Last Updated on December, 2024
Transferring money can seem complicated, but with a Bank of America account, it is SUPER EASY. Whether you’re transferring funds domestically or internationally, Bank of America provides options online or in person.
In this guide, we’ll walk you through the process step by step, ensuring you understand how to wire transfer money efficiently and save on fees.
Quick Summary
Bank of America offers multiple options for wire transfers, both domestically and internationally, through online banking or in-person.
To avoid high fees for international wire transfers, consider using a specialized account or service, such as Wise or OFX, or compare fees and exchange rates between banks or services.
Bank of America customers can save on wire transfer fees by using ACH transfers, bundling multiple transfers together, and negotiating with the bank for lower fees if they send a large volume of transfers. However, some customers have expressed dissatisfaction with the bank’s customer service and policies.
Contents
- How to Wire Money With Bank of America?
- How to Avoid International Wire Transfer Fees?
- How to Open an Account?
- Bank of America: Exchange Rates and Wire Transfer Fees
- Alternatives to Bank of America Wire Transfer
- How Long Does a Bank of America Wire Transfer Take?
- How to Receive Money Into a Bank of America Account?
- How to Register for Secured Wire Transfers?
- Bank of America Transfer Limit
- How to Save Money on Wire Transfers?
- Bank of America Customer Service
- Conclusion
- FAQs
How to Wire Money With Bank of America?
Wiring money with Bank of America isn’t a big deal. Here’s how to wire transfer money through Bank of America, either through online banking or in person:
Online:
At a Bank of America Branch:
How to Avoid International Wire Transfer Fees?
Sending money internationally through your regular bank can be costly. They often charge high fees, plus extra costs from intermediaries.
But don’t worry. There are ways to avoid these fees:
When you’re choosing which currency to use for an international wire transfer, think about things like exchange rates and any extra fees. It’s usually best to send money in the same currency your recipient uses.
For example, if your friend is in Spain, send Euros. But sometimes, sending in the recipient’s currency (an unknown currency) can be cheaper. Understood? Bank of America doesn’t charge fees for sending money in a foreign currency.
If you do it online, you might get a better deal on the exchange rate. Plus, exchanging your money upfront can avoid confusion and ensure you know exactly how much you’re sending.
How to Open an Account?
Opening a Bank of America account is pretty easy.
Here’s what you need to do:
That’s it! You’re all set to start banking with Bank of America.
Bank of America: Exchange Rates and Wire Transfer Fees
Wire Transfer Fees
The following table lays out the fees for both domestic and international wire transfers from Bank of America, making it easier to understand better.
| Type of Transfer | International Wire Transfers Fee | Incoming Fee |
| Domestic wire transfers (within the US) | $30 | Varies by account type |
| International (sent in USD) | $45 | Varies by account type |
| International (sent in foreign currency) | No fee | Varies by account structure, exchange rate markups apply |
Exchange Rates
When you send money internationally with Bank of America, they might not charge you a separate fee for the transfer itself. But they’ll still add a little extra onto the exchange rate they use to convert your money into the foreign currency you need.
This extra bit they tack on is called ‘markup’ or ‘margin.’ It’s basically a percentage of your transfer amount rolled into the exchange rate.
So, when you exchange money with Bank of America, the rate they offer might not be as good as what you’d see if you Googled it. That’s because their rate could include not just a markup but also their profits, fees, and other costs.
In short, the rate you get them from Bank of America might not be the best deal out there, so it’s worth checking around for better OPTIONS to avoid paying more than you need to.
Additional Fees
Listen, when you’re sending money internationally through Bank of America, there could be extra fees paid to other companies involved in the process. These fees usually happen because the transfer goes through the Society for Worldwide Interbank Financial Telecommunication (SWIFT network).
Along the way, there are other banks involved that need to be paid. One issue with this is that you might need to know the total cost of your transfer before you send it. Your existing recipient might end up with less money than you expected.
Alternatives to Bank of America Wire Transfer
Wise
Wise offers international money transfers with transparent fees and mid-market transfer rates. Its borderless account is used to hold and manage multiple currencies and local branch details for receiving money in different countries.
Pros
Cons
OFX
OFX specializes in international money transfers for businesses and individuals with competitive transfer rates. It’s designed solutions for businesses and risk management tools like forward contracts and limit orders.
