What’s the best way to send money to friends and family as an American emigrant? If you are a client of Bank of America (BoA), the most obvious solution could be a Bank of America international wire transfer.
But with technology changing and evolving, wire transfers aren’t the fastest or cheapest options anymore.
Surprisingly, most bank still require a visit to a local bank branch when wiring money internationally.
This is where TransferWise can help streamline this process. TransferWise is cheap, fast and a secure alternative to sending an international wire transfer with Bank of America. However, if you still want to wire money online with Bank of America, here’s how to get started.
Bank of America makes it easy to wire money online right inside your BoA bank account. And this applies to both domestic and international wire transfers. You can choose to send money to your own account, another recipient or even a business, all from within the BoA online portal. You can also make an appointment to send a wire transfer in-person at a local Bank of America location. Here are the instructions for getting started wiring money as a Bank of America customer.
The first step is to collect the recipient’s wire information. Here’s a list of exactly what you need from the recipient in order to wire money online.
- Recipient’s bank name, address and country
- Bank routing code or SWIFT/BIC or National ID
- Recipient’s bank account number
- An IBAN or country specific account structure (if this is an international wire transfer)
- Currency of choice (choosing between foreign currency and U.S. dollars)
- Reason for sending a wire transfer
Once you have all the information you need to send a wire transfer, sign into Bank of America’s online banking system. Navigate to the “Transfers” tab and select the “using their account number at another bank” option. Next, choose the “same-day wire transfer” option and continue following the instructions on the screen.
Bank of America recommends that wire transfer customers sign up for their SafePass feature. This adds an extra layer of security for wire transfers more than $1,000 that are initiated within the online banking portal inside Bank of America. The SafePass feature allows you to authorize higher-value transfers with a 6-digit code sent via text message as a way of verifying your identity. There are no added fees for this service.
In order to receive an international money transfer to your Bank of America account, you will need to provide your sender with the following wire transfer instructions:
|Name of your bank||Bank of America NA|
|Bank of America SWIFT Code for international transfer||BOFAUS3N - for US dollars (USD) or unknown currency|
|BOFAUS6S - for foreign currency (non-USD) denominated wires|
|Bank of America Routing Transit Number||026009593|
|Bank address, City & State||Bank of America, N.A., 222 Broadway, New York, NY 10038 (regardless of where your account is located)|
|Beneficiary Account Number||Your complete Bank of America NA account number (including leading zeros)|
|Beneficiary Name||The name of your account as it appears on your statement|
The process for wiring money with Bank of America is fairly straightforward, but how much does it cost? Here’s a quick breakdown of what fees you can expect to pay when trying to wire money with Bank of America.
|Type of wire transfer||Transfer Fee|
|Domestic wire transfer fees||$30 for each outbound transfer sent with the U.S.|
|International wire transfer fees||$35 for outgoing wire transfers in foreign currency, or $45 outgoing wire transfers sent in U.S. dollars|
When deciding between sending foreign currency or U.S. dollars, it’s important to consider all the fees involved. This includes factors such as exchange rates, currency availability and wire transfer fees.
A Bank of America wire transfer sent domestically, generally arrives at the recipient’s bank within 1-2 business days. For international wire transfers it can take 2-3 business days to process. This timeline is only possible if you process the wire transfer by the daily cut off time. For both domestic and international wire transfers in U.S. dollars and foreign currency, the daily cut off time is 5pm EST. Any wire transfer requests made after this cut off time will be processed by Bank of America on the next business day.
|Type of transfer||Timeline|
|Domestic wire transfers||within to 1-2 business days|
|International wire transfers||up to 2-3 business days|
TransferWise also typically charges between 0.5-1% and there’s no mark-up on the exchange rate - that means you get a far better exchange rate. How much cheaper is TransferWise? Just take a look:
This is from February 2017, learn more about how we calculated it here.
As a cheaper and faster alternative to using Bank of America to transfer funds, check out TransferWise. TransferWise is a simple alternative for cross-border payments and money transfers. It's easy, inexpensive and fast. On top of that, it’s incredibly easy to set up a transfer and we’ll update you on your transfer’s progress every step of the way via email. Click here to sign up for free and join over 1 million happy TransferWise customers.