Want to send money from your Bank of America account to another bank, perhaps to a friend, family member, or even your own account at a different institution? You've come to the right place! This comprehensive guide will walk you through every step of the process, ensuring a smooth and successful transfer.
Step 1: Get Ready! Gathering Your Essentials
Before you even log in, let's make sure you have all the necessary information at your fingertips. Trust me, having these details ready will save you a lot of time and potential frustration.
A. Recipient's Information - The More, The Merrier!
- Full Legal Name of Recipient: This needs to match the name on their bank account exactly.
- Recipient's Bank Name: The full name of the bank they use (e.g., "Chase Bank," "Wells Fargo").
- Recipient's Bank Account Number: This is the specific account number where the money will be deposited.
- Recipient's Bank Routing Number (for Domestic US Transfers): This 9-digit number identifies the recipient's bank within the U.S. You can usually find this on a check or by asking the recipient.
- Recipient's Bank SWIFT/BIC Code (for International Transfers): This is an international bank identifier code (8 or 11 characters) used for international money transfers. Your recipient will need to provide this.
- Recipient's Bank Address (for International Transfers): The physical address of the recipient's bank.
- Recipient's Account Type: Is it a checking account, savings account, or something else?
- Optional but Recommended: Recipient's address and phone number, especially for international transfers. This can help resolve any issues quickly.
B. Your Bank of America Login Credentials
- Online Banking User ID and Passcode: You'll need these to access your account online or via the mobile app.
- Debit Card Number and PIN (if not enrolled in Secured Transfer): Bank of America may require this for identity verification, especially for new transfers or larger amounts, if you haven't set up "Secured Transfer."
C. Decide on Your Transfer Method
Bank of America offers a few ways to send money to another bank. The best method depends on how much you're sending, how fast it needs to arrive, and whether it's a domestic or international transfer.
- ACH Transfer (Automated Clearing House): This is generally free or has very low fees for domestic transfers. It's great for regular payments and usually takes 1-3 business days.
- Wire Transfer: Faster, especially for larger amounts, but comes with higher fees. It's suitable for urgent transfers, both domestic and international.
- Zelle®: Ideal for smaller, quick transfers to people you know and trust. It's often free and the money usually arrives in minutes. Both sender and receiver need to be enrolled in Zelle through their respective banks.
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| How Transfer Money From Bank Of America To Another Bank |
Step 2: Accessing Your Bank of America Account
Now that you're prepared, let's get into your Bank of America account.
A. Online Banking (Desktop/Laptop)
- Open your web browser and go to the official Bank of America website (bankofamerica.com).
- Log in using your User ID and Passcode.
B. Mobile Banking App
- Open the Bank of America Mobile Banking app on your smartphone or tablet.
- Log in using your User ID and Passcode, or biometric authentication (fingerprint, face ID) if enabled.
Step 3: Initiating Your Transfer – Step-by-Step for Each Method
The steps will vary slightly depending on the transfer method you choose. Let's break it down.
QuickTip: Highlight useful points as you read.
Method 1: ACH Transfer (For Domestic US Transfers)
This is often the most cost-effective way to send money within the U.S.
- Navigate to "Pay & Transfer": Once logged in, look for a section or menu option usually labeled "Pay & Transfer," "Transfers," or "Send Money."
- Select "External Accounts" or "To another bank (outside Bank of America)": You might see an option like "Manage external accounts" or "Add account" if you haven't linked the recipient's bank before.
- Add a New Recipient/Account:
- You'll be prompted to enter the recipient's bank details: Recipient's Full Name, Bank Name, Bank Routing Number, and Account Number.
- Carefully double-check all the information you enter. Even a single digit error can send your money to the wrong place!
- You might be asked to verify your identity (e.g., via a text message code or debit card details) to add a new recipient.
- Confirm and Link: Once you've entered the details, the system will often perform a small verification. This might involve two small deposits (a few cents) into the recipient's account, which you'll need to confirm back on Bank of America's website within a few days. This helps ensure you've linked to the correct account.
