Want to send money quickly and securely? A wire transfer might be your best bet! Bank of America offers a convenient online platform to initiate both domestic and international wire transfers, saving you a trip to the branch. This comprehensive guide will walk you through every step, ensuring a smooth and successful transaction.
Getting Started: What You'll Need
Before you even log in, gather all the necessary information for your wire transfer. Having everything ready will streamline the process significantly.
- Your Bank of America Online Banking credentials: Username and password.
- Recipient's Full Name and Address: This is crucial for verifying the recipient.
- Recipient's Bank Name and Address: The full legal name of their bank and its physical address.
- Recipient's Account Number: The exact account number where the funds will be deposited.
- For Domestic Transfers (within the U.S.):
- Recipient's Bank's Wire Routing Number (ABA): This is a 9-digit code specific to the receiving bank for wire transfers. Do not confuse it with the ACH routing number.
- For International Transfers:
- Recipient's Bank's SWIFT/BIC Code: This is an international bank identifier, typically 8 or 11 characters long.
- Recipient's IBAN (International Bank Account Number) or country-specific account structure: Many countries use IBANs; others might have their own unique account formats (e.g., CLABE for Mexico, IFSC for India). Confirm with your recipient which is required.
- Purpose of the Wire Transfer: Banks often require you to state the reason for an international transfer (e.g., "Family Support," "Payment for Goods," "Investment").
- Currency of the Recipient's Account: You'll need to specify if you're sending in USD or a foreign currency. Sending in the recipient's local currency can sometimes avoid additional fees for currency conversion on their end, though exchange rate markups may apply on Bank of America's side.
Tip: Always double-check all recipient details with the recipient directly to avoid errors and potential delays or loss of funds.
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| How To Wire Transfer Bank Of America Online |
Step 1: Log In to Bank of America Online Banking
First things first, let's get you logged in!
- 1.1 Access the Platform: Open your web browser and go to the official Bank of America website (bankofamerica.com).
- 1.2 Enter Your Credentials: Locate the "Log In" section, usually in the top right corner. Enter your Online ID and Passcode and click "Log In."
- 1.3 Mobile App Alternative: If you prefer using your mobile device, open the Bank of America Mobile Banking app and log in using your touch ID, face ID, or credentials. The steps below are generally similar for both online banking and the mobile app.
Step 2: Navigate to the Wire Transfer Section
Once you're logged in, you'll need to find where to initiate a wire transfer.
QuickTip: A slow read reveals hidden insights.
- 2.1 Locate "Pay & Transfer": On the main dashboard, look for a menu option labeled "Pay & Transfer" or "Transfers & Payments." Click on it.
- 2.2 Select "Wire": Within the "Pay & Transfer" section, you'll see various options. Look for and select "Wire" or "Send a Wire Transfer." You may also see "Wires/ACH (U.S. or international)" if using online banking.
- 2.3 Start a New Wire: If prompted, click on "Start a wire" to begin the process.
Step 3: Choose Your Transfer Type (Domestic or International)
Bank of America will ask you to specify the type of wire transfer you intend to make.
- 3.1 Select Destination: You'll be asked to select the country where the recipient's bank account is located.
- For transfers within the United States (including U.S. territories), choose "United States."
- For transfers to a bank outside the U.S., select the relevant country from the dropdown list.
- 3.2 Click "Next": After making your selection, click "Next" to proceed.
Step 4: Add Your Recipient (New or Existing)
This is a critical step where you input the details of who you're sending money to.
- 4.1 New Recipient:
- If you're sending money to this recipient for the first time, select "Add new recipient."
- You will then be prompted to enter all the recipient's information you gathered earlier, including:
- Recipient Name (Full Legal Name)
- Recipient Address
- Recipient Account Type (e.g., Checking, Savings)
- Recipient's Bank Name
- Recipient's Account Number
- For Domestic: Wire Routing Number
- For International: SWIFT/BIC Code, IBAN/Country-Specific Account Structure
- For International: Purpose of Wire Transfer
- For International: Currency of Recipient's Account
- Carefully review all details before proceeding. Even a small typo can cause significant delays or issues.
- Click "Add" or "Next" once all details are entered.
- 4.2 Existing Recipient:
- If you've previously sent a wire transfer to this individual or business, simply select them from your list of existing recipients. This will pre-fill their information, saving you time. Still, it's a good practice to quickly verify the details.
Step 5: Choose Your "Wire From" Account and Enter Amount
Now, specify which of your Bank of America accounts you want to send the money from and how much.
- 5.1 Select Your Account: If you have multiple Bank of America accounts, select the checking or savings account from which you wish to send the wire.
- 5.2 Enter Amount: Input the exact amount you wish to transfer.
- For international transfers, you'll often have the option to enter the amount in USD or the recipient's local currency. If you choose the local currency, Bank of America will display the converted USD amount based on their exchange rate.
- 5.3 Review Fees: Before proceeding, you'll typically see a summary including the wire transfer fee.
- Domestic Wire Transfer Fee: Usually around $30.
- International Wire Transfer Fee (in USD): Typically around $45.
- International Wire Transfer Fee (in Foreign Currency): Often no outbound wire transfer fee is charged, but Bank of America includes a markup in their exchange rate.
- 5.4 Add Optional Notes: You may have an option to add notes for the recipient's bank, which can be helpful for reconciliation.
- 5.5 Click "Next": Proceed to the next screen.
Step 6: Enroll in Secured Transfer (If Required)
For security purposes, especially for higher value transfers, Bank of America may require you to enroll in or use their "Secured Transfer" feature.
QuickTip: Skim the first line of each paragraph.
