We all know that moment: you need to send money, and a wire transfer is the most reliable option. But then you see it – the wire transfer fee. It's enough to make anyone sigh! While Bank of America, like most financial institutions, charges fees for wire transfers, there are indeed ways to potentially get these fees waived or reduced. It's not always a guaranteed home run, but with the right approach, you can significantly increase your chances.
This lengthy guide will walk you through the various avenues to explore when trying to waive your Bank of America wire transfer fees. Let's dive in!
Step 1: Engage and Understand Your Relationship with Bank of America
Before you even think about making a wire transfer, let's understand your current standing with Bank of America. Are you a long-standing customer? Do you have multiple accounts? Are you part of their Preferred Rewards program? The answers to these questions are crucial because they directly impact your eligibility for fee waivers.
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Understanding Your Account Type: Different account types at Bank of America come with varying fee structures and potential benefits. For instance, basic checking accounts might have fewer perks compared to premium accounts.
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Preferred Rewards Program: This is arguably the most impactful factor in waiving fees. Bank of America's Preferred Rewards program offers significant benefits, including wire transfer fee waivers, based on your combined balances in Bank of America deposit accounts and Merrill investment accounts. The higher your tier (Gold, Platinum, Platinum Honors, Diamond, Diamond Honors), the more benefits you receive.
- Gold Tier: Requires a combined balance of $20,000 - $49,999.
- Platinum Tier: Requires a combined balance of $50,000 - $99,999.
- Platinum Honors Tier: Requires a combined balance of $100,000 - $999,999.
- Diamond Tier: Requires a combined balance of $1,000,000 - $9,999,999.
- Diamond Honors Tier: Requires a combined balance of $10,000,000+.
Note: While Preferred Rewards members generally see waived incoming wire transfer fees, the waivers for outgoing wire transfers (domestic and international) vary by tier. Diamond and Diamond Honors tiers typically enjoy more comprehensive waivers.
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Business Accounts: If you have a Bank of America business account, specific benefits and fee waivers may apply, particularly if you are a Preferred Rewards for Business member. For example, Platinum Honors tier members of Preferred Rewards for Business might get waivers on their first few outgoing domestic and international wires per statement cycle.
Step 2: Strategize Your Wire Transfer Type and Currency
Believe it or not, the type of wire transfer you initiate and the currency you send can significantly impact whether a fee is charged.
Sub-heading: Domestic vs. International Wires
- Domestic Wire Transfers: These are transfers within the United States. Bank of America typically charges $30 for outgoing domestic wire transfers and $15 for incoming domestic wire transfers (though incoming fees are often waived for Preferred Rewards members).
- International Wire Transfers: These involve sending money outside the U.S.
- Sending in U.S. Dollars (USD): Bank of America generally charges $45 for outgoing international wire transfers sent in USD.
- Sending in Foreign Currency: This is where a significant opportunity for fee waiver lies! Bank of America does not charge an outbound wire transfer fee if you send an international wire in the recipient's local foreign currency. However, be aware that while there's no transfer fee, exchange rate markups will apply. This means Bank of America makes money on the currency conversion, which is essentially a hidden fee. You need to weigh whether the exchange rate markup is less than the standard $45 USD outgoing international wire fee.
Sub-heading: Considering Alternatives for Cost Savings
While the focus is on waiving wire transfer fees, it's worth considering if a wire transfer is truly necessary. For some transactions, other methods can be significantly cheaper, or even free.
- ACH Transfers (Automated Clearing House): For domestic transfers that aren't time-sensitive, ACH transfers are a much cheaper or often free alternative. They typically take 1-3 business days.
- Zelle: For smaller, person-to-person transfers within the U.S., Zelle is usually free and instant if both parties have Zelle-enabled bank accounts.
- Third-Party Money Transfer Services: Companies like Wise (formerly TransferWise), Xe, or Remitly often offer more competitive exchange rates and lower fees for international transfers compared to traditional banks. While this doesn't waive a Bank of America fee, it can reduce your overall cost.
Step 3: Initiating the Conversation: How to Request a Waiver
Now that you understand your situation and the different types of wires, it's time to talk to Bank of America.
Sub-heading: Contacting Customer Service
- Phone Call: The most direct approach is to call Bank of America's customer service line. Be prepared to explain your reason for the wire transfer and politely inquire about fee waivers.
- In-Person at a Financial Center: Visiting a Bank of America financial center can sometimes be more effective as you can have a face-to-face conversation with a representative who might have more discretion.
