How To Transfer Money From Bank Of America To Icici Nri Account

People are currently reading this guide.

👤

Published by A contributor at Hows.Tech sharing helpful insights.

📝 Article edited 0 times 🕒 Last modified by Default Author

Ready to send money from your Bank of America account to an ICICI NRI account in India? This comprehensive guide will walk you through every step, ensuring a smooth and successful transfer. Let's get started!

Navigating International Transfers: Bank of America to ICICI NRI Account

Sending money internationally can seem daunting with all the codes, fees, and procedures. However, with the right information and a step-by-step approach, it's a straightforward process. This guide focuses on using Bank of America's wire transfer service to fund your or your beneficiary's ICICI NRI account in India.

Step 1: Get Prepared – The Essential Information You'll Need

Before you even log into your Bank of America account, let's gather all the crucial details. Think of this as your pre-flight checklist for a successful transfer!

• Your Bank of America Account Information:

  • Your Bank of America Account Number
  • Your Bank of America Routing Number (though often not needed for international wire outbound transfers, it's good to have it handy)

• ICICI NRI Account Details (Beneficiary Information): This is the most critical part, as even a small error can cause delays or rejections. Double and triple-check these details with the recipient.

  • Beneficiary Name: The full name of the account holder as it appears on the ICICI NRI account.
  • Beneficiary Address: The complete address of the account holder in India.
  • ICICI Bank Account Number: The full NRI account number.
  • ICICI Bank Swift/BIC Code: This is a unique international code for identifying banks and branches. For ICICI Bank, the common SWIFT code for international transfers to India is ICICINBBXXX (where XXX might be a specific branch code, though often the main one suffices). It's crucial to confirm the exact SWIFT code with the ICICI Bank branch where the NRI account is held, or refer to your ICICI Bank account statement.
  • ICICI Bank Name and Branch Address: ICICI Bank Limited, along with the full address of the specific branch where the NRI account is located.
  • Purpose of Remittance: You'll need to specify why you are sending the money (e.g., family maintenance, investment, education, medical expenses, gift). This is a regulatory requirement by the Reserve Bank of India (RBI).

• Amount to Transfer and Currency: Decide the exact amount you wish to send and confirm that you want it to be received in Indian Rupees (INR) in the ICICI NRI account.

Step 2: Understand Bank of America's Wire Transfer Options and Fees

Bank of America typically offers international wire transfers through their online banking platform or by visiting a branch.

• Online Banking: This is usually the most convenient method. You'll log in to your Bank of America online banking or mobile app.
• In-Branch: If you prefer in-person assistance or are sending a very large amount that exceeds online limits, you can visit a Bank of America branch.

Key Considerations for Fees and Exchange Rates:

• Bank of America Fees:
  • For outgoing international wire transfers sent in U.S. dollars, Bank of America typically charges a fee of $45.
  • For outgoing international wire transfers sent in a foreign currency (e.g., directly in INR, if offered for India), Bank of America may charge a lower fee or even no wire transfer fee, but exchange rate markups will apply.
  • Important Note on Exchange Rates: When you send money in USD and it's converted to INR by ICICI Bank, or if Bank of America converts it, the exchange rate applied can impact the final amount received. Banks often include a markup in their exchange rates, which can be an additional cost.
• ICICI Bank Fees: The receiving bank (ICICI Bank) may also levy an inward remittance fee. This can vary, so it's advisable to check with ICICI Bank directly or review their fee structure for NRI accounts.
• Daily and Per Transaction Limits: Bank of America has limits for international wire transfers. Online, it's often around $1,000 per transaction, though this can vary by account type and tier. For larger amounts, you might need to visit a branch or contact Bank of America to inquire about increasing your limits. Bank of America Private Bank or Merrill account holders may have higher limits.

Step 3: Initiating the Wire Transfer via Bank of America Online Banking

Let's walk through the process of sending the money online.

Sub-heading 3.1: Logging In and Navigating to Transfers

1. Log In: Go to the Bank of America website (bankofamerica.com) or open the Bank of America Mobile Banking app. Log in securely using your credentials.
2. Locate "Pay & Transfer": Once logged in, look for a section or menu option typically labeled "Pay & Transfer" or "Transfers & Payments." Click on it.
3. Select "Send a Wire Transfer": Within the "Pay & Transfer" section, you should find an option to "Send a Wire Transfer" or "Send International Wire." Choose this option.

Sub-heading 3.2: Entering Beneficiary Details

This is where you'll input the information gathered in Step 1.

1. Choose International Transfer: Specify that you are making an international transfer.
2. Add New Recipient (if applicable): If you haven't sent money to this ICICI NRI account before, you'll likely need to add a new recipient.
   • Recipient's Full Name: Enter the beneficiary's name exactly as it appears on their ICICI NRI account.
   • Recipient's Address: Provide the complete physical address in India.
   • Recipient's Bank Name: Enter "ICICI Bank Limited."
   • Recipient's Bank SWIFT/BIC Code: Carefully enter the confirmed SWIFT code (e.g., ICICINBBXXX).
   • Recipient's Account Number: Input the full ICICI NRI account number.
   • Purpose of Remittance: Select the appropriate purpose from the dropdown menu provided by Bank of America (e.g., "Family Support," "Education Expenses," "Gift"). This is crucial for regulatory compliance.
3. Confirm Details: Review all the entered recipient details for accuracy. A small mistake here can lead to significant delays or even loss of funds.