- 6.1 Enrollment Prompt: If you haven't enrolled yet, you'll be prompted to do so. This usually involves:
- Adding your U.S. mobile number.
- Receiving an authorization code via text message.
- Entering the authorization code and your ATM/debit card details (card number and PIN) to complete enrollment.
- 6.2 Authorization Code for Existing Users: If you're already enrolled and your transfer exceeds a certain amount, you may be prompted to request and enter an authorization code sent to your registered mobile number.
- Security Tip: Never share this authorization code with anyone, including individuals claiming to be from Bank of America. Bank of America will never ask you for this code over the phone or email.
Step 7: Review and Authorize Your Wire Transfer
This is your final chance to review all the details before the transfer is submitted.
- 7.1 Thorough Review: Carefully examine every single detail displayed on the review screen:
- Recipient's name, address, and account information.
- Bank routing/SWIFT code.
- Transfer amount and currency.
- Wire transfer fee.
- Your "wire from" account.
- Any notes or purpose of transfer.
- 7.2 Edit if Necessary: If you spot any errors, click "Edit" (usually at the bottom of the screen) to go back and correct them. Once submitted, wire transfers are extremely difficult, if not impossible, to recall.
- 7.3 Authorize Payment: After confirming all details are accurate, you will typically need to check a box or tap a circle to authorize the payment, confirming you agree to the terms and that the information is correct.
- 7.4 Send: Click "Send" or "Submit" to finalize your wire transfer request.
Step 8: Confirmation and Tracking
Congratulations! Your wire transfer request has been submitted.
- 8.1 Confirmation Screen: You will see a confirmation screen indicating that your wire transfer has been submitted.
- 8.2 Receipt: You may have the option to "Share" or "Save" a digital receipt for your records.
- 8.3 Email Confirmation: Bank of America will usually send an email confirmation to your registered email address.
- 8.4 Activity Screen: You can often view the status and details of your wire transfer in the "Activity" section of your online banking or mobile app.
Important Considerations:
- Cut-off Times: Wire transfers have daily cut-off times.
- Domestic Wire Transfers: Typically processed the same business day if sent before 5:00 PM ET.
- International Wire Transfers: Also usually have a cut-off time of 5:00 PM ET for same-day processing.
- Any transfers initiated after the cut-off time will be processed on the next business day.
- Processing Times:
- Domestic Wire Transfers: Generally received the same business day if sent before the cut-off time.
- International Wire Transfers: Can take 1-5 business days depending on the recipient's country, intermediary banks, and the time of submission. Funds are typically credited within one to two business days.
- Limits: Bank of America imposes limits on online wire transfers for security. These limits can vary by account type and whether it's domestic or international. For personal accounts, online international transfers might be capped around $1,000 per transfer. Business accounts often have higher limits. For larger amounts, you might need to visit a branch.
- Security Warnings: Bank of America will display scam reminders. Always read these warnings carefully. If someone is pressuring you to ignore warnings or send money quickly, it's a major red flag for a scam. Be especially wary of requests to wire money to individuals you don't know well or for unexpected situations.
10 Related FAQ Questions
Here are some frequently asked questions about Bank of America online wire transfers:
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How to find my Bank of America wire routing number? You can find your Bank of America's wire routing number (026009593 for domestic wires) by logging into your online banking, selecting your desired account, and looking under the "Information & Services" tab, or by contacting customer service.
Tip: Highlight what feels important.
How to check the status of a Bank of America wire transfer? After initiating a wire transfer online, you can typically check its status in the "Activity" section or "Wire Transfer History" within your Bank of America Online Banking or Mobile App.
How to cancel a Bank of America wire transfer? Domestic wire transfers are typically submitted for processing immediately and generally cannot be canceled once submitted. International wire transfers initiated from consumer accounts may be canceled within 30 minutes of submission on the activity screen. After that, cancellation is often not possible.
How to increase my Bank of America online wire transfer limit? Online wire transfer limits are often set for security reasons. To send an amount exceeding your online limit, you may need to contact Bank of America customer service or visit a local branch.
How to send an international wire transfer in a foreign currency with Bank of America? When initiating an international wire transfer online, Bank of America often provides an option to select the currency for the transfer. Choose the foreign currency matching the recipient's account. While there might be no direct transfer fee, exchange rate markups will apply.
Tip: Keep the flow, don’t jump randomly.
How to receive an international wire transfer to my Bank of America account? To receive an international wire transfer, you'll need to provide the sender with your full name, Bank of America account number, Bank of America's SWIFT/BIC code (BOFAUS3N for USD/unknown currency, BOFAUS6S for foreign currency), and Bank of America's address (222 Broadway, New York, NY 10038 for USD; 555 California St., San Francisco, CA 94104 for foreign currency).
How to ensure my wire transfer is secure with Bank of America? Bank of America uses features like "Secured Transfer" and authorization codes for higher-value transfers. Always ensure you are on the official Bank of America website or app, never share your login credentials or authorization codes, and be extremely cautious of unsolicited requests for wire transfers, especially from unknown parties.
How to get a receipt for my Bank of America wire transfer? After successfully submitting a wire transfer online, you'll usually see a confirmation screen with an option to "Share" or "Save" a digital receipt. You'll also typically receive an email confirmation.
How to find Bank of America's SWIFT code for international transfers? Bank of America has two main SWIFT codes for international transfers: BOFAUS3N (for USD payments or unknown currency) and BOFAUS6S (for non-USD/foreign currency payments).
How to contact Bank of America for wire transfer assistance? If you have questions or need assistance with your wire transfer, you can contact Bank of America customer service through the phone number listed on their website, or schedule an appointment to visit a local branch.
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