Sending money via wire transfer can seem like a daunting task, but it's a secure and often necessary way to move funds, especially for large amounts or international transactions. If you're a Bank of America customer, you're in luck – they offer convenient ways to initiate wire transfers both online and through their mobile app.
Ready to send money quickly and securely? Let's dive into how you can successfully navigate the Bank of America wire transfer process!
This comprehensive guide will walk you through every step, from gathering essential information to understanding fees and ensuring your transfer goes smoothly.
Step 1: Determine Your Wire Transfer Type and Gather Information
Before you even log into your Bank of America account, the first crucial step is to understand what kind of wire transfer you need to make and collect all the necessary details. This will save you significant time and prevent potential delays.
Sub-heading: Domestic vs. International Wire Transfer
- Domestic Wire Transfer: This is for sending money to an account within the United States. It's generally faster and requires less information than an international transfer.
- International Wire Transfer: This is for sending money to an account outside of the United States. These transfers involve more parties and require specific international banking codes.
Sub-heading: Essential Information to Collect
Whether domestic or international, you'll need to gather precise details from your recipient. Do not proceed without this information, as even a small error can cause significant delays or even loss of funds.
Tip: Make mental notes as you go.
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For Domestic Wire Transfers:
- Recipient's Full Name: As it appears on their bank account.
- Recipient's Full Address: Including street, city, state, and zip code.
- Recipient's Phone Number: For contact if needed.
- Recipient's Bank Name: The full legal name of their bank.
- Recipient's Bank Address: The full address of their bank.
- Recipient's Bank Account Number: The specific account number where the funds will be deposited.
- Recipient's Bank ABA Routing Number: This is a 9-digit code that identifies the recipient's bank. You can usually find this on a check or by asking the recipient.
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For International Wire Transfers (in addition to the above):
- Recipient's Bank SWIFT/BIC Code: This is an international bank identifier, typically 8 or 11 characters long. It's crucial for international transfers.
- Recipient's International Bank Account Number (IBAN): If applicable for the recipient's country. Not all countries use IBANs, but if they do, it's essential.
- Foreign Currency of Recipient's Bank Account: Knowing if the recipient's account is in their local currency or USD is important for exchange rates.
- Purpose of the Wire Transfer: Banks often require a reason for international transfers for compliance purposes (e.g., "Family Support," "Payment for Goods," "Gift").
How To Wire Transfer Bank Of America |
Step 2: Access Bank of America Online Banking or Mobile App
Once you have all your information meticulously collected, it's time to initiate the transfer. Bank of America provides two convenient digital platforms for this:
Sub-heading: Online Banking via Web Browser
- Log In: Go to the official Bank of America website (bankofamerica.com) and log in to your Online Banking account using your User ID and Passcode.
- Navigate to Pay & Transfer: Once logged in, look for the "Pay & Transfer" tab or section. This is typically located in the main navigation menu.
- Select "Wire" or "Wires/ACH": Within "Pay & Transfer," you should see an option related to "Wire," "Send a Wire Transfer," or "Wires/ACH (U.S. or international)." Click on this to begin the wire transfer process.
Sub-heading: Mobile Banking App
- Open the App: Launch the Bank of America Mobile Banking app on your smartphone or tablet.
- Log In: Enter your User ID and Passcode to log in. You may also use Touch ID or Face ID if enabled.
- Tap "Pay & Transfer": Similar to online banking, locate and tap the "Pay & Transfer" option, usually found at the bottom or top of the app screen.
- Tap "Wire": From the "Pay & Transfer" menu, select "Wire" or "Start a wire."
Step 3: Initiate the Wire Transfer and Add Recipient Details
Now that you're on the wire transfer initiation screen, you'll begin entering the details you gathered in Step 1.
Sub-heading: Selecting Your Account and Transfer Type
- Choose the Sending Account: If you have multiple Bank of America accounts, select the account from which you wish to send the wire transfer. Ensure you have sufficient funds to cover the transfer amount plus any associated fees.
- Select Domestic or International: The system will prompt you to choose between a "United States" (Domestic) transfer or select the specific country for an "International" transfer. Choose accordingly.