- Make the Transfer:
- Once the external account is linked (or if it was already linked), select "Transfer" or "Send Money."
- Choose your Bank of America account as the "From" account and the newly added external account as the "To" account.
- Enter the amount you wish to transfer.
- Select the frequency (one-time, recurring).
- Choose the date you want the transfer to occur.
- Add an optional description for your records.
- Review and Confirm: A summary of your transfer will be displayed. Review every detail one last time – the recipient, amount, and accounts.
- Submit Transfer: Click "Confirm" or "Submit." You'll usually receive an email confirmation.
Method 2: Wire Transfer (Domestic & International)
Wire transfers are faster but involve higher fees.
- Navigate to "Pay & Transfer": Similar to ACH, find the "Pay & Transfer" section.
- Select "Wire/ACH": Bank of America typically groups wire and ACH transfers under one section.
- Choose "Wire Transfer": You'll usually have the option to select "Domestic Wire" or "International Wire."
- Add a New Recipient/Account (if applicable):
- For Domestic Wires: You'll need the recipient's full name, address, bank name, bank routing number, and account number.
- For International Wires: You'll need the recipient's full name, address, bank name, bank address, SWIFT/BIC code, and account number/IBAN. You'll also specify the currency of the transfer.
- Identity Verification: Be prepared for more robust identity verification for wire transfers, especially international ones. This might involve enrolling in "Secured Transfer" which uses your mobile number to send authorization codes.
- Enter Transfer Details:
- Select your "From" account.
- Select the "To" recipient (the one you just added or an existing one).
- Enter the amount you want to send.
- Specify the purpose of the transfer (e.g., "Family support," "Purchase of goods"). This is often mandatory for international wires.
- Add any optional instructions for the recipient's bank.
- Review Fees and Exchange Rates (for International Wires): Pay close attention to any displayed fees and the exchange rate if you're sending in a foreign currency. Bank of America typically has a $30 fee for outgoing domestic wires and $45 for outgoing international wires in USD. However, there may be no outbound wire transfer fee if sent in foreign currency, but exchange rate markups will apply.
- Confirm and Submit: Review all information meticulously. Once you're sure, confirm the transfer. You may receive an authorization code via text to complete the transaction.
Method 3: Zelle® (For Domestic US Transfers)
Zelle is excellent for quick, small-to-medium transfers to people enrolled in Zelle.
- Navigate to "Pay & Transfer": Find the "Pay & Transfer" section.
- Select "Send Money with Zelle": This will take you to the Zelle interface.
- Choose or Add Recipient:
- If you've sent money to them before, select them from your Zelle contacts.
- If they're a new recipient, you'll need their U.S. mobile number or email address that is linked to their Zelle account.
- Important: Only send money to people you know and trust. Zelle payments are like cash and generally cannot be reversed.
- Enter Amount: Input the amount you wish to send. Be aware of Bank of America's Zelle daily and monthly limits (e.g., typically up to $3,500 daily for personal accounts, $20,000 monthly).
- Add a Memo (Optional): You can add a short note about the payment.
- Review and Send: Confirm the recipient and amount. The money typically arrives in minutes if the recipient is already enrolled.
Step 4: Confirming Your Transfer
After submitting your transfer, you'll usually see a confirmation screen.
QuickTip: Break reading into digestible chunks.
- Confirmation Number: Note this down for your records.
- Email Confirmation: Bank of America typically sends an email confirming the transfer.
- Transfer Activity: You can usually check the status of your transfer in the "Activity" or "History" section of your online banking or mobile app.
Important Considerations and Best Practices
- Double-Check Everything: Seriously, I cannot stress this enough. Routing numbers, account numbers, names, and amounts. A small error can lead to significant delays or even losing your money.
- Fees: Be aware of any fees associated with your chosen transfer method.
- ACH: Often free or low fee.
- Domestic Wire: Around $30.
- International Wire: Around $45 (USD) or potentially no fee with exchange rate markup (foreign currency).
