Transferring money between different banks, like Bank of America (BoA) and Wells Fargo, is a common financial task. While it might seem daunting at first, several secure and convenient methods are available. This comprehensive guide will walk you through the process step-by-step, ensuring you can confidently move your funds.
So, you're looking to move some funds from your Bank of America account over to your Wells Fargo account, eh? Excellent! Let's get that money where it needs to be. It's a fairly straightforward process once you know the options and steps involved. Read on to discover the best method for your needs.
How to Transfer Money from Bank of America to Wells Fargo
There are several ways to transfer money, each with its own advantages regarding speed, cost, and convenience. We'll cover the most popular and reliable methods.
Method 1: Using Zelle (Fastest & Often Free for Smaller Amounts)
Zelle is a peer-to-peer payment service widely integrated into most major US bank's online banking platforms, including Bank of America and Wells Fargo. It's ideal for quick transfers to people you trust.
Step 1: Ensure Both Parties Are Enrolled in Zelle
- Before you even begin, verify that both the sender (you, from Bank of America) and the recipient (your Wells Fargo account, or the person whose Wells Fargo account you're sending to) are enrolled in Zelle through their respective banking apps or online platforms. If not, they'll need to do so first. It's typically a quick setup process that links their email address or U.S. mobile phone number to their bank account.
Step 2: Log in to Your Bank of America Online Banking or Mobile App
- Open the Bank of America mobile app on your smartphone or visit the Bank of America website and log in to your online banking account. Look for the "Pay & Transfer" or "Transfer" section.
Step 3: Navigate to the Zelle® Option
- Within the "Pay & Transfer" menu, locate and select the "Zelle®" option. This will usually lead you to a Zelle® specific interface.
Step 4: Choose to "Send" Money
- On the Zelle® screen, you'll typically see options to "Send," "Request," or "Split" money. Select "Send."
Step 5: Select or Add the Recipient
- If you've sent money to this Wells Fargo account (or person) before, their contact might already be listed. If not, you'll need to add a new recipient using their U.S. mobile phone number or email address that is linked to their Wells Fargo Zelle® account. Double-check for accuracy!
Step 6: Enter the Amount and Review
- Input the amount you wish to transfer. Be mindful of Zelle's daily and monthly limits, which can vary by bank. For Bank of America, the daily Zelle limit is typically around $3,500, and the monthly limit around $20,000. Wells Fargo generally has similar limits.
- Carefully review all the details – the recipient's information and the amount – before proceeding. Zelle payments are typically instant and irreversible.
Step 7: Confirm and Send
- Once you're confident all details are correct, confirm the transaction. You might receive a prompt to verify your identity, possibly through a one-time code sent to your registered phone number.
- After confirmation, the money will typically be sent within minutes to the Wells Fargo account.
Method 2: Initiating an External Transfer (ACH Transfer)
ACH (Automated Clearing House) transfers are electronic payments processed through a network that facilitates interbank transactions. This method is common for routine transfers, bill payments, and payroll.
Step 1: Gather Wells Fargo Account Details
- To set up an ACH transfer, you'll need the following information for the Wells Fargo account:
- Bank Name: Wells Fargo Bank
- Routing Number: This is a 9-digit number specific to Wells Fargo. You can find it on checks, in the Wells Fargo online banking portal, or by contacting Wells Fargo directly.
- Account Number: The full account number of the Wells Fargo checking or savings account.
- Account Type: (e.g., Checking or Savings)
- Account Holder's Name: The full legal name of the account holder as it appears on the Wells Fargo account.
Step 2: Log in to Your Bank of America Online Banking
- Access your Bank of America online banking account via their website or mobile app.
Step 3: Locate the "External Transfers" or "Add External Account" Option
- Look for a section like "Pay & Transfer," "Transfers," or "External Transfers." You might need to click on an option to "Add external account" or "Link an account at another bank."
Step 4: Link Your Wells Fargo Account
- Follow the prompts to link an external account. You'll input the Wells Fargo routing number, account number, and account type. Bank of America will likely initiate a small "trial deposit" (usually a few cents) into your Wells Fargo account to verify ownership.
- You'll then need to log back into your Bank of America account (typically after 1-3 business days) and verify the amounts of these small deposits. This confirms you own both accounts.
Step 5: Initiate the Transfer
- Once the Wells Fargo account is linked and verified, you can initiate a transfer.
- Select your Bank of America account as the "From" account and the newly linked Wells Fargo account as the "To" account.
- Enter the amount you wish to transfer.
- Choose the frequency (one-time or recurring) and the date for the transfer.
Step 6: Review and Confirm
- Carefully review all the transfer details. ACH transfers are generally not instant and can take 1-3 business days to process. Confirm the transaction.
Method 3: Wire Transfer (For Large or Time-Sensitive Transfers)
Wire transfers are generally faster than ACH transfers but often come with higher fees. They are typically used for large sums of money or when funds need to arrive urgently.
Step 1: Gather Comprehensive Wells Fargo Account Details
- For a wire transfer, you'll need even more precise information:
- Bank Name: Wells Fargo Bank, N.A.
- Wells Fargo Wire Routing Number (ABA): This is different from the ACH routing number. For domestic wires, it's typically 121000248. Always verify the correct wire routing number with Wells Fargo directly if unsure.
- Wells Fargo Bank Address: 420 Montgomery Street, San Francisco, CA 94104 (or other primary Wells Fargo address, though the routing number usually directs it correctly).
- Recipient's Full Name and Address: As it appears on the Wells Fargo account.
- Recipient's Wells Fargo Account Number: The full account number.
- Purpose of Transfer: Some banks require this for compliance.
