What Is a Wire Transfer Fee?
Customers of Bank of America must pay a fee to send and receive money locally and internationally by wire transfer. A wire transfer from Bank of America, also known as a bank transfer or credit transfer, is a method of 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, using 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 fee waived depending on the type of Bank of America to account you have.
How Much Does a Bank of America Wire Transfer Fee Cost?
Bank of America charges local and international wire transfer fees, varying depending on whether the funds are being sent or received.
Fees for domestic wire transfers
Bank of America charges $15 for each incoming wire transfer and $30 for each outbound wire transfer when moving money within the United States.
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 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 made 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 can save money, Bank of America advises sending international wire transfers to some destinations solely in US dollars. Colombia, Nigeria, Palestine, Panama, Somalia, Timor–Leste, and Venezuela are among these countries.
What Do You Need to Send a Wire Transfer?
To complete a wire transfer through a Bank of America account, you must follow certain security protocols. You must register for Secured Transfer or a USB Security Key; the bank will additionally prompt you to register an additional security key at the time of transfer. Security keys are in place for wire transfers exceeding a specific financial level.
What Is IBAN?
International Bank Account Number (IBAN) is an acronym for International Bank Account Number. It is the international standard for identifying bank accounts by financial institutions. 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 recommends mentioning the IBANs of participating countries when requesting a wire transfer.
How to Avoid a Wire Transfer Fee
First, look into free options:
- Before you hand over money to transfer funds from one location to another, research a less expensive alternative.
- You may send and receive money in real-time and for free with digital payment services like Zelle and Venmo.
- Even if you use an online banking alternative, you should double-check with Bank of America to be sure you aren’t liable for any additional fees.
- Examine the costs and choose the best choice.
- If you need to send money via wire transfer, choosing a bank that charges the lowest fee for such payments may be beneficial. Some banks charge no fees at all, while others charge a little cost. Fidelity, for example, provides free outgoing and incoming local and international wire transfers in US dollars.
How to Use Bank of America to Send a Wire Transfer
You can make a wire transfer domestically or internationally using Bank of America Online Banking or schedule a wire transfer in a local Bank of America branch.
How to Receive a Bank of America Wire Transfer
If you have the following, someone can wire you money domestically or internationally:
- Your account number
- Your routing number for wire transfers
- SWIFT (Swift) Code (for incoming international transfers)
A SWIFT Code is a one-of-a-kind identification code required by some banks to execute safe international wire transactions. International wire senders must provide a SWIFT code of Bank of America. SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication.