Moving money between different banks, especially when they are separate entities like Bank of America and BBVA (which in the US is now PNC Bank), requires a clear understanding of the available methods and their associated requirements. This guide will walk you through the process, ensuring you have all the necessary information to make a successful transfer.
Ready to move your money? Let's get started!
Transferring funds can seem daunting, but by following these steps, you'll find it's a straightforward process. Before we dive into the specifics, it's crucial to understand that BBVA's US operations were acquired by PNC Bank. Therefore, when transferring money to BBVA in the US, you will likely be sending it to a PNC Bank account. For international BBVA accounts (outside the US), the process remains the same for BBVA directly. This guide will primarily focus on wire transfers as they are generally the most reliable method for bank-to-bank transfers, especially for larger amounts or international transfers.
Step 1: Gather the Essential Information from the Recipient (BBVA/PNC Account Holder)
This is the most critical step. Any inaccuracies here can lead to delays or even lost funds. Do not proceed until you have all of this information confirmed by the recipient.
Sub-heading: What You'll Need from the BBVA/PNC Account Holder
- Full Name of the Recipient: This must exactly match the name on their BBVA/PNC bank account.
- Recipient's Full Address: Including street, city, state/province, postal code, and country.
- Recipient's BBVA/PNC Bank Account Number: Double-check every digit.
- BBVA/PNC Bank's Name: Be precise (e.g., "PNC Bank" if in the US, or the specific BBVA entity like "BBVA Spain" if international).
- BBVA/PNC Bank's Address: The full address of the branch where the account is held, if available, or the main branch address.
- BBVA/PNC Bank's Routing Number (ABA for US Domestic Transfers): This 9-digit number is crucial for identifying the recipient's bank within the US banking system. For PNC accounts in the US, this will be a PNC routing number.
- BBVA/PNC Bank's SWIFT/BIC Code (for International Transfers): This is an international bank identifier code (8 or 11 characters) used for international wire transfers. If transferring to BBVA outside the US, you will need their specific SWIFT/BIC code.
- Reason for Transfer: Some banks require a reason for the transfer, especially for international wires. This could be "family support," "payment for services," "gift," etc.
- Currency of Transfer: Specify whether you are sending USD or another currency.
Pro-Tip: Ask the recipient to get this information directly from their bank or their online banking portal. A screenshot of their account details can be incredibly helpful.
Step 2: Choose Your Transfer Method from Bank of America
Bank of America offers several ways to send money. For transferring to another bank like BBVA/PNC, a wire transfer is generally the most suitable, especially for larger sums.
Sub-heading: Understanding Your Bank of America Transfer Options
- Wire Transfer (Recommended for Bank-to-Bank): This is the most direct and secure way to send money between different financial institutions. It's ideal for larger amounts and ensures funds are received quickly.
- Domestic Wire Transfers: For transfers within the U.S. (e.g., Bank of America to PNC Bank).
- International Wire Transfers: For transfers to BBVA outside the U.S.
- Online Transfer using Account Number and Routing Number (ACH Transfer): Bank of America allows transfers to other bank accounts using routing and account numbers. While this is often free or low-cost, it's typically an ACH (Automated Clearing House) transfer, which takes longer (2-4 business days) and may have lower limits than wire transfers.
- Zelle (for smaller, personal transfers): If both you and the recipient are enrolled in Zelle through your respective banks, you can send money using only an email address or mobile number. However, Zelle has lower daily and monthly limits (e.g., Bank of America consumer accounts typically have a daily Zelle limit of $3,500 and a monthly limit of $20,000). BBVA (outside US) may not support Zelle directly.
For the purpose of a comprehensive bank-to-bank transfer, we will focus on Wire Transfers.
Step 3: Initiate the Wire Transfer with Bank of America
Once you have all the recipient's details and have chosen the wire transfer method, you can proceed to initiate the transfer.
Sub-heading: Online Wire Transfer via Bank of America Online Banking
This is often the most convenient method for many.
- Log In: Go to the Bank of America website and log in to your Online Banking account.
- Navigate to Transfers: Look for a section like "Pay & Transfer" or "Transfers."
- Select Wire Transfer: Choose the option for "Send Money" or "Wire Transfer" to an external account. You might see options like "using their account number at another bank" or "same-day wire transfer."
- Enter Recipient Details: Carefully input all the information you gathered in Step 1:
- Recipient's full name
- Recipient's address
- Recipient's BBVA/PNC bank name and address
- Recipient's account number
- Recipient bank's Routing Number (for US domestic) or SWIFT/BIC code (for international)
- Amount to transfer and currency
- Reason for transfer
- Review and Confirm: Double-check all the details. Even a single incorrect digit can cause significant issues. Bank of America often uses security measures like "Safe Pass" for transfers over a certain amount, requiring a one-time code for verification.
- Fees and Exchange Rates: Be aware of the fees.
- Domestic Wire Transfer (Outbound): Typically around $30 from Bank of America.
- International Wire Transfer (Outbound):
- Sending in foreign currency: $0 fee (but exchange rate markups apply).
- Sending in U.S. dollars: $45 fee.
- For international transfers, Bank of America will apply an exchange rate. This rate includes a markup, so it might not be the mid-market rate you see on currency exchange sites.
- Submit the Transfer: Once you are confident everything is correct, confirm and submit the transfer.
Sub-heading: Initiating a Wire Transfer at a Bank of America Branch
If you prefer in-person assistance or are sending a very large amount, visiting a branch is an option.
