Wire transfers are the quickest way to receive funds in one’s Bank of America account. You can receive funds from either within the United States (Domestic Wire Transfers) or from a different nation (International wire transfer). The payment is initiated by the sender through a banking institution; however, for the money to be transferred successfully, you must provide your banking information to the sender.
Basics of Wire Transfer At Bank of America
1. Obtain the recipient’s bank details
The very first step is to gather the recipient’s wire information. Here’s a list of what you’ll need from the recipient:
- Name of the recipient’s bank, address, and country
- Bank routing code, SWIFT/BIC, or National ID
- The recipient’s bank account number
- An IBAN or country-specific account structure (if this is an international wire transfer)
- Favored currency (choosing between foreign currency and U.S. dollars)
- The reason for sending a wire transfer
2. Log in to your Bank of America online banking account.
- Sign in to Bank of America’s online banking system once you have all of the data you need to make a wire transfer.
- Go to the “Transfers” tab and select “using their account number at another bank.”
- Then, select the “same-day wire transfer” option and follow the on-screen instructions.
3. Make use of the SafePass feature.
Customers who use wire transfers should sign up for Bank of America’s SafePass service. This adds an extra layer of security to wire transfers of more than $1,000 initiated through Bank of America’s online banking portal.
As a way of verifying your identity, the SafePass feature allows you to authorize higher-value transactions with a six-digit code sent through text. There are no additional charges for this service.
International Wire Transfer
International wire transfers are one of the quickest ways to receive funds from other countries. Banks use the SWIFT network to exchange messages required for international wire transfers. To begin the swift transfer, the receiving bank (in the United States) and the sending bank (in another country) must have a direct arrangement in place – this is often called correspondent banking.
The following instructions need to be given to the sender for a successful wire transfer:
|Name of Bank||Bank of America NA|
|BOA SWIFT code for International Transfer||BOFAUS3N – for US dollars or unknown currency|
|BOFAUS6S – for foreign currency (non-USD) denominated wires|
|BOA Routing Transit Number||026009593|
|Receiver Account Number||Bank of America Account Number(with leading zeroes)|
|Receiver Name||The name as it appears on the statement|
Domestic Wire Transfer
Domestic wire transfers are processed using either the Fedwire or the Clearing House Interbank Payments System (CHIPS). Wire transfers are not the same as ACH transfers. Wire transfers are real-time transfers (the recipient usually receives the funds the same day) and are more expensive than ACH transfers (which take 2-4 days for the transfer of money).
The sender will need the following information to initiate the wire transfer:
|Bank Name||Bank of America NA|
|Wire Transfer Routing Number||026009593|
|Account Number||Recipient’s Account number|
|Account Holder Name||Recipient’s Name|
|Bank Address (city and state)||Bank of America, N.A.222 BroadwayNew York, NY 10038(regardless of where your account is located)|
Wire Transfer Fees
- The incoming wire transfer fee is usually between $0 to $15. It may vary based on your account.
- The outgoing wire transfer fee is $35(if the wire is in foreign currency) and $45(if the wire is in US dollars).
- Incoming wire transfer fee differs based on your account but it is typically between $0 and $15.
- The outgoing wire transfer fee is $30 for each transaction.
Aside from wire transfer fees, banks profit from currency conversion by providing retail conversion rates that are typically 1-2 percent lower than market rates.
Wire Transfers can be very conveniently used to send money abroad as well as domestically. The aforementioned details can assist you to make a successful wire transfer, hassle and confusion-free.