As an American ex-pat, what is the easiest way to transfer money to friends and family? A Bank of America (BoA) international wire transfer may be the most obvious choice if you are a BoA customer. However, wire transfers are no longer the quickest or cheapest alternative as technology advances. Surprisingly, when sending money overseas, most banks still need a visit to a local bank location.
Bank of America charges a fee for international wire transfers:
Although the procedure of transmitting money with Bank of America is quite simple, how much does it cost? Here’s a rundown of the costs you’ll encounter if you try to transmit money through Bank of America.
- Domestic wire transfer costs are $30 for each outbound transfer conducted through the United States.
- International wire transfer fees are $35 for outgoing wire transfers in foreign currency and $45 for outgoing wire transfers in U.S. dollars.
It’s crucial to consider all the expenses involved when determining whether to transfer foreign money or U.S. dollars. This covers exchange rates, currency availability, and wire transfer costs, among other things. The number of components that make up the final cost of your transfer may surprise you. Your overall cost might include transfer costs, conversion fees, and hidden fees added to the exchange rate if you look closely at the expenses.
What is the time frame for a Bank of America wire transfer?
A domestic Bank of America wire transfer usually takes 1-2 business days to reach the recipient’s bank. International wire transfers might take up to two business days to complete. This schedule is only achievable if the wire transfer is completed before the daily cut-off time. The daily cut-off time for domestic and international wire transfers in U.S. dollars and foreign currency is 5 p.m. E.S.T. Any wire transfer requests received after this time will be processed the next business day by Bank of America.
How to Make a Bank of America Wire Transfer
For Sending Money: Bank of America makes it simple to send money online from your BoA account. This is true for local as well as international wire transactions. From within the BoA web portal, you may send money to your personal account, another person, or even a corporation. You may also schedule an appointment to send a wire transfer at a Bank of America store near you.
- Obtain the wire details for the recipient.
The first step is to get the wire information for the receiver. To transmit money online, you’ll need the following information from the receiver:
- Name, address, and country of the recipient’s bank
- SWIFT/BIC or National ID or a bank routing code
- Number of the recipient’s bank account
- An IBAN (International Bank Account Number) or a country-specific account structure (if this is an international wire transfer)
- Your selected currency (choosing between foreign currency and U.S. dollars)
- Reason for sending a wire transfer
- Log in to your online banking account at Bank of America.
Sign in to Bank of America’s online banking system after you have all the information you need to initiate a wire transfer. First, select the “using their account number at another bank” option under the “Transfers” menu. Then choose “same-day wire transfer” from the drop-down menu and follow the on-screen instructions.
- Make use of the SafePass option.
Customers who use wire transfers should sign up for Bank of America’s SafePass service. This provides an extra degree of protection to wire transactions of more than $1,000 made through Bank of America’s online banking platform. SafePass is a feature that allows you to approve higher-value transactions using a 6-digit number delivered to you through text message to authenticate your identity. There are no additional costs associated with this service.
For Receiving Money: You must submit the following wire transfer instructions to your sender to receive an international money transfer to your Bank of America account:
- Your bank’s name
- SWIFT Code for International Transfers from Bank of America
- Beneficiary Account Number
- Beneficiary Name
- Bank of America Routing Transit Number
To know “Bank of America Deposit Holds and What They Mean” check out this article.