Wire Transfer and The Associated Fee
Customers of Bank of America pay a fee to send and receive money by wire transfer both domestically and abroad. A wire transfer from Bank of America, also known as a bank transfer or credit transfer, is electronically moving payments from one bank account to another. Wire transfers are made between Bank of America and SWIFT, the Federal Reserve Wire Network, or the Clearing House Interbank Payments System, utilising secure financial transfer services. Incoming and outgoing transactions have different costs, depending on whether they are domestic or international wire transfers. You may be able to get this charge waived depending on the type of Bank of America account you have.
Wire transfers: What are the requirements?
You must follow specific security protocols to conduct a wire transfer through a Bank of America account. You must register for Secured Transfer or a USB Security Key; the bank will additionally urge you to register an extra security key at the time of transfer. For wire transactions exceeding a specific financial level, security keys are in place.
How to Use Bank of America to Send a Wire Transfer
You may make a wire transfer domestically or internationally using Bank of America Online Banking, or you can schedule a wire transfer in a local Bank of America branch.
What Exactly Is IBAN?
The acronym IBAN refers to the International Bank Account Number. It is the worldwide standard for identifying bank accounts by financial organisations. Because the United States does not participate in IBAN, Bank of America does not have an IBAN.
When conducting an international money transfer to a bank account outside of the United States, however, Bank of America suggests mentioning the IBANs of eligible countries when requesting a wire transfer. Contact the bank directly to receive an IBAN from an international receiving bank.
What Is a Remittance Transfer and How Does It Work?
According to the banking organisation, a remittance transfer is a sort of international wire transfer made by a Bank of America client to someone in another country for personal, family, or household needs. Remittance transactions through Bank of America are likely to incur costs, much as ordinary wire transfers. Before you complete the transfer, the bank is obligated by law to tell you of the fees you will pay from both Bank of America and the recipient bank.
How Much Does a Bank of America Wire Transfer Cost?
Bank of America charges local and international wire transfer fees, which vary depending on whether the money is being sent or received.
Fees for domestic wire transfers
Bank of America charges $15 for each incoming wire transfer and $30 for each departing wire transfer when sending money domestically.
Fees for international wire transfers
Each incoming international wire transfer costs $16 at Bank of America. Bank of America charges a varying fee for outbound international wire transfers depending on whether the money is sent in a foreign currency or in US dollars. Bank of America imposes a $35 fee for sending an international wire transfer in a foreign currency. Bank of America imposes a $45 fee for sending an overseas wire transfer in US currency. International transfers conducted in US dollars will incur a higher cost since Bank of America must convert the funds into foreign currency before sending them to their final destination.
International wire transfers in foreign currencies are an exception.
While sending most wire transfers in a foreign currency might save money, Bank of America advises sending international wire transfers to specific destinations solely in US dollars. Colombia, Nigeria, Palestine, Panama, Somalia, Timor–Leste, and Venezuela are among them.
How long does it take to transfer wires?
If you’re moving money from your account, the debit will appear on your account on the day of the transfer. The cash will also be sent instantly by Bank of America. The money should arrive at the receiving bank in 1–2 days, and the wire transfer receiver should have access to the funds in 2 days. Some reasons, such as local holidays or delays, might cause the wire transfer process to be delayed.
International wire transfers through Bank of America may be subject to a foreign transaction fee. Your bank (the sender of the wire transfer) may charge you a fee to convert your funds to foreign currency automatically. If your bank does not convert your money instantly, the foreign bank may impose an interbank or mid-market exchange rate, which you will be required to pay.