- Limits: Bank of America has limits on how much you can transfer per day or per month, especially for Zelle and sometimes for wire transfers. Check your specific account's limits. For example, for wire transfers, Bank of America's stated limits can be around $1,000 for both domestic and international outbound transfers, though some users report higher limits based on account history or type. For Zelle, it's typically up to $3,500 daily and $20,000 monthly for personal accounts.
- Cut-off Times: Transfers have daily cut-off times (e.g., 5:00 PM ET for wires). If you initiate a transfer after the cut-off time, it will be processed on the next business day.
- Processing Time:
- Zelle: Usually within minutes.
- ACH: 1-3 business days.
- Domestic Wire: Same business day if sent before the cut-off time.
- International Wire: 1-5 business days, depending on the destination country and intermediary banks.
- Security: Bank of America employs various security measures, including multi-factor authentication (like Secured Transfer). Always be wary of scams. Bank of America will never ask you for your passwords or authorization codes over the phone or via unsolicited emails/texts.
- Communicate with Recipient: Inform the recipient when you've sent the money and which method you used, especially for international transfers, so they know when to expect it.
Frequently Asked Questions (FAQs)
Here are 10 common questions related to transferring money from Bank of America to another bank, with quick answers:
How to find Bank of America's routing number for incoming transfers? Your Bank of America routing number for incoming domestic wire transfers is 026009593. For international wires, the SWIFT/BIC code will vary based on the currency: BOFAUS3N for USD or unknown currency, and BOFAUS6S for foreign currency.
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How to avoid fees when transferring money from Bank of America? Consider using ACH transfers for domestic transfers, as they are often free. For international transfers, sending in the recipient's local foreign currency can sometimes waive the Bank of America outbound wire transfer fee, though exchange rate markups will still apply. Zelle is also free for most users.
How to increase my Bank of America transfer limit? Transfer limits, especially for Zelle and sometimes wires, are often set by the bank based on your account history and type. You typically cannot manually increase them instantly. For very large transfers beyond online limits, you may need to visit a branch or contact customer service to arrange a special transfer, possibly as a business wire.
Tip: Keep your attention on the main thread.
How to transfer money internationally from Bank of America? Log into Online Banking or the Mobile App, go to "Pay & Transfer," select "Wire/ACH," then choose "International Wire." You'll need the recipient's bank name, address, SWIFT/BIC code, account number/IBAN, and the purpose of the transfer.
How to track a money transfer from Bank of America? After initiating a transfer, you'll usually receive a confirmation number. You can often track the status of your transfer in the "Activity" or "History" section within your Bank of America Online Banking or Mobile App. For wire transfers, you might be able to inquire with customer service using the confirmation number.
How to cancel a money transfer from Bank of America? ACH and Zelle transfers, once initiated, are often difficult or impossible to cancel, especially if the funds have already been processed or received. Wire transfers, if caught before processing, might be cancellable by contacting Bank of America customer service immediately. Always verify the details carefully before submitting.
How to use Zelle with Bank of America? Log into your Bank of America Online Banking or Mobile App, go to "Pay & Transfer," and select "Send Money with Zelle." You can then send money to recipients using their U.S. mobile number or email address, provided they are also enrolled in Zelle through their bank.
Tip: Don’t skim — absorb.
How to send money from Bank of America without a routing number? For domestic transfers, a routing number is generally required for ACH and wire transfers. For Zelle, you only need the recipient's U.S. mobile number or email address. For international transfers, a SWIFT/BIC code and sometimes an IBAN are required instead of a routing number.
How to tell if my Bank of America transfer went through? You will typically receive an email confirmation from Bank of America once the transfer is successfully submitted. You can also check your "Transfer Activity" or "Transaction History" within your online banking or mobile app to see the status of your transfer.
How to receive money into my Bank of America account from another bank? Provide the sender with your full Bank of America account name, your complete Bank of America account number (including leading zeros), and the appropriate Bank of America routing number (026009593 for domestic) or SWIFT/BIC code (BOFAUS3N for USD, BOFAUS6S for foreign currency international) and Bank of America's address for wire transfers.
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