Sub-heading: Entering Recipient Information
- Add New Recipient: If you haven't sent money to this recipient before, you'll need to "Add new recipient." Follow the on-screen prompts to input all the collected details:
- Recipient's Full Name
- Recipient's Address
- Recipient's Bank Name and Address
- Recipient's Account Number
- For Domestic: ABA Routing Number
- For International: SWIFT/BIC Code, and IBAN if applicable.
- Review and Save Recipient: Carefully review all the entered recipient details. Accuracy here is paramount. Once confirmed, the system may allow you to save these details for future transfers, which is a great time-saver.
Step 4: Specify Transfer Amount and Currency (for International)
This step involves specifying how much money you want to send and, for international transfers, how you want the currency handled.
Sub-heading: Entering the Amount
- Enter Transfer Amount: Input the exact amount you wish to wire.
- Check Limits: Be aware of Bank of America's wire transfer limits. These can vary based on your account type and whether you are sending domestically or internationally, and if you are using online/mobile vs. in-branch services. For consumer accounts, online international wire transfers may have a limit of $1,000 per transaction, though this can sometimes be extended with enhanced security measures. Private Bank and Merrill account holders may have higher limits. If your transfer exceeds the online limit, you might need to visit a branch.
Sub-heading: Currency for International Transfers
- Choose Currency Option: For international wires, you'll typically have two main options:
- Send in Foreign Currency: This is often the recommended option. Bank of America will convert your USD to the recipient's local currency at their exchange rate. There is typically a $0 outbound wire transfer fee if sent in foreign currency, but a markup is included in the exchange rate. This option ensures the recipient receives the exact amount in their local currency.
- Send in U.S. Dollars (USD): If you choose this, the recipient's bank will perform the currency conversion. There is generally a higher fee (e.g., $45) for outgoing international wires sent in USD. The recipient may also incur additional fees from their bank, and the exchange rate they receive might not be as favorable.
Step 5: Review, Confirm, and Authorize
This is the most critical step where you double-check everything before the transfer is sent.
QuickTip: Every section builds on the last.
Sub-heading: Thorough Review of Details
- Review All Information: Before confirming, you will be presented with a summary of the wire transfer details:
- Sending account
- Recipient's name, address, and bank details (including routing/SWIFT/IBAN)
- Transfer amount
- Currency and exchange rate (for international)
- Applicable fees
- Estimated arrival time
- Check for Accuracy: Read through every single detail carefully. Verify spelling, numbers, and codes. A single incorrect digit can lead to significant problems.
Sub-heading: Security and Authorization
- Enroll in Secured Transfer (if prompted): Bank of America often requires enrollment in "Secured Transfer" for wire transfers, especially for higher amounts. This typically involves verifying your identity with a debit card number, PIN, and a U.S. mobile number or a USB security key. You might receive a text message with an authorization code to complete this enrollment.
- Authorization Code (if applicable): For transfers exceeding a certain amount, you may be prompted to request an Authorization Code sent to your registered mobile number. Enter this code to proceed.
- Agree to Terms and Conditions: Read and accept the terms and conditions for the wire transfer.
- Confirm and Send: Once you are absolutely certain all details are correct and you've completed any security steps, click "Confirm" or "Send" to submit your wire transfer.
Step 6: Confirmation and Tracking
After submitting your wire transfer, you'll receive confirmation.
Sub-heading: Receipt and Notifications
- Remittance Transfer Receipt: You will typically see a remittance transfer receipt screen. It's highly recommended to save or share this receipt for your records.
- Email Confirmation: Bank of America will usually send an email confirmation to your registered email address with the details of your wire transfer.
- Status Updates: For Private Bank accounts, you may receive emails and secure messages with processing status updates, including a final reference number once completed.
Sub-heading: Understanding Processing Times
- Domestic Wire Transfers: Typically process within 1-2 business days. If sent before the cutoff time (generally 5:00 PM Eastern Time on business days), they can often arrive the same day.
- International Wire Transfers: Can take 3-5 business days for the recipient to receive the funds. The exact time frame can vary depending on the destination country, currency, intermediary banks involved, and the recipient's bank's processing times.
Sub-heading: Tracking Your Transfer
While direct real-time tracking like a package delivery isn't usually available for wire transfers, you can typically:
- Check Activity in Online/Mobile Banking: Your wire transfer will show as "Scheduled" or "Processing" in your "Activity" or "Wire activity" section. Once completed, it will reflect as such.