- Online Banking/Mobile App: While you can initiate wire transfers online, requesting a fee waiver through these platforms is generally not possible. They are primarily for processing the transaction.
Sub-heading: What to Highlight During Your Request
When you speak to a representative, be sure to mention:
- Your Preferred Rewards Tier (if applicable): "As a Platinum Honors Preferred Rewards member, I was wondering if the fee for this wire transfer could be waived."
- Your Relationship with the Bank: "I've been a loyal customer for X years and have multiple accounts with Bank of America."
- The Nature of the Wire Transfer: Is it a one-off, urgent transfer? Is it for a significant amount? Sometimes, banks are more willing to waive fees for high-value or unusual transactions.
- Any Past Waivers: If you've had fees waived in the past, politely remind them.
- Your Intent to Maintain Balances/Relationship: Implied or explicit, let them know you value your relationship with Bank of America.
Remember to be polite and persistent. A polite request is more likely to be met with a positive response than an aggressive demand. If the first representative says no, you can always ask to speak with a supervisor.
Step 4: Monitor and Confirm
After requesting a waiver, it's essential to follow up.
- Confirm the Waiver: Before the wire transfer is processed, ask the representative to confirm in writing (if possible, or note it down yourself) that the fee will be waived.
- Check Your Statement: Once the transfer is complete, carefully review your bank statement to ensure the fee was indeed waived. If it appears, contact Bank of America immediately to rectify the situation.
- Understand Limitations: Be aware that even with waivers, there might be limits. For instance, Preferred Rewards Diamond tier members get two waivers per statement cycle for outgoing domestic and international wire transfers. Diamond Honors tier members may qualify for unlimited waivers.
10 Related FAQ Questions
Here are some frequently asked questions about Bank of America wire transfers and fee waivers:
How to Check My Bank of America Preferred Rewards Tier?
You can check your Preferred Rewards tier by logging into your Bank of America online banking account or mobile app. Your tier level should be prominently displayed on your account summary.
How to Enroll in Bank of America Preferred Rewards?
You are automatically enrolled in Preferred Rewards if you have an eligible personal checking account with Bank of America and maintain the required combined balance in your Bank of America deposit and/or Merrill investment accounts.
How to Find Bank of America Wire Transfer Fees for My Account?
You can find the most current wire transfer fees specific to your account by reviewing your Personal Schedule of Fees, which is typically available in your online banking documents or by contacting Bank of America customer service.
How to Send an International Wire Transfer in Foreign Currency with Bank of America?
When initiating an international wire transfer through Bank of America's online banking or mobile app, you'll have the option to select the currency for the transfer. Choose the recipient's local foreign currency to potentially avoid the outgoing wire transfer fee.
How to Know if a Wire Transfer Fee is Worth Paying?
Evaluate the urgency and amount of the transfer. If it's a large, time-sensitive transaction, the fee might be worthwhile for the speed and security. For smaller, less urgent transfers, consider cheaper alternatives like ACH or Zelle.
How to Confirm a Wire Transfer was Sent Successfully?
You can confirm the status of your wire transfer through your Bank of America online banking or mobile app in the "Transfers & Payments" section, usually under "Activity" or "Wire Transfer History." You can also contact customer service for an update.
How to Cancel a Bank of America Wire Transfer?
To cancel a wire transfer initiated online or through the mobile app, you typically need to do so quickly after submission. Log in, go to "Pay & Transfer," locate the transaction in "Activity," and select "cancel." Be aware that once processed, a wire transfer is generally irreversible.
How to Avoid Wire Transfer Fees if I'm Not a Preferred Rewards Member?
Even if you're not a Preferred Rewards member, you can try sending international wires in foreign currency (which has no transfer fee, but currency exchange markups apply). You can also politely ask customer service for a one-time fee waiver, especially if you have a significant account balance or long-standing relationship.
How to Use Zelle as an Alternative to Wire Transfers?
To use Zelle, both the sender and recipient need to have Zelle-enabled bank accounts. You can send money directly from your Bank of America app using the recipient's email address or U.S. mobile phone number.
How to Ensure the Recipient Gets the Full Amount of an International Wire Transfer?
When sending an international wire, especially in USD, be aware that intermediary banks and the recipient's bank may deduct their own fees. To minimize this, consider sending in the recipient's local currency if possible, as Bank of America then doesn't charge an outgoing fee, but still be mindful of exchange rate markups.