How to Make Bank Of America Wire Transfer

Last Updated on May 31, 2024 by admin

A Bank of America wire transfer is a secure and convenient method to send funds electronically from one bank account to another, both domestically and internationally.

This service allows customers to transfer money quickly, making it ideal for urgent payments or large transactions. By initiating a wire transfer, you authorize Bank of America to deduct the specified amount from your account and deposit it directly into the recipient’s account.

The funds are typically available within one business day, ensuring prompt delivery of your payment. Bank of America offers various options for wire transfers, including online banking, mobile app, or visiting a local branch.

However, please note that wire transfers may involve fees depending on the type of transaction and destination country. It is essential to provide accurate recipient information to ensure a successful transfer and avoid any delays or errors in processing your payment.

How To Initiate A Bank Of America Wire Transfer?

To initiate a Bank of America wire transfer, follow these steps. Firstly, ensure that you have all the necessary information ready, including the recipient’s name, account number, and the bank’s routing number.

Next, log in to your Bank of America online banking account or visit a local branch to access their wire transfer services. Provide the required details accurately and double-check for any errors before submitting.

Additionally, be prepared to provide your own account information for verification purposes. Once you have verified all the information and confirmed any associated fees with the bank, authorize the wire transfer by signing any required documents or providing a secure code if prompted online.

Finally, retain all transaction receipts and documentation for future reference or proof of payment. It is essential to review Bank of America’s policies and guidelines regarding wire transfers to ensure a smooth transaction process.

Fees And Processing Time For Bank Of America Wire Transfers

Bank of America (BoA) charges different fees for domestic and international wire transfers. The processing time also varies depending on the destination and the time the transfer is initiated.

Domestic Wire Transfers (within the US):

• Outgoing Wire Transfer Fee: $30 per transfer (may vary depending on account type)
• Incoming Wire Transfer Fee: Varies depending on account type
• Processing Time:
  • Same-business-day transfers (initiated before 5:00 PM ET): Typically received by the recipient’s bank on the same day.
  • Next-business-day or 3-business-day transfers (initiated after 5:00 PM ET or on weekends/holidays): Processed on the next business day and usually received within 1-3 business days.

International Wire Transfers:

• Outgoing Wire Transfer Fee:
  • $0 if sent in foreign currency
  • $45 if sent in USD
• Incoming Wire Transfer Fee: Varies depending on account type
• Processing Time:
  • Usually takes 1-2 business days, but can take longer depending on the recipient’s country and bank.

Additional Fees:

• Intermediary Bank Fees: For international transfers, intermediary banks may charge additional fees, which are deducted from the amount transferred.
• Currency Conversion Fees: If you’re sending money in a different currency than the recipient’s account, there might be a currency conversion fee.

Cutoff Times:

• For both domestic and international wire transfers in USD and foreign currency, the daily cut-off time is 5:00 PM ET. Any wire transfer requests made after this time will be processed the next business day.

Tips And Precautions For A Successful Bank Of America Wire Transfer

To ensure a successful Bank of America wire transfer, consider these essential tips and precautions:

Before initiating a wire transfer:

• Gather accurate recipient information: Double-check the recipient’s full name, account number, bank name, and routing number (for domestic transfers) or SWIFT code (for international transfers). Any errors can cause delays or even lead to the funds being sent to the wrong account.
• Be aware of cut-off times: Bank of America has specific cut-off times for wire transfers. Transfers initiated after the cut-off time will be processed the next business day. You can find the cut-off times on their website or by contacting customer service.
• Understand the fees: Wire transfers typically incur fees, especially for international transfers. Familiarize yourself with the fees involved before initiating the transfer to avoid surprises.
• Consider exchange rates (international transfers): If you’re sending money internationally, be mindful of the exchange rates. They can fluctuate and affect the amount received by the recipient.

During the wire transfer process:

• Use a secure connection: Initiate the wire transfer using Bank of America’s secure online banking platform or mobile app to protect your sensitive information. Avoid using public Wi-Fi networks.
• Review details carefully: Double-check all the information you’ve entered before confirming the transfer. Ensure the recipient’s details, amount, and any additional instructions are accurate.
• Use SafePass: Bank of America recommends using their SafePass feature for added security. This allows you to authorize higher-value transfers with a 6-digit code sent via text message.

After the wire transfer:

• Keep the confirmation: Save or print the confirmation message or reference number you receive after initiating the transfer. This will be helpful for tracking the transfer and resolving any potential issues.
• Track the transfer: You can track the status of your wire transfer through Bank of America’s online banking platform or mobile app.
• Contact customer service (if needed): If you have any questions or concerns about the transfer, don’t hesitate to contact Bank of America customer service.