- Contact Bank of America: If you experience significant delays or have concerns, you can contact Bank of America customer service with your transfer details.
Important Considerations and Tips:
- Fees:
- Outgoing Domestic Wire: Typically $30.
- Outgoing International Wire (in foreign currency): Usually $0 (no fee from Bank of America, but exchange rate markups apply).
- Outgoing International Wire (in U.S. Dollars): Typically $45.
- Incoming Domestic/International Wire: May vary by account type, but often around $15.
- Always confirm the latest fees with Bank of America directly.
- Cut-off Times: Bank of America has a strict cut-off time for wire transfers. For both domestic and international wires, the general cut-off time is 5:00 PM Eastern Time on business days. Transfers initiated after this time will be processed on the next business day.
- Security: Be extremely cautious of wire transfer scams. Never send money via wire transfer to someone you don't know or trust, especially if they are pressuring you or asking for personal financial information. Wire transfers are generally irreversible once sent.
- Recipient Verification: If it's your first time sending money to a recipient, consider calling them (using a known, verified phone number) to confirm their banking details before initiating the transfer.
- Large Transfers: For very large sums, especially internationally, Bank of America may require additional verification or documentation. Be prepared for this possibility.
Frequently Asked Questions (FAQs)
How to Check Bank of America Wire Transfer Fees?
You can check Bank of America wire transfer fees by visiting their official website's "Fees" or "Services" section, by logging into your online banking account and initiating a dummy transfer to see the fees, or by calling Bank of America customer service.
How to Find Bank of America's Wire Routing Number for Incoming Transfers?
For domestic incoming wire transfers to Bank of America, the wire routing number is typically 026009593.
Tip: Keep your attention on the main thread.
How to Find Bank of America's SWIFT Code for International Incoming Transfers?
Bank of America's SWIFT code for international transfers depends on the currency: BOFAUS3N for U.S. dollars (USD) or unknown currency, and BOFAUS6S for foreign currency (non-USD) denominated wires.
How to Increase Bank of America Wire Transfer Limits?
Bank of America wire transfer limits can sometimes be increased by enrolling in enhanced security measures (like Secured Transfer with a USB security key) or by upgrading your account to a higher tier (e.g., Private Bank or Merrill accounts). For large transfers, initiating the wire in a branch might also allow for higher limits. Contact Bank of America directly to discuss your options.
How to Cancel a Bank of America Wire Transfer?
Wire transfers are generally immediate and irreversible once processed. However, if you've initiated a consumer international wire transfer online or via mobile, you might be able to cancel it within 30 minutes of submission. Wire transfers sent from small business accounts are often immediately submitted and cannot be canceled. Contact Bank of America immediately if you need to attempt a cancellation.
How to Track a Bank of America Wire Transfer?
You can generally track the status of your Bank of America wire transfer by logging into your Online Banking or Mobile App and checking the "Activity" or "Wire activity" section. For Private Bank accounts, status updates are often provided via email or secure messages.
QuickTip: If you skimmed, go back for detail.
How to Find Out the Cut-Off Times for Bank of America Wire Transfers?
The general cut-off time for both domestic and international wire transfers at Bank of America is 5:00 PM Eastern Time on business days. Transfers initiated after this time will be processed the next business day.
How to Get a Wire Transfer Confirmation from Bank of America?
After submitting a wire transfer, you'll typically see a remittance transfer receipt on screen and receive an email confirmation from Bank of America. You can also view details in your online or mobile banking activity.
How to Send an International Wire Transfer in Foreign Currency to Avoid Fees?
To avoid outgoing wire transfer fees from Bank of America for international transfers, choose the option to "Send in Foreign Currency." While Bank of America won't charge an explicit fee, they will apply an exchange rate markup.
How to Receive a Wire Transfer to My Bank of America Account?
To receive a wire transfer to your Bank of America account, you'll need to provide the sender with: your full name as it appears on your account, your complete Bank of America account number (including leading zeros), Bank of America's name (Bank of America, N.A.), Bank of America's wire routing number (026009593 for domestic), and Bank of America's SWIFT code (BOFAUS3N for USD or BOFAUS6S for foreign currency).