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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Hello, I want to use wire transfer to transfer money from BoA to China. I get a BoA checking account and several Chinese bank accounts but all my Chinese bank accounts are regular Chinese RMB checking/saving account (not USD accounts). If I use wire transfer to transfer USD from BoA to my Chinese bank account, will I receive Chinese RMB or USD? How long does the transfer usually take? Thanks.
Hi Eric,
Thanks for reaching out to finder.
Generally, Bank of America international wires arrive at the recipient bank in 2 business days if sent by 5pm ET. Usually, when you transfer USD to your Chinese bank account, it will be automatically converted to your local currency (RMB) if your bank account is not a multi-currency account.
As a Bank of America customer, you have the option to exchange USD to a foreign currency before you initiate the fund transfer. In most instances, if you send your wire in foreign currency, your recipient will receive the funds sooner than sending it in USD.
I hope this helps.
Cheers,
Charisse
Hi, my friend will send me money thru transfer online to my bank account here in the philippines. Am I required to provide my passport details to BofA to process the remittance?
Thank you
Hi Bianca,
Thank you for contacting finder.
No, there is no need for you to provide your passport details but you must give the Sender your Banking Information and Contact Number for him/ her to process the money transfer.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
Hello! I’m from Kazakhstan. just opened an account (business account) on BOA and want to transfer money to my account of BOA from a Kazakhstan bank account. Could you please explain procedure, or give link where can I read? Thank you in advance.
Hi Timur,
Thanks for your inquiry.
If you are sending money from your Kazakhstan bank account to BOA, you’d have to contact your Kazakhstan bank to ask for the process and fees.
Otherwise, to send money from BOA account to Kazakhstan, as it says on our page:
To send an international wire transfer with BofA, you’ll need to first set up a bank account. 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 overseas online or at a local Bank of America branch.
To initiate an international wire transfer online:
Log in to your Bank of America account online.
Hover over the Transfers tab and then locate the Send money to someone section and select Using their account number at another bank.
Enter the details of your transaction — how much you’re sending and your recipient’s banking info.
Your transfer will typically be delivered in two business days to more than 200 countries worldwide.
Take note that you will have to pay a transaction fee when you send an international wire transfer. However, these fees vary depending on whether you are sending a foreign currency or US dollars. You’ll be able to review any fees that apply to your transfer before you complete your transaction.
Hope this helps! For any clarifications, feel free to message us again.
Cheers,
Nikki
How can I send money to Saudi Arabia, what details do I need?
Hi Sajib,
Thanks for your question.
If you are referring to the requirements for wire transfers from Bank of America to your recipient’s bank account in Saudi Arabia, you’ll need your recipient’s full personal and banking information, including their bank’s name and SWIFT code and their routing and account number.
Alternatively, you can check this page money transfer companies, to compare money transfer companies that allow you to send funds to Saudi Arabia. The requirements will depend on how your recipient will receive the money. For instance, if the recipient will pick up the cash, you’ll just need the receiver’s full name as it appears on their government-issued ID and information about their city/province/state and country. If you are sending to a bank account, you’ll need the receiver’s international bank account number (IBAN) and international bank identifier code (BIC), or the receiving country equivalent.
I hope this helps.
Cheers,
Anndy
Hi. I’m from the Philippines .my friend sent me 1000$ to my email address. I received an email from Bank of America but how can i receive it if I’m here in the Philippines?
Hi Linda,
Thanks for getting in touch with finder. I hope all is well with you. :)
The email that you received from Bank of America should come with instructions on how you would be able to receive the money.
Moreover, please note that the money isn’t sent to an email address, but rather the email address is used to send the money to a specific account. An email address can’t hold money for you. For this reason, you need to clarify with your friend how exactly he sent the money. You may also check with Bank of America 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