Sub-heading 3.3: Specifying Amount and Reviewing Transaction

1. Enter Amount: Input the amount you wish to transfer in USD. The system may show you an estimated equivalent in INR or the exchange rate that will be applied.
2. Review Fees and Exchange Rate: Before confirming, Bank of America will display the transfer fee and the exchange rate that will be applied. Pay close attention to these figures.
3. Source Account: Select the Bank of America account from which the funds will be debited.
4. Security Confirmation: You may be required to complete a security step, such as entering a one-time password (OTP) sent to your registered phone number or using a SafePass code if enrolled.
5. Confirm Transfer: Once you are satisfied with all the details, including the fees and exchange rate, confirm the transaction.

Step 4: Tracking Your Transfer

After initiating the transfer, you'll typically receive a confirmation number or a tracking ID.

• Bank of America Tracking: You can usually track the status of your wire transfer within your Bank of America online banking portal under the "Activity" or "Transfer History" section.
• Timeframe: International wire transfers generally take 2-3 business days to reach the beneficiary's account. However, factors like intermediary banks, public holidays in either country, and cut-off times can influence this. Bank of America's daily cut-off time for international wires is typically 5:00 PM EST. Transfers initiated after this time will be processed on the next business day.
• Recipient Confirmation: Ask the beneficiary in India to confirm receipt of funds once the expected timeframe has passed.

Step 5: What if there's a problem?

While the process is generally smooth, issues can arise.

• Incorrect Details: If you realize you've entered incorrect beneficiary details after initiating the transfer, contact Bank of America immediately. They may be able to recall or amend the transfer, though this isn't always guaranteed and may incur additional fees.
• Delays: If the transfer is taking longer than expected, first check your Bank of America online banking for status updates. If no information is available, contact Bank of America customer service with your transfer details. They can often provide more specific information or initiate an investigation.
• Recipient Did Not Receive: If the beneficiary confirms non-receipt after the expected timeframe, you'll need to contact Bank of America to trace the transfer.

---

Frequently Asked Questions (FAQs) - How To:

Here are 10 common questions related to transferring money from Bank of America to an ICICI NRI account:

1. How to find the SWIFT code for ICICI Bank's NRI account?

   • The most common SWIFT code for ICICI Bank for international transfers to India is ICICINBBXXX (where XXX might be a specific branch code). However, it is highly recommended to confirm the exact SWIFT code directly with the ICICI Bank branch where the NRI account is held or check the beneficiary's ICICI Bank statement or ICICI Bank's official website.

2. How to check Bank of America's international wire transfer limits?

   • You can check your specific international wire transfer limits by logging into your Bank of America online banking, navigating to the wire transfer section, or by contacting Bank of America customer service. Limits can vary by account type and whether you transfer online or in-branch. Online limits are often lower.

3. How to reduce Bank of America international wire transfer fees?

   • While Bank of America charges standard fees for wire transfers, you might consider sending funds in the foreign currency (INR) if offered, as some banks waive wire transfer fees in such cases, though exchange rate markups will still apply. For more cost-effective options, explore third-party money transfer services like Wise (formerly TransferWise) or Remitly, which often offer lower fees and more competitive exchange rates.

4. How to ensure my ICICI NRI account receives the exact amount in INR?

   • When initiating the transfer, if Bank of America gives you the option to send in INR (instead of USD to be converted), select that. Otherwise, the final INR amount will depend on the exchange rate applied by Bank of America and/or ICICI Bank at the time of conversion. To get a precise figure, you would need to confirm the exchange rate with the bank at the time of transaction.

5. How to track an international wire transfer from Bank of America?

   • After initiating the transfer, you'll typically receive a confirmation number or tracking ID. You can usually track the status of your wire transfer within your Bank of America online banking portal's "Activity" or "Transfer History" section.

6. How to provide the purpose of remittance for an international transfer to India?

   • When you initiate the wire transfer online with Bank of America, there will be a mandatory field or dropdown menu where you must select the purpose of the remittance (e.g., "Family Support," "Gift," "Education Expenses"). This is a regulatory requirement by the Reserve Bank of India (RBI).

7. How to handle delays in an international money transfer to ICICI?

   • If your transfer is delayed beyond the estimated 2-3 business days, first check your Bank of America online banking for any status updates or alerts. If none are available, contact Bank of America customer service with your wire transfer confirmation number to inquire about the status and initiate a trace if necessary.

8. How to correct incorrect beneficiary details after sending the wire?

   • Contact Bank of America immediately if you realize you've entered incorrect beneficiary details. They may be able to intercept or recall the wire, but this is not guaranteed and may involve additional charges. Speed is crucial in such situations.

9. How to receive a Foreign Inward Remittance Certificate (FIRC) from ICICI Bank?

   • FIRCs are typically issued by the beneficiary bank (ICICI Bank in this case) upon request. The beneficiary in India will need to contact their ICICI Bank branch to request an FIRC for the received inward remittance. It's often required for tax or compliance purposes for the recipient.

10. How to decide between a Bank of America wire transfer and other money transfer services?

    • Consider the cost (fees + exchange rate markup), speed, and convenience. Bank of America wire transfers are secure and reliable but can be more expensive due to higher fees and potentially less favorable exchange rates. Online money transfer services (like Wise, Remitly, Xoom) often offer more competitive rates and lower fees, making them a good alternative, especially for smaller or frequent transfers. Compare options before sending.

1927240517195928845