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.
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I am planning to transfer funds from my Bank of America account into my dollar accounts in the Philippines. Can I do it thru a wire transfer?
Hi Nicole,
Thank you for your comment.
With BOA, yes you can wire money to your USD account in the Philippines. Alternatively, you can check international money transfer services to the Philippines that can send directly to the USD account.
Regards,
Jhezelyn
Hi! I received the receipt of the person who sent me money through BOA. How can I be sure that I will receive the money? Thank you for answering.
Hi Aria,
Thanks for getting in touch with finder. I hope all is well with you. :)
Usually, the official receipt of a money transfer is given to the sender. Did the sender show it to you? If yes and you are sure that it was an official receipt, then you can be sure. Moreover, you can also go to BOA’s website where you can also track and verify money transfer. Just be sure to have your tracking number and other details ready.
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,
Do Bank of America support Nepal for wire transfer?
Hi Samrat,
Thanks for reaching out to finder.
Yes, you can use Bank of America to do an international wire transfer to a bank account in Nepal.
You can see the instructions for sending an international wire above, on this page. To complete an international wire transfer online, you’ll need the following information:
– Recipient bank name, address and country
– Recipient bank’s routing code and recipient’s account number
– SWIFT Code, National ID or IBAN number of the receiving bank
– Purpose for transfer
I hope this helps.
Cheers,
Charisse
If I sent 15,000 USD today, from my BOA to an account in Citibank, how long does it take to receive the funds in my Citibank account?
Hi Andrea,
Thanks for reaching out to finder.
Bank of America domestic wire transfers generally arrive at the recipient bank in one business day. However, please note that for wire transfers made after their daily cut off time – 5pm EST, it will be processed by Bank of America on the next business day.
I hope this helps.
Cheers,
Charisse
Hi, my boyfriend wants to transfer money thru his BOA to my bank account in the Philippines. However, he doesn’t know how to do it. I already gave my bank account details but he said that he can’t transfer money to the other banks. There’s no option for the other banks. What will he do? Thank you.
Hello Minnie,
Thank you for your comment.
According to BOA, to send an international wire transfer, sign in to Online Banking; hover over the Transfers tab, locate the Send money to someone section and select Using their account number at another bank. Before starting, make sure you have all the correct recipient bank details.
In order to complete an international wire transfer online, the following information is needed about the bank receiving the funds:
Recipient bank name, address and country
Recipient bank’s routing code and recipient’s account number
SWIFT Code, National ID or IBAN number of the bank where the receiving account is located
Purpose for transfer
If it’s still an error, please contact BOA support so they can check it for him.
Regards,
Jhezelyn