Feeling a little overwhelmed by your Bank of America account and wondering how to get your funds where they need to go? Don't worry, you're not alone! Many people need to transfer money for various reasons, whether it's paying bills, sending money to family, or funding an external investment account. The good news is, Bank of America offers a variety of convenient ways to move your money, both domestically and internationally.
This comprehensive guide will walk you through each method step-by-step, helping you choose the best option for your specific needs. Let's get started!
How to Transfer Money Out of Bank of America: A Comprehensive Guide
Transferring money out of your Bank of America account can be done through several channels, each with its own advantages, limits, and fees. Understanding these options will empower you to make informed decisions and ensure your money reaches its destination efficiently and securely.
Step 1: Identify Your Transfer Needs – Where and How Much?
Before diving into the "how-to," let's pinpoint what you need to achieve. This initial assessment will help you select the most suitable transfer method.
- Domestic vs. International: Are you sending money within the U.S. or to another country? International transfers often involve different processes, fees, and required information.
- Recipient's Information: Do you have the recipient's full name, address, bank name, account number, and routing number (for domestic) or SWIFT/BIC code (for international)?
- Urgency: Does the money need to arrive instantly, or can it take a few business days?
- Amount: How much money are you transferring? Different methods have varying daily and monthly limits.
- Cost Sensitivity: Are you looking for the cheapest option, or is convenience and speed more important?
Once you have a clear picture of your needs, you can confidently proceed to explore the various transfer methods.
Step 2: Choose Your Transfer Method
Bank of America provides several ways to transfer money, catering to different scenarios. Let's break them down.
Option 1: Online Banking Transfers (Internal & External)
This is often the easiest and most common method for both internal (Bank of America to Bank of America) and external (Bank of America to another bank) transfers.
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Sub-heading: Transferring Between Your Own Bank of America Accounts
- This is typically instant and free.
- Process:
- Log in: Access your Bank of America Online Banking account.
- Navigate to Transfers: Look for a "Transfers" or "Pay & Transfer" tab/menu option.
- Select Account: Choose the Bank of America account you want to transfer money from and the Bank of America account you want to transfer money to.
- Enter Amount: Input the amount you wish to transfer.
- Review and Confirm: Double-check all details and confirm the transfer. You'll usually receive an instant confirmation.
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Sub-heading: Transferring to Another Person or Account at Another Bank (Domestic ACH Transfer)
- This is usually free for standard transfers and takes 1-3 business days.
- Information Needed: Recipient's full name, bank name, account number, and the recipient bank's 9-digit routing number.
- Process:
- Log in: Sign in to your Bank of America Online Banking account.
- Navigate to Transfers: Select "Transfers" or "Pay & Transfer."
- Add External Account (if not already added): If you haven't transferred to this account before, you'll need to add it as an external account. This usually involves entering the recipient's bank name, routing number, and account number. Bank of America may send small "micro-deposits" to the external account for verification, which you'll need to confirm back on the Bank of America platform. This verification process can take a few business days.
- Select Accounts: Choose your Bank of America account as the "from" account and the external account as the "to" account.
- Enter Amount and Date: Input the amount you want to transfer and select a transfer date.
- Review and Confirm: Carefully review all the details before confirming the transfer.
Option 2: Zelle®
Zelle is a fast and easy way to send money to people you know and trust, often within minutes, directly from your Bank of America app or online banking.
- Speed: Funds typically arrive within minutes.
- Fees: Generally no fees from Bank of America for using Zelle.
- Limits: Bank of America has daily and monthly Zelle limits. For personal accounts, typical limits are around $3,500 per day and $20,000 per month. Business accounts may have higher limits. These limits can vary, so it's always best to check within the Zelle section of your Bank of America account.
- Information Needed: Recipient's U.S. mobile number or email address.
- Process:
- Enroll in Zelle (if not already): Within your Bank of America Online Banking or Mobile Banking app, look for the "Send & Request" or "Zelle" option and enroll if you haven't already.
- Select Recipient: Choose the person from your contacts or add a new recipient using their U.S. mobile number or email address.
- Enter Amount: Input the amount you want to send.
- Add Memo (Optional): You can add a note about the payment.