General Precautions:

• Be wary of scams: Never send money to someone you don’t know or trust. Be cautious of unsolicited requests for wire transfers.
• Verify recipient’s identity: If you’re unsure about the recipient’s legitimacy, take steps to verify their identity before sending money.
• Don’t share personal information: Never share your online banking login credentials, PINs, or other sensitive information with anyone.

By following these tips and precautions, you can minimize the risk of errors and fraud, ensuring a smooth and successful Bank of America wire transfer.

How to Make wire transfers through Online Banking from anywhere

Sending wires: Required information from recipients

To successfully complete a wire transfer, you’ll need to provide the following information about the recipient:

For Domestic Wire Transfers (within the same country):

• Recipient’s Full Name: Ensure the name matches their bank account exactly.
• Recipient’s Bank Name: The official name of the bank where they hold the account.
• Recipient’s Bank Account Number: The unique number identifying their specific account.
• Bank Routing Number: This 9-digit number identifies the recipient’s bank and is used for domestic transfers.

For International Wire Transfers:

• All of the above information: Full name, bank name, and account number.
• SWIFT/BIC Code: A unique code that identifies the recipient’s bank internationally. It’s usually 8 or 11 characters long.
• IBAN (Optional): International Bank Account Number, used in some countries, provides additional details for the recipient’s account.
• Recipient’s Address: Full address, including street, city, state/province, and country.

Additional Information (Optional but Helpful):

• Purpose of Transfer: Briefly explain why you’re sending the money (e.g., “Family Support,” “Invoice Payment”). This can help prevent delays or inquiries from either bank.
• Recipient’s Phone Number: This can be helpful in case the bank needs to contact the recipient for clarification.

Receiving Wires: Information you provide senders

To receive a wire transfer from within the United States or internationally, you will need to provide the sender with the following information:

For Domestic Wire Transfers (within the US):

• Your Full Name: As it appears on your bank account.
• Your Bank Name: The official name of your bank.
• Your Bank’s Routing Number:BofA’s wire routing #: 026009593
• Your Account Number: Your unique bank account number.

For International Wire Transfers:

• Your Full Name: As it appears on your bank account.
• Your Bank Name: The official name of your bank.
• Your Bank’s SWIFT Code: A unique code that identifies your bank internationally. You can obtain this from your bank.
• Your Account Number: Your unique bank account number.
• Your Bank’s Address: The full address of your bank’s main office or the branch where your account is held.
• U.S. dollars or unknown currency: BOFAUS3N Bank of America, N.A., 222 Broadway, New York, NY 10038
• Foreign currency: BOFAUS6S Bank of America, N.A., 555 California St., San Francisco, CA 94104

Frequently Asked Questions (FAQs)

Q; How do I initiate a wire transfer with Bank of America?

You can initiate a wire transfer through Bank of America’s online banking platform or mobile app. Go to the “Pay & Transfer” section and select “Wires/ACH” (online banking) or “Wire” (mobile app).

Q:  What information do I need to provide to send a wire transfer?

You will need the recipient’s full name, account number, bank name, and routing number (for domestic transfers) or SWIFT code (for international transfers).

Q:  How much does it cost to send a wire transfer with Bank of America?

The fees vary depending on whether it’s a domestic or international transfer, and the type of account you have .For Domestic wire transfer fees $30 for each outbound transfer sent with the U.S.

Also International wire transfer fees is $35 for outgoing wire transfers in foreign currency, or $45 outgoing wire transfers sent in U.S. dollars

Q: How long does it take to process a wire transfer?

Domestic wire transfers usually take 1-3 business days, while international wire transfers typically take 1-2 business days, but can take longer depending on the recipient’s country and bank.

Q: Can I cancel a wire transfer after I’ve initiated it?

You may be able to cancel a wire transfer if it hasn’t been processed yet. Contact Bank of America customer service immediately to inquire about cancellation.

Q: Is it safe to send a wire transfer?

Bank of America uses encryption and other security measures to protect your information. However, always verify the recipient’s information carefully before initiating a transfer to avoid scams.

Q:  Can I send a wire transfer in a foreign currency?

Yes, you can send international wire transfers in various foreign currencies.

Q: What is the cut-off time for wire transfers?

The cut-off time for domestic and international wire transfers in USD and foreign currency is typically 5:00 PM ET.

Q: What if I need help with a wire transfer?

Contact Bank of America customer service through their website, mobile app, or by phone. They can provide assistance with initiating, tracking, or troubleshooting wire transfers.

Q;  Can I set up recurring wire transfers?

Yes, you can set up recurring domestic and international wire transfers through Bank of America’s online banking platform or mobile app.