Are you interested in carrying out a wire transfer using Bank of America but are not sure of the fees? Then read this article that has a well-detailed explanation of Bank of America wire transfer fees.
Added to it are the needed requirements and every other information needed for a successful wire transfer process. So let’s get started.
What Is A Wire Transfer? Simply put, a wire transfer as an electronic means of sending and receiving money from one bank to another.
Types Of Wire Transfers
There are two types or divisions of wire transfers. They are Domestic and International wire transfers. Domestic wire transfers are those types of wire transfers that involve sending and receiving more between two or more bank accounts in the same country. For instance, if you are Sending money from USAA to Bank of America or vice versa, it is called a domestic wire transfer.
On the other hand, an international wire transfer involves sending and receiving money between two bank accounts of different countries or continents. So if you are sending money from your Bank of America account to someone in Canada, it is an international wire transfer.
With this understanding, let us take one step further toward Bank of America wire transfer fees.
Does Bank Of America Offer Wire Transfers?
Yes, Bank of America offers wire transfers. Bank of America is one of the major or biggest banks in the United States that carries out all banking transactions.
As such, it also processes wire transfers for its customers. So where you want to send it and receive a wire transfer, you can do that with Bank of America. However, you must provide some requirements as stated in the next paragraph.
Requirements For Bank Of America Wire Transfer
There are two categories of requirements that are needed for wire transfers. The requirements depend on whether you are sending the wire transfer or you want to receive a wire transfer. See the requirements below.
Requirements For Receiving Wire Transfer With Bank Of America.
If you intend to receive a wire transfer with your Bank of America account, you must provide the sender with the following information.
- Your Bank name.
- Bank of America SWIFT code if it is an international wire transfer.
- Bank of America wire routing number.
- Beneficiary account number: your complete Bank of America account number.
- Beneficiary Name: enter your full name as it appears in your bank statement.
- Bank of America address for wire transfers.
If on the other hand, you are the sender of the wire transfer, then you should get the following recipient’s information.
- Recipient’s bank name
- Recipient’s bank address and country.
- The routing number, SWIFT code, or National ID of the recipient’s bank.
- If it is an international wire transfer, you will need the recipient’s IBAN (International Bank Account Number) or country-specific account structure.
- Currency of their choice (US Dollar or any Foreign currency)
- A short note stating the reason for sending the wire transfer.
How To Send A Bank Of America Wire Transfer?
Take these steps to send a wire transfer with Bank of America.
- Sign in to Bank of America online banking
- Navigate to the Transfer tab or menu
- Click on “send money to Someone”
- Select “using their account number at another bank”
- Next, choose the transfer speed.
- Follow the on-screen instructions to complete the process.
Are There Bank Of America Wire Transfer Fees?
Yes, there are Bank of America wire transfer fees. Processing wire transfers with Bank of America is not done for free. There are fees that you are meant to pay for using the service for either sending or receiving domestic or international wire transfers. These are called the Bank of America wire transfer fees. See them below.
What Are The Bank Of America Wire Transfer Fees?
As stated above, the fees or charges that you ought to pay for the processing of a wire transfer with Bank of America are what are known as Bank of America wire transfer fees. There are several categories of Bank of America wire transfer fees which are dependent on the type of wire transfer, the currency involved as well as outgoing or incoming transfers. See each of them below for a better understanding.
Bank Of America Wire Transfer Fees For Incoming Domestic Wire
There is a separate Bank of America wire transfer fee for domestic wire transfers that are sent or will be sent to your Bank of America account. In other words, if you are going to receive a wire transfer from a bank account in the United States, you will be charged a fee.
The Bank of America wire transfer fee for incoming domestic wire transfers is $15. You will be charged $15 for receiving a domestic wire transfer.
Bank Of America Wire Transfer Fees For Outgoing Domestic Wire
In the same vein, there are Bank of America wire transfer fees for outgoing domestic wires. That is to say if you want to transfer some money to someone from another bank but in the same country using the Bank of America wire transfer platform, there is a fee for that.
The Bank of America wire Transfer fee for outgoing domestic wire transfers is $30. This fee is used for processing the transfer and sending it to the right destination.
Bank Of America Wire Transfer Fees For International Wire Sent In Foreign Currencies
Moving on, let us see the fees for international wire transfers. Here the Bank of America wire transfer fees is dependent on the currency that you would be sending. So if you want to send a wire transfer through Bank of America and it is going to be in a foreign currency (the recipient’s currency), then your charges are different from someone sending in US dollars.
The Bank of America wite transfer fees for outgoing International wire transfers sent in a foreign currency is $35. In other words, if you want to send money through the wire transfer platform to someone in another currency who does not use US dollars or can not receive money in dollars, then you will have to send them in their currency. The fee for such a transaction is $35.
Bank Of America Wire Transfer Fees For International Wires Sent In US Dollars
Furthermore, if you want to send an international wire transfer in US dollars, the fee is different and for some reason, it is higher than using a foreign currency. The Bank of America wire transfer fee for international wire transfers sent in US dollars is $45.
Note that these Bank of America international wire transfer fees stated in this article are not all there is to pay. You will also need to consider the Exchange Rate which will be added. Exchange rates for these banks are usually not the same as the mid-market rate available online. Most banks have a markup rate that is used. To know this, you have to contact your bank.
Summary
So far, we have shown you the various Bank of America wire transfer fees for both domestic and international wire transfers. Go through them and know what you ought to pay before starting the process. Contact customer service for more info or call 1-800-432-1000 or 009 1 315-724-4022.