- Review and Send: Confirm the details. Be extremely careful here, as Zelle transfers are typically irreversible. Only send money to people you know and trust.
Option 3: Wire Transfers (Domestic and International)
Wire transfers are ideal for sending larger sums of money or when you need funds to arrive quickly, especially for international transfers. However, they come with higher fees.
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Sub-heading: Domestic Wire Transfers
- Speed: Funds typically arrive the same business day if sent before the cutoff time (usually 5:00 PM Eastern Time).
- Fees: Bank of America typically charges a fee for outgoing domestic wire transfers, often around $30.
- Information Needed: Recipient's full name, address, bank name, bank wire routing number (ABA), and account number.
- Process (Online/Mobile Banking):
- Log in: Access your Bank of America Online Banking or Mobile Banking app.
- Navigate to Wire Transfers: Look for "Pay & Transfer" and then "Wire" or "Send a Wire."
- Select Account: Choose the Bank of America account you want to send the wire from.
- Add New Recipient (if applicable): Enter all the required recipient and bank information. Accuracy is paramount here.
- Enter Amount and Purpose: Specify the amount and the purpose of the transfer.
- Review and Confirm: Carefully review all details before submitting. You may need to verify your identity with a security code.
- Process (In-person at a Financial Center):
- Visit a Branch: Go to your nearest Bank of America financial center.
- Provide Information: You will need to provide all the recipient's information and your identification.
- Complete Form: Fill out the wire transfer form.
- Pay Fee: The fee will be deducted from your account.
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Sub-heading: International Wire Transfers
- Speed: Typically takes 2-3 business days.
- Fees: Fees vary depending on the currency. If sending in a foreign currency, there might be no outbound wire transfer fee, but exchange rate markups apply. If sending in U.S. Dollars, the fee is typically $45. Other banks involved in the transfer may also charge fees.
- Information Needed: Recipient's full name, address, overseas bank account number, recipient bank ID (SWIFT code, BIC, or national ID), and the foreign currency of the recipient's bank account.
- Process (Online/Mobile Banking):
- Log in: Access your Bank of America Online Banking or Mobile Banking app.
- Navigate to Wire Transfers: Look for "Pay & Transfer" and then "Wire" or "Send a Wire."
- Select Account: Choose the Bank of America account you want to send the wire from.
- Add New Recipient (if applicable): Enter all the required international recipient and bank information, including the SWIFT/BIC code.
- Select Currency: Choose whether to send in USD or the foreign currency. Note the fee difference and exchange rate implications.
- Enter Amount and Purpose: Specify the amount and the purpose of the transfer.
- Review and Confirm: Double-check every detail. International wires are difficult to recall or amend once sent. You may be required to enroll in "Secured Transfer" for additional security verification.
- Process (In-person at a Financial Center):
- Visit a Branch: Go to a Bank of America financial center.
- Provide Information: You will need to provide all the international recipient's information, including their bank's SWIFT/BIC code, and your identification.
- Complete Form: Fill out the international wire transfer form.
- Pay Fee: The fee will be deducted from your account.
Option 4: Bill Pay
While primarily for paying bills to companies, Bank of America's Bill Pay service can sometimes be used to send money to individuals if they are set up as a "payee" and you have their address for a check to be mailed, or if they can receive electronic payments. This is generally not for direct bank-to-bank transfers to individuals but rather for sending payments.
- Speed: Varies depending on whether it's an electronic payment or a mailed check. Electronic payments can be a few business days, while mailed checks can take 5-7 business days.
- Fees: Usually free for standard bill payments.
- Information Needed: Recipient's name and address (for mailed checks) or electronic payment details if applicable.
- Process:
- Log in: Sign in to your Bank of America Online Banking or Mobile Banking app.
- Navigate to Bill Pay: Select "Bill Pay."
- Add New Payee (if applicable): If the person isn't already a payee, you'll need to add them. You might be able to set them up for electronic payments if their bank supports it, or Bank of America will mail them a check.
- Schedule Payment: Enter the amount and the date you want the payment to be sent.
- Review and Confirm: Verify the details and confirm the payment.