- Gather Documents: Bring a valid government-issued ID (driver's license, passport) and all the recipient's bank details from Step 1.
- Visit a Branch: Go to your nearest Bank of America branch during business hours.
- Speak to a Teller/Specialist: Inform them you wish to make a wire transfer.
- Fill Out Forms: You will likely need to fill out a wire transfer request form. Provide all the required information accurately.
- Pay Fees: The teller will inform you of the applicable fees, and these will be debited from your account.
- Confirm and Get Receipt: Review the details before the teller processes the transfer and obtain a receipt for your records.
Sub-heading: Considerations for Large Transfers
Bank of America has transfer limits, which can vary by account type and whether the transfer is online or in-branch.
- Online International Wire Transfer Limit: Often around $1,000 per transaction, though this can sometimes be extended with enhanced security measures.
- In-Branch Transfer Limits: These are generally higher and may vary by account type.
- If you need to send a significantly large amount, it's best to discuss your options and limits directly with a Bank of America representative. You may need to apply for higher transaction limits.
Step 4: Tracking Your Transfer and Confirmation
After initiating the transfer, it's good practice to keep an eye on its progress.
Sub-heading: How to Track Your Wire Transfer
- Bank of America Online Banking: You may be able to view the status of your wire transfer within your online banking portal under "Activity" or "Transfer History."
- Contact Bank of America Customer Service: If you have any concerns or can't see the status online, contact Bank of America's customer service. They can provide updates.
- Recipient Confirmation: The best way to confirm receipt is for the recipient to check their BBVA/PNC bank account.
Sub-heading: Understanding Transfer Times
- Domestic Wire Transfers (Bank of America to PNC Bank): Typically arrive within 1-2 business days, often the same day if initiated early in the banking day.
- International Wire Transfers (Bank of America to BBVA outside US): Can take 3-5 business days, and sometimes longer depending on the destination country, currency, intermediary banks, and any country-specific regulations.
- Factors like holidays, weekends, time zone differences, and currency conversion can impact the overall transfer time.
Step 5: What if There's a Problem?
While wire transfers are generally reliable, issues can sometimes arise.
Sub-heading: Common Issues and Troubleshooting
- Incorrect Information: If you entered incorrect recipient details, the transfer might be delayed, returned (with potential fees), or in rare cases, sent to the wrong account. Contact Bank of America immediately. They may be able to recall the funds, though this isn't always guaranteed, especially if the funds have already been credited to another account.
- Delays: If the transfer is taking longer than expected, first check your Bank of America online banking for any status updates. Then, contact Bank of America customer service with your transaction reference number.
- Fees from Intermediary Banks: For international transfers, intermediary banks (banks that facilitate the transfer between Bank of America and BBVA) may also deduct their own fees from the transferred amount, meaning the recipient might receive slightly less than you sent. This is common and usually unavoidable.
Frequently Asked Questions (FAQs)
Here are 10 related questions to help you navigate the process of transferring money:
How to confirm BBVA's SWIFT/BIC code?
You should ask the recipient to confirm the correct SWIFT/BIC code directly with their BBVA branch or through their online banking portal. For BBVA operations outside the US, the code will be specific to their country.
How to find my Bank of America routing number?
You can find your Bank of America routing number by logging into Online Banking, selecting your desired account, and navigating to the "Information & Services" tab for that account. It's also usually printed on your checks.
How to avoid high transfer fees?
Consider sending international wires in the recipient's local currency from Bank of America, as this can often waive the outbound wire transfer fee. However, be mindful of the exchange rate markup. For smaller amounts, peer-to-peer services or ACH transfers might be cheaper if available and suitable.
How to increase my Bank of America wire transfer limit?
Bank of America transfer limits vary by account type and whether the transfer is online or in-branch. For higher limits, particularly for online transfers, you may need to speak to a Bank of America representative or consider upgrading your account type. Using enhanced security measures like Safe Pass can also increase online limits.
How to track an international wire transfer?
After initiating an international wire transfer, you can often track its status through your Bank of America online banking. If not, contact Bank of America customer service with your wire transfer reference number. The recipient can also inquire with their BBVA bank.
How to ensure the recipient receives the full amount?
For international transfers, intermediary bank fees and exchange rate markups can reduce the final amount received. To minimize this, inquire about all potential fees beforehand and consider sending in the recipient's local currency. Some third-party money transfer services may offer guaranteed exchange rates and upfront fees.
How to send money to BBVA if they are now PNC in the US?
If your recipient's BBVA account is in the US, it has been transitioned to PNC Bank. You will need the recipient's PNC Bank account number and PNC's routing number. The process will be a domestic transfer from Bank of America to PNC.
How to find BBVA's routing number (for US transfers)?
If the BBVA account is in the US, it's now a PNC Bank account. You will need to obtain the correct PNC Bank routing number from the recipient.
How to send money to a BBVA account without a wire transfer?
For smaller, personal transfers within the US, you could potentially use Zelle if both you and the recipient are enrolled through your respective banks (Bank of America and PNC Bank). However, Zelle has limits and isn't suitable for international transfers or very large sums.
How to confirm the identity of the recipient for security?
Always confirm the recipient's details verbally, preferably over a secure phone line, and cross-reference them with any written information. Be wary of unsolicited requests for money transfers or sudden changes in banking details. If anything feels suspicious, verify directly with the individual or business you intend to pay through a known and trusted contact method.
