.
- Once added, select the external account, enter the amount, and choose the "From" account. Review and confirm.
- For Wire Transfer: Tap "Wire." Select "Start a wire."
- Add a new recipient if needed, providing all the required wire transfer details. You might need to go through the "Secured Transfer" enrollment.
- Select the existing recipient, input the amount, specify currency (for international), and purpose. Review carefully before confirming.
Step 4: Review and Confirm
This is a critical step regardless of the method you choose. Always double-check all the details before finalizing the transfer.
- Recipient Information: Is the name spelled correctly? Are the account and routing numbers accurate?
- Amount: Is the transfer amount correct?
- "From" Account: Is the correct Bank of America account selected for the transfer?
- Fees: Understand any fees associated with the transfer.
- Delivery Date: Confirm the expected delivery date.
Once you've verified everything, proceed to confirm the transfer. You'll usually receive a confirmation message or email with a transaction ID. Keep this ID for your records.
Step 5: Monitor the Transfer
After initiating the transfer, you can typically monitor its status through your Bank of America online banking or mobile app.
- Online Banking: Look for a "Transfer Activity" or "Payment History" section.
- Mobile App: Check the "Activity" section under "Pay & Transfer."
The status will usually update from "Pending" to "Processed" or "Completed" once the funds have been sent. For ACH transfers, you might see the funds debited from your account before they appear in the recipient's account. Wire transfers are generally faster.
Important Considerations and Tips
- Security: Always use strong, unique passwords for your online banking. Be wary of phishing scams that ask for your banking details. Bank of America will never ask you for your full debit card number, PIN, or online banking password via email or text.
- Transfer Limits: Be aware of daily, weekly, or monthly transfer limits that Bank of America imposes based on the transfer method and your account type. If you need to send a very large amount, you may need to visit a branch.
- Cutoff Times: Transfers initiated after the daily cutoff time will typically be processed on the next business day. Be mindful of these times, especially for urgent wire transfers.
- Recipient Verification: For ACH and wire transfers, always confirm the recipient's banking details directly with them through a reliable channel (e.g., a phone call) before initiating the transfer. Avoid relying solely on email, which can be vulnerable to fraud.
- International Transfers: Be mindful of exchange rates and potential intermediary bank fees for international wire transfers. Sending in the recipient's local currency can sometimes be more cost-effective.
- Scam Awareness: Bank of America will often provide scam reminders during the transfer process. Read them carefully. If someone tells you to ignore these warnings, it's a red flag.
10 Related FAQ Questions
How to check my Bank of America transfer limits?
You can typically check your transfer limits by attempting to initiate a transfer in your Bank of America online banking or mobile app, or by reviewing the relevant sections of the Bank of America Service Agreement for Online Banking. Limits vary by transfer method (Zelle, ACH, Wire) and your account type.
How to find the routing number for an external bank?
You should ask the recipient for their bank's routing number. It can usually be found on their checks (the first nine digits at the bottom left) or by logging into their online banking. Ensure you get the correct routing number for the specific type of transfer (ACH or Wire).
How to send money internationally from Bank of America?
To send money internationally from Bank of America, you generally use an international wire transfer through online banking or the mobile app. You'll need the recipient's name, address, bank name, bank address, account number, and their bank's SWIFT/BIC code.
How to cancel a Bank of America money transfer?
The ability to cancel a transfer depends on the method and its status. Zelle transfers are usually instant and cannot be canceled once sent. ACH transfers may be cancelable if they are still pending. Wire transfers are very difficult to cancel once initiated and processed. Contact Bank of America customer service immediately if you need to cancel a transfer.
How to track a Bank of America wire transfer?
You can track the status of your wire transfer by logging into Bank of America online banking or the mobile app and navigating to the "Transfer Activity" or "Payment History" section. You will typically see a status update from "Pending" to "Processed."
How to send money using Zelle from Bank of America?
Log in to your Bank of America mobile app or online banking, select "Zelle," then "Send," enter the recipient's U.S. mobile number or email address, the amount, and a memo. Review and confirm.
How to add an external bank account to Bank of America for transfers?
In Bank of America online banking or the mobile app, go to the "Pay & Transfer" section and look for an option to "Add a recipient" or "Add an external account." You'll typically need the external bank's routing number, the recipient's account number, and their name. Verification via small deposits may be required.
How to avoid fees when transferring money from Bank of America?
To avoid fees, consider using Zelle for smaller, quick transfers, as it's typically free. For larger transfers, standard ACH transfers within online banking are often free. Wire transfers almost always incur fees, but some premium Bank of America accounts may offer fee waivers.
How to transfer money from Bank of America to another Bank of America account?
You can easily transfer money between your own Bank of America accounts or to another Bank of America customer's account using the "Transfer between my accounts" or "To someone's BofA account" option in online banking or the mobile app. These are usually instant and free.
How to contact Bank of America customer service for transfer assistance?
You can contact Bank of America customer service by calling their general customer service line at 1-800-432-1000. You can also find specific contact numbers for various services on their website under the "Contact Us" section.