Option 5: Cash Withdrawal
For smaller amounts, simply withdrawing cash from an ATM or a branch and then depositing it elsewhere can be an option.
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Sub-heading: ATM Withdrawal
- Limits: Bank of America ATMs typically have a daily withdrawal limit of around $1,000 or 60 bills, though this can vary by account type and ATM capability.
- Fees: Generally no fees for using a Bank of America ATM. Non-Bank of America ATMs may charge a fee.
- Process: Insert your debit card, enter your PIN, and select "Withdrawal."
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Sub-heading: Branch Withdrawal
- Limits: There's generally no strict daily limit on cash withdrawals at a branch as long as you have the funds, though very large withdrawals might require prior notice.
- Fees: No fees for withdrawing cash from your account at a branch.
- Process: Visit a Bank of America financial center with your valid ID and debit card (or account number). Inform the teller how much you wish to withdraw.
Step 3: Review and Confirm
Regardless of the method you choose, always take a moment to carefully review all the details before finalizing your transfer. This includes:
- Recipient's Name: Ensure it's spelled correctly.
- Account Number and Routing/SWIFT Code: Even a single incorrect digit can send your money to the wrong place, and recovering it can be extremely difficult, if not impossible.
- Amount: Confirm the exact amount you intend to send.
- Currency (for international transfers): Make sure you've selected the correct currency.
- Fees: Be aware of any fees associated with the transfer.
Once you've confirmed everything, proceed with the transfer. You'll typically receive a confirmation number or email.
Step 4: Keep Records
It's a good practice to keep a record of your transfer details, including:
- Confirmation number
- Date and time of transfer
- Amount transferred
- Recipient's information
- Any associated fees
This information can be helpful for your own records, for the recipient to track the funds, or in case any issues arise.
Frequently Asked Questions (FAQs)
How to check Bank of America transfer limits?
You can typically find your specific transfer limits for Zelle, online transfers, and wire transfers by logging into your Bank of America Online Banking or Mobile Banking app and navigating to the respective transfer sections. Limits can vary by account type and customer history.
How to add an external account for transfers at Bank of America?
Log in to your Bank of America Online Banking, go to the "Transfers" or "Pay & Transfer" section, and look for an option to "Add/Edit Accounts from Other Banks" or "Add a Pay From Account." You'll need the external bank's routing number and the account number.
How to send an international wire transfer from Bank of America?
You can send international wire transfers via Bank of America Online Banking, the Mobile Banking app, or by visiting a financial center. You'll need the recipient's name, address, bank name, overseas account number, and their bank's SWIFT/BIC code.
How to find my Bank of America routing number for incoming transfers?
Your Bank of America routing number is usually found at the bottom of your checks. You can also find it by logging into your online banking account or by contacting Bank of America customer service.
How to track a wire transfer from Bank of America?
While Bank of America generally doesn't provide real-time tracking for wire transfers, you can inquire about the status by contacting their customer service or visiting a financial center, providing them with your wire transfer confirmation number.
How to cancel a transfer from Bank of America?
ACH transfers (standard online transfers) can sometimes be canceled if caught before processing. Zelle transfers are generally irreversible. Wire transfers are also very difficult to cancel once initiated. It's crucial to contact Bank of America customer service immediately if you need to attempt a cancellation.
How to deal with international wire transfer fees from Bank of America?
Be aware that Bank of America charges fees for outgoing international wire transfers (e.g., $45 for USD wires, $0 for foreign currency wires but with exchange rate markups). The recipient's bank and intermediary banks may also charge fees. Factor these into your total cost.
How to send money to someone without their bank account details from Bank of America?
You can use Zelle if you have their U.S. mobile number or email address. Alternatively, you could use Bill Pay to send a check by mail if you have their physical address.
How to increase my Zelle transfer limit with Bank of America?
Zelle limits are generally set by Bank of America based on your account type and transaction history. While there's no direct way for you to manually increase it, some banks may automatically adjust limits for frequent users. For higher limits, consider wire transfers.
How to get help with a transfer issue from Bank of America?
If you encounter any issues with a transfer, contact Bank of America customer service directly via phone (800-432-1000 for Mobile Banking support), through their secure message system in online banking, or by visiting a financial center.