Step 2: Log in to Your Bank of America Online Banking
- Access your Bank of America online banking account.
Step 3: Navigate to "Wire Transfers"
- Look for the "Pay & Transfer" section and then specifically for "Wire/ACH" or "Wire Transfers."
Step 4: Add New Recipient (if applicable)
- If you haven't sent a wire to this Wells Fargo account before, you'll need to add a new recipient. Input all the Wells Fargo details you gathered in Step 1. Bank of America may require you to enroll in their "Secured Transfer" service and verify your identity for new wire recipients.
Step 5: Initiate the Wire Transfer
- Select your Bank of America account as the "From" account and the Wells Fargo recipient.
- Enter the amount to be wired.
- Confirm the transfer details, including any associated fees. Bank of America charges a fee for outgoing domestic wire transfers (typically around $30). Wells Fargo may also charge a fee for receiving incoming wires (typically around $15).
Step 6: Review and Authorize
- Carefully review all information one last time. Wire transfers are irreversible once sent. You may need to enter an authorization code (sent to your phone) or use another security measure to finalize the transfer.
- Domestic wire transfers initiated before the daily cutoff time (often 5:00 PM ET for Bank of America) are usually processed the same business day. Funds typically arrive within a few hours to the recipient's Wells Fargo account.
Method 4: In-Person Bank Transfer (Less Common but Available)
While less common in the digital age, you can always visit a Bank of America branch to initiate a transfer.
Step 1: Visit a Bank of America Branch
- Go to your nearest Bank of America branch during business hours. Bring a valid government-issued ID (driver's license, passport) and your Bank of America debit card or account information.
Step 2: Provide Wells Fargo Account Details to the Teller
- Inform the bank teller that you wish to transfer money to a Wells Fargo account. You will need to provide all the necessary Wells Fargo account details, similar to what's required for an ACH or wire transfer (routing number, account number, account holder name).
Step 3: Complete the Transfer Form
- The teller will provide you with a form to fill out. Fill it out accurately and completely.
- Confirm the amount you wish to transfer and inquire about any associated fees. Wire transfer fees often apply to in-person transfers.
Step 4: Authorize and Receive Confirmation
- Sign the form to authorize the transfer. The teller will process the request and provide you with a confirmation receipt. The processing time will depend on whether it's an ACH transfer (1-3 business days) or a wire transfer (same business day).
Important Considerations Before Transferring
- Fees: Always be aware of potential fees. While Zelle is typically free, ACH transfers usually are too, but wire transfers almost always incur a fee from both the sending and sometimes the receiving bank.
- Limits: Each transfer method and bank has daily, weekly, or monthly transfer limits. Check with Bank of America for specific limits before initiating a large transfer.
- Processing Times: Understand how long the transfer will take. Zelle is usually instant, wires are same-day (if initiated before cutoff), and ACH transfers take 1-3 business days. Weekends and holidays can extend these times.
- Accuracy: Double-check all recipient information. Incorrect routing or account numbers can lead to delays or, worse, funds being sent to the wrong account, which can be very difficult to recover.
- Security: Only send money to people and accounts you trust. Be wary of scams, especially when dealing with wire transfers, as they are irreversible.
10 Related FAQ Questions
How to transfer money from Bank of America to Wells Fargo instantly?
You can transfer money instantly from Bank of America to Wells Fargo primarily by using Zelle®, provided both you and the recipient are enrolled. Funds typically arrive within minutes.
How to find my Wells Fargo routing number for a transfer?
You can find your Wells Fargo routing number on your checks, in your Wells Fargo online banking account (under account details), or by contacting Wells Fargo customer service. Be sure to distinguish between the ACH routing number and the wire transfer routing number, as they can be different.
How to increase my Zelle transfer limit from Bank of America?
Zelle limits are set by Bank of America for security purposes. While you generally cannot increase these limits on demand, consistent transaction history and a long-standing banking relationship might sometimes allow for slightly higher limits over time. For larger transfers, consider ACH or wire transfers.
How to cancel a money transfer from Bank of America to Wells Fargo?
Zelle transfers are generally irreversible once sent. ACH transfers might be cancellable if you act quickly before they are processed (usually within a few hours of initiation). Wire transfers are almost impossible to cancel once sent. Always verify details carefully before confirming any transfer.
How to check the status of a transfer from Bank of America to Wells Fargo?
For Zelle, you'll usually receive an immediate confirmation. For ACH and wire transfers, you can check the status within your Bank of America online banking account's "Transfer Activity" or "Payment History" section. You can also contact Bank of America customer service.
How to avoid fees when transferring money from Bank of America to Wells Fargo?
To avoid fees, Zelle® is typically the best option for smaller transfers as it's free. For larger amounts, ACH transfers are usually free from Bank of America. Wire transfers almost always incur fees from both banks.
How to transfer a large amount of money from Bank of America to Wells Fargo?
For large amounts, ACH transfers (if the limit allows) or wire transfers are the most appropriate methods. Wire transfers are generally better for very large, time-sensitive sums, but they come with higher fees. You may need to visit a branch for extremely large wire transfers.
How to transfer money from Bank of America to a Wells Fargo business account?
The process is generally the same as transferring to a personal account for Zelle and ACH. For wire transfers, ensure you have the precise business name and account number as registered with Wells Fargo.
How to set up recurring transfers from Bank of America to Wells Fargo?
You can typically set up recurring ACH transfers through Bank of America's online banking "External Transfers" section after linking your Wells Fargo account. Zelle also allows for future-dated or recurring payments to enrolled recipients.
How to contact Bank of America for transfer issues?
You can contact Bank of America customer service through their official phone numbers (usually found on their website or your debit card), secure messaging within your online banking account, or by visiting a local branch.