Pros
Cons
Remitly
Remitly focuses on remittances with fast and affordable transfers to various countries. It offers Express and economy transfer options, mobile banking transfers in some regions, and cash pickup locations.
Pros
Cons
Western Union
Western Union offers a wide network of agent locations for cash pickup and various transfer options: cash pickup options worldwide, multiple transfer methods, and a loyalty program for repeat customers.
Pros
Cons
The following is a summary of Bank of America’s fees compared to those of several online payment specialists, such as Wise and OFX.
| Provider | Domestic Wire Transfers (U.S. Fee) | International Transfer Fee | International Transfer Exchange Rate |
| Bank of America | $30 | No upfront fee for payments done in foreign a currency/ currencies $45 will be charged for payments in dollars | Exchange rates include markups, profits, fees, costs, and charges |
| Wise | $4.23 for wire transfer 0.2% variable fee + $0.71 for ACH payment | Low fees, varied by destination | Mid-market exchange rate |
| OFX | Not available | Low fees, varied by destination | Exchange rates include a markup |
How Long Does a Bank of America Wire Transfer Take?
TRUST ME. Transferring money domestically usually happens quickly, but if you’re sending wire transfers internationally through Bank of America, it might take a few days for the funds to reach the recipient’s account.
The time it takes depends on various factors like the currency, countries involved, transfer amount, and how the recipient’s bank processes payments. Bank of America may also label some countries as ‘slow to pay,’ meaning transfers to these places are more likely to be delayed.
Using a specialized service like Wise or OFX can speed up the process. These services bypass the traditional SWIFT, the Federal Reserve Wire Network, and can often move your money faster, with some transfers arriving instantly for popular routes.
How to Receive Money Into a Bank of America Account?
When someone sends you money to your Bank of America account, they’ll need:
If the payment is from another country, more information might be needed, like the Bank of America SWIFT code, the reason for making the transfer, the IBAN or country-specific account structure, and more. But we’ll talk about that later.
Now, when you get a payment, there might be a fee. It depends on your account type and the type of payment. Some accounts, like certain Bank of America advantage accounts and preferred reward accounts, might not charge a fee for domestic wire transfers.
However, for most other accounts, there’s usually a fee of around $15. Check your online banking for all the details. If the payment is from overseas, customers with only some preferred rewards won’t have to pay fees.
For everyone else, there might be a fee, and you can find out how much in your specific account terms and conditions.
How to Register for Secured Wire Transfers?
If you’re using Bank of America and want to make sure your international wire transfers are super safe, they’ve got a suggestion for you. They recommend using SafePass. It’s like an extra shield for your online banking inside the Bank of America website.
To get this extra layer of security, first log in to your account. Then, go to ‘Profile and Settings.’ After that, click on ‘Security settings’ and find ‘Manage SafePass.’ Just follow the instructions there, and you can ensure high security.
Another cool OPTION they have is YubkiKey. It’s like a special key you plug into your computer. When you log in to your account, you use your regular username and password plus this YubiKey. It’s like having a secret code that only you have.
So, even if someone gets your login details, they can’t make transfers without your YubiKey. It adds extra protection.. It’s like having double protection for your account.
Bank of America Transfer Limit
When transferring money through Bank of America, the amount you can send international wires depends on whether you have a regular account or a business account.
If you have a regular account:
If you have a business account:
How to Save Money on Wire Transfers?
To save money on international wire transfers with Bank of America:
Bank of America Customer Service
Customers have voiced dissatisfaction with Bank of America’s customer service, citing several common issues in Trustpilot.
These include long wait times on the phone and in branches, ineffective phone support, perceived lack of support in resolving issues like fraudulent charges or account management problems, unclear communication regarding account changes, and inconvenient policies such as requiring all co-trustees to be present for certain transactions.
These factors contribute to negative perceptions of the bank’s customer service and highlight areas for improvement to enhance customer satisfaction.
Related articles:
Conclusion
In short, wiring money with Bank of America is simple and convenient. Remember to consider factors like fees, exchange rates, and alternative transfer options to maximize your transactions.
With a clear understanding of the process and available choices, you can confidently manage your finances and send money securely wherever it needs to go.
FAQs
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