Bank of America Wire Transfer Fee: Domestic and International Costs
Contents
While a wire transfer may not always be the most cost-effective method of getting your money to where it needs to be, it is a reliable and accessible choice for Bank of America customers.
In this guide, we’ll break down the Bank of America wire transfer fee, give you step-by-step instructions on how to minimize it and explore some alternative ways of transferring funds.
Types of Wire Transfers
A wire transfer is an electronic payment that transfers money directly from one bank account to another. It is designed to allow people around the globe to send money to each other easily and securely. The data transferred between the two financial institutions includes the recipient’s identity, account number, and amount of money. In most cases, a sender must pay a fee before the money is credited to the recipient’s account.
BoA offers two types of wire transfers—domestic and international. They differ primarily in cost and delivery time.
Domestic Wire Transfers
Wire transfers within the United States are usually credited to the recipient’s account on the same business day. They are processed by a single payment system, making them fast and cheap.
International Wire Transfers
International wire transfers, on the other hand, involve sending and receiving money between parties in different countries and are used for foreign currency transactions. BoA supports transfers in more than 140 currencies to over 200 countries. The bank even provides competitive exchange rates and displays the exact amount sent to the recipient in their local currency.
An international wire transfer can take from 2–3 to 5 business days, depending on the currency selected and the processing speed of the recipient bank. Such transactions are quite complex and involve multiple parties, including BoA, a foreign bank, and wire transfer systems in both countries.
Bank of America Fees
As we have already mentioned, the cost of a wire transfer at Bank of America depends primarily on the location of your recipient.
But how much is the wire transfer fee at the Bank of America, exactly?
Domestic Fee
If you receive money within the United States, you will have to pay $15. As for Bank of America wire transfer charges for senders, the current fee is $30 per outgoing domestic transfer.
International Fee
Bank of America fees for international transfers are higher than for domestic ones. For incoming international transactions, you, as a recipient, will have to pay $15. And if we are talking about outgoing international transactions, there are no Bank of America international transfer fees per se, but exchange rate markups still apply for transactions in foreign currency (or $45 for transactions in US dollars).
How to Avoid or Minimize Fees
While the bank’s fees are quite manageable, there are ways to reduce or even avoid them. Let’s take a look at the currently available options to minimize the Bank of America wire transfer cost.
Special account benefits
Typically, banking institutions offer their customers several levels of service, which offer various advantages and benefits for an additional cost. In other words, if you switch to a premium account, you won’t have to pay wire transfer fees. For example, Preferred Rewards (Platinum, Platinum Honors, Diamond, and Diamond Honors) members don’t pay incoming transfer fees for international transactions. However, with BoA’s annual fees being the way they are, you’ll need to receive quite a few transactions per year to offset the cost of entry.
Alternative methods
Perhaps one of the best ways to save on fees is to use online services. Although initiating transactions online is not completely free, it is significantly cheaper than opting for a wire transfer. You may also consider ACH, which is a system of money transfers between banks or credit unions through the Automated Clearing House network. A significant part of transactions processed through ACH are completely free.
How to Send a Wire Transfer Using Bank of America
Collecting the recipient’s bank details
When it comes to sending a domestic or international transfer, the first thing you need to do is get the recipient’s contact information. For a transaction within the United States, you’ll need the recipient’s name and address, bank routing number, and bank account number. If you plan to send money internationally, you’ll need to provide the recipient’s name and address, international bank account number, bank identifier, and currency of choice (US dollars or foreign currency), as well as the transaction’s purpose.
Online banking process
Once you have all the necessary info, you can go to your BoA account, open the bank transfers section, and find the option “To/from other banks.” Here, you can add a recipient, enter their contact details, and send funds. Just click “Make a transfer” and follow the instructions to complete the transaction. You’ll receive a notification once BoA has successfully processed your transaction.
In-branch instructions
Another option is to send money at a bank branch. You’ll have to visit the nearest BoA branch and provide proof of identity along with the necessary bank details of the recipient. The manager will gladly help you with the rest.
Final Thoughts
A wire transfer is a convenient way to send money from one bank account to another. You can make domestic wire transfers within the United States or international ones outside the country—Bank of America allows both. Domestic wire transfers are cheaper and faster, while international ones take longer and entail additional fees. Outgoing domestic transactions cost $30, while the international wire fee of Bank of America can reach up to $45 per transaction.
So, Bank of America wire transfers are definitely not the best value on the market, and you may want to minimize the bank’s fees. Options available to you include opting for a premium account or choosing an alternative transfer method, such as ACH and online transfers.
