What is the easiest way for an American expat to transfer money to friends and family? If you happen to be a Bank of America customer, the most obvious choice is a Bank of America international wire transfer. However, wire transfers are no longer the quickest or cheapest alternative as technology evolves. Surprisingly, when sending money internationally, most banks still need a visit to a local bank location.
But, Bank of America makes it simple to transmit money online from your BoA bank account. This holds for both domestic and international wire transactions. From the BoA web portal, you can send money to your account, a recipient, or even a business. You can also book an appointment to make a wire transfer in person at a Bank of America location near you.
If you are looking forward to a wire transfer, the following is how you can go about it:
How To Do an Online Wire Transfer
- Get the Recipient’s Bank Details
The first step is to gather wire information from the recipient. Here’s a list of everything you’ll need from the recipient to wire money online.
- Name, address, and country of the recipient’s bank
- Bank of America bank routing number, SWIFT/BIC code, or National ID
- Bank account number of the recipient
- An International Bank Account Number or a country-specific account structure.
- Preferred currency (choosing between foreign currency and U.S. dollars)
- Reason for the wire transfer.
Log in to Bank of America’s Online Banking
- Sign in to Bank of America’s online banking system once you have all of the details you need to make a wire transfer.
- Go to the “Transfers” page and select “using their account number at another bank.”
- Then, select the “same-day wire transfer” option and follow the on-screen instructions.
Set up SafePass
Customers who use wire transfers should sign up for Bank of America’s SafePass service. This adds additional security to wire transfers of more than $1,000 made through Bank of America’s online banking platform. Moreover, to validate your identity, the SafePass function allows you to authorize higher-value transactions with a 6-digit code provided through text message. There are no add-on charges for this service.
How To Do an Offline Wire Transfer
To make an offline transfer from your Bank of America account to an International/Domestic account, you are supposed to complete a Wire Transfer Request Form available at any Bank of America branch.
- Complete all fields on the Wire Transfer form while following the Wire Transfer Instructions.
- Any Bank of America branch can accept the duly completed Wire Transfer form.
- Maintain a copy of the Wire Transfer Declaration for your records.
- Wire transfer applications must be received and confirmed by Bank of America’s cut-off time.
- Sending a wire transfer costs money.
Receiving Wire Transfers
To receive an overseas money transfer to your Bank of America account, please provide the following wire transfer instructions to your sender:
- Name of your Bank- Bank of America
- Bank of America SWIFT Code for Transfer- BOFAUS3N/BOFAUS6S
- Routing Transit Number- 026009593
- Beneficiary Account Number- Your Bank of America account number with leading zeros
- Beneficiary Name- Your name is mentioned in your bank statement.
How Long Does a Wire Transfer Take to Process?
Domestic wire transfers from Bank of America typically arrive at the recipient’s bank within 1-2 business days. However, international wire transfers may take 2-3 business days to process. This timeframe is only achievable if the wire transfer is completed by 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. EST. Any wire transfer requests received after this time will be processed the following business day by Bank of America.
Wire Transfers have become a vital way of sending and receiving money across domestic borders and international ones. Bank of America’s wire transfer services make it easy for you to transfer money both online and offline. This article will help you successfully conduct a wire transfer through Bank of America without being entangled in the usual confusion.