Is Bank of America transferring money to another bank possible? How can I transfer money from Bank of America to another bank? Are you one of those asking the above questions? If yes, then you have arrived at the destination to get the best answers that you need.
In this article, we have explained 5 “Bank of America transfer to another bank” ways. Added to that, we also showed you how long it takes to do each of them as well as the charges involved with each of the methods. So read every bit of it to get the needed information.
What Is Bank Of America Transfer To Another Bank all about? The term Bank of America transfer to another bank can be seen as the process of sending funds from your Bank Of America account to another bank account that is not with Bank of America. In other words, if you decide to send money from your Bank of America account to let’s say a Chime account, that is what is called Bank of America transfer money to another bank.
The bank account that you wish to transfer the money to could be yours in another bank or someone else’s. It could be in the same state as you or even to an international bank.
However the case may be, in as much as you are sending the money from a different bank outside the Bank of America, it falls into the group of “Bank of America transfer to another bank”.
Is Bank Of America Transfer To Another Bank Possible?
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Yes, “Bank of America transfer to another bank” is very much possible. With Bank of America, you can not only transfer money to those having a Bank of America account, but you can also send money to your friends and loved ones as well as business partners and any other person that you wish who does not have an account with Bank of America.
We are currently in a world where the movement of money from place to place is gradually replacing people traveling. With this, you can order a product from anyone and transfer the money to them irrespective of where they bank. As such, Bank of America has no restrictions on who you can transfer money to.
Hence “Bank of America transfer to another bank” is very sure. At this point, I know you are happy that it is possible but I want to relax as there is even more that you need to know. Read the next paragraph to see the various ways of transferring money from the Bank Of America to another bank.
How To Transfer Money From Bank Of America To Another Bank
Since we have established that “Bank of America transfer to another bank” is possible, let us move ahead to see how we can go about that. Fortunately for us, there are several ways to transfer money from Bank of America to another bank. I will show you some of them in the succeeding paragraphs.
Online Money Transfer Using Email Address And Phone Number
The first and sending way to carry out Bank of America transfer money to another bank is that which involves sending money using the recipient’s email address and phone number. This is a very easy way to send money to anyone including students, relatives, business partners, and others.
All you need to do is to enter the email address of the recipient and their phone number, enter the amount of money that you intend to send, and click on send. This is done through the use of Bank of America Zelle. It is available in your Bank Of America mobile app as well as your Bank Of America online banking account.
When you log in to your account on both platforms, you will be required to do a short registration. After which, you can click on Send Money With Zelle, enter the information of the recipient as stated, and click send.
The recipient will be notified about the transaction and also get instructions on how to receive the funds. This is very easy to do and is currently the commonest way of carrying out Bank of America transfer money to another bank.
Bank Transfer Using Account And Routing Number
Another way to carry out Bank of America transfer money to another bank is through the use of the account and routing number of the recipient. This also is an easy method provided you are aware of the routing and account number of the recipient.
To do this, log in to your Bank of America account on the mobile app or online banking center. Click on Transfer from the menu. Follow the prompts to use the recipient’s bank, enter the account number, routing number, amount, and a short note before you click Send.
Direct Deposit
You can also use the Bank of America direct deposit services to send money to another bank account. This also needs the account and routing number of the recipient.
E-Checks
You can also send money from Bank of America to another bank through the use of E-checks. You can send the check through the person’s email, they would then take it to the bank and deposit it into their account.
Wire Transfer
Another Bank of America transfer to another bank method is through the use of wire transfers. This is the electronic sending of money from one bank to another. Wire transfers are mostly used for transferring large amounts of money. It is divided into domestic wire transfers and international wire transfers.
To carry out a wire transfer with Bank of America, you have to visit your bank or call them to make a request. You will be directed to the information of the recipient to provide as well as the amount and charges.
How Long Does Bank Of America Transfer To Another Bank Take?
If you made the transfer using the services of Bank Of America Zelle, the recipient will get the money in a few minutes if they also have a Zelle account. If not, they will be prompted to open or register with Belle to receive the money. With the registration, it will take between 1 to 3 business days to receive the funds. If they fail to open a Zelle account within 14 days (two weeks of sending the payment, the transaction will be canceled and money refunded to your account.
Furthermore, if you go with the option of using the recipients, account, and routing number, the money will arrive within 2 to 3 days of initiating the transfer. E-checks can take between 1 to 3 days depending on the recipient’s bank.
Direct deposit might take up to 3 days to deliver as well. As for wire transfers, domestic wire transfers deliver within 3 days while international wire transfers take up to 15 days to deliver.
Are There Charges For Bank Of America Transfer To Another Bank?
Depending on the method of Bank of America transfer to another bank used, there may be charges or not. If you go with the first option of using an email address and phone number, you will not be charged any fee. So also is writing e-checks. However, you will be charged for other methods.
How Much Does Bank Of America Transfer To Another Bank Cost?
International wire transfers with the Bank of America attract a fee of $45 and $30 for domestic wire transfers. For transfers with routing and account number, you will be charged $3 for Standard Transfers and $10 for instant transfers.
Conclusion
Bank of America transfer to another bank is very possible. This article has explicitly explained 5 methods of doing that. Go through them along with their charges and time to know the one to opt for. Contact the Bank of America customer services for more info.