Bank of America supports international wire transfers to more than 200 countries in over 140 currencies. As the second-largest banking institution in the US, it caters to more countries than US banking giant Chase Bank. While you can rely on a secure and convenient process with Bank of America, watch out for higher fees and exchange rates compared to independent money transfer services like OFX or Wise.
Although fees may differ based on your type of account, receiving a domestic wire transfer costs $15 and sending an international transfer costs $45. Typical wire transfer fees at Bank of America are:
| Domestic | International | |
|---|---|---|
| Incoming fee | $15 | $16 |
| Outgoing fee | $30 | $45 |
| Tracer fee (optional) | $25 | $25 |
If you send an outgoing transaction in a foreign currency, Bank of America will waive the wire transfer fee and instead add margin onto the currency exchange for your transfer.
While Bank of America doesn’t reveal its exchange rates online, they will show you the rate that applies to your transaction before you confirm the transfer’s details. You’ll get a better exchange rate from a money transfer specialist, so look for alternatives to save money on your transfer.
It’s also worth keeping in mind that Bank of America’s wire transfer service adds a 5% to 7% margin on top of the mid-market rate for international transfers. Therefore, it is best to compare the displayed rate on Bank of America with the current interbank rate to work out the exact size of the margin.
Bank of America offers international wire transfers directly to your recipient’s bank account in more than 200 countries. If you don’t want to send a wire transfer, you also have the option of obtaining an international money order and then mailing it to your recipient overseas.
Bank of America’s transfer limit varies on whether you are sending money through a consumer or business account.
| Transfer type | Sending limits | Receiving Limits |
|---|---|---|
| International Wire Transfer | $1,000 (per 24 hours) | N/A |
| Same Business Day Domestic | $1,000 (per 24 hours) | N/A |
| Next Business Day ACH | $1,000 (per 24 hours) | $10,000 (per 24 hours), $50,000 (monthly) |
| Three Business Day ACH | $1,000 (per 24 hours) | $10,000 (per 24 hours), $50,000 (monthly) |
| Transfer type | Sending limits | Receiving limits |
|---|---|---|
| International Wire Transfer | $5,000 (per 24 hours) | N/A |
| Same Business Day Domestic | $5,000 (per 24 hours) | N/A |
| Next Business Day ACH | $5,000 (per 24 hours) | N/A |
| Three Business Day ACH | $5,000 (per 24 hours) | N/A |
A domestic wire transfer sent with Bank of America usually lands in the recipient’s account within 1-2 business days. For an international wire transfer, 2-3 business days is the norm. But you must make the daily cut off time for wire transfers, which is 5 pm ET for both domestic and international wire transfers in either US dollars or foreign currency. Any wire transfer made after this time will be processed the next business day by Bank of America.
Transfers typically take
You’ll need a Bank of America bank account to send an international or domestic wire transfer with Bank of America. You can quickly and easily sign up for an account online with your Social Security Number, contact information and residential address.
Once you have an account, you can send a wire transfer online or at a local Bank of America branch.
To initiate an international wire transfer online:
Bank of America is the second-largest banking institution in the US and the seventh-largest bank in the world. It is regarded as one of the world’s leading financial institutions and has a long history of providing financial solutions to millions of customers.
If you want to see how Bank of America compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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If i make a 14k ringgit malaysia transaction from USA to Malaysia account, do the account owner in malaysia have to pay any fee?
Hi Ummu,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Generally speaking, the receiver or the account owner does not have to pay any fees. Bank of America charges the one who is sending the money and not the one who is receiving the money.
Of course, there might be some fees that the receiver should pay depending on the local rules and regulations in Malaysia when it comes to receiving money. For this reason, it would be a good idea to directly get in touch with your provider to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Can I recive money from Barbados and how much can I recive up to how much I can receive
Hi Richard,
Thanks for getting in touch.
You can definitely receive money from Barbados to your Bank of America account. Transfer costs are shouldered by the sender so the recipient doesn’t bear any costs.
How much you can receive depends on the limits set by the sender bank or money transfer service provider as well as the sender country’s restrictions. You may contact your sender to know what transfer limits apply and how much it is.
If you will be receiving a large money transfer into the US, please note that banks are required by law to report any foreign transactions greater than $10,000 so you will need to report the transfer to IRS.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
What is needed to receive money into my BOA from abroad in addition to my account and routing no? is there any fee associated with the transfer?
Hi Abeya,
Thanks for getting in touch with Finder. I hope all is well with you. :)
In most cases, it is the sender who pays the fees. Your sender should use your account details when sending the money to ensure that you will receive the money. Once the money is on your account, you should be able to see the fund. Since it is directly sent to your bank account, it automatically goes to your account and you don’t need to present any routing number.
Feel free as well to confirm with BoA to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi, is there any fee for a BoA account holder to send funds to Singapore, like activation or clearance fee?
Hi Scar,
Thank you for reaching out to Finder.
Please see the BOA fees associated with sending money internationally below:
Outbound international wire sent in foreign currency $35
Outbound international wire sent in U.S. dollars $45
You may also need to speak with the receiving bank if there are associated fees towards receiving funds internationally. Hope this helps!
Cheers,
Reggie
Can I check with you if a BOA account holder in Texas wishes to transfer money to Malaysia bank, are there any charges to the recipient?
Hello Annie,
Thank you for your comment.
The fee depends on the Malaysian bank you’re sending money to. To be sure, you may want to contact your recipient’s bank and ask about receiving fees.
Regards,
Jhezelyn