How To Wire Money With Bank of America (2024)

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There are more ways than ever to transfer money. But if you’re looking for a fast, secure method that allows you to transfer large amounts, a wire transfer is still one of your best options.

While you can conduct some wire transfers through payment apps such as Wise, the most common way is to set up the transfer directly through your bank. If you’re a Bank of America customer, this article will cover what you need to know about wiring money from your checking or savings account.

How Do You Make a Bank of America Wire Transfer?

Bank of America, Member FDIC, has streamlined the process of wiring money so that you can conduct your transactions quickly and easily from your checking, savings or CD account.

You can send both domestic and international wire transfers to your own accounts, businesses or others from right inside your online Bank of America account. Of course, if you prefer a more personal touch, you can always make an in-person wire transfer at your local Bank of America branch or inquire about opening an account suitable for wire transfers.

Here’s a rundown of how the process works.

How To Wire Money With Bank of America

1. Collect your recipient’s bank information. You’ll need to provide the following:
   • Recipient’s personal information, including their country, address and bank name
   • Recipient’s bank routing code or SWIFT/BIC number
   • Recipient’s bank account number
   • Reason for making the transfer
   • IBAN or country specific account structure
   • Whether you will send the wire transfer in U.S. dollars or in foreign currency
2. Log in to your online Bank of America account.
3. Hover over the “Transfer l Zelle®” tab until you see the pop-up menu. Select “To/from other banks (includes wires).”
4. If you see a Service Agreement, read it through and check the acknowledgment box.
5. To add a recipient, select “Add Account/Recipient.” You may be asked to complete an authentication step to verify your account ownership. If you’ve already added your recipient’s account previously, skip ahead to step eight.
6. Enter the recipient’s personal information and bank details. Then, select “Add Account.”
7. Now that you’ve added your recipient’s information, you can go back to the “Make Transfer” tab to set up a new wire transfer.
8. Select your account and recipient, then enter the amount you want to send. You will also need to select the transaction date and frequency. Then select “Continue Transfer.”
9. Confirm that all your transaction information is correct. Once you’ve verified that there are no errors, select “Make Transfer.”
10. If your wire transfer has been processed, you’ll see a message at the top of the screen that says, “Your transfer has been received.” Select “Transfer Activity” if you’d like to review more details about the status.

Register for Secured Transfers

It’s recommended to set up additional security features when making online transactions, especially for high-value wire transfers.

When you send money, Bank of America will ask you to register for Secured Transfers by prompting you to add your mobile number. You’ll be registered after entering your one-time authorization code and debit card information.

The next time you set up a wire transfer, a one-time authorization code will be sent to your mobile phone via SMS. Simply enter that code to complete your wire transfer. Don’t worry about security issues if you lose your mobile device, you can always deactivate the feature by using your debit card information.

When it comes to security abroad, you can still use your U.S.-based mobile number if it can receive international SMS. However, Bank of America does not currently support international phone numbers. If you’re looking for another security option, consider registering a USB security key.

How Do You Receive a Wire Transfer to Your Bank of America Account?

Receiving wire transfers to your Bank of America account is a straightforward process. Simply provide the sender with your personal details and bank account number.

For incoming international wire transfers, you’ll also need to provide the appropriate SWIFT code. Here are Bank of America’s SWIFT codes:

• Incoming wires in U.S. dollars: BOFAUS3N
• Incoming wires in foreign currency: BOFAUS6S

If you don’t know which currency is being received, use the default SWIFT code: BOFAUS3N.

To find your account number or wire transfer routing number, sign in to your online Bank of America account portal and select the “Information & Services” tab.

How Long Do Bank of America Wire Transfers Take?

Transfer times depend on whether you’re making a domestic or international transfer. Domestic wire transfers are typically faster than international.

Domestic Wire Transfers

• Your account will be debited the same day.
• Your recipient should receive the funds on the same day if the transfer is made before 5 p.m. EST. If made after the deadline, the funds will be delivered during the next business day.

International Wire Transfers

• Your account will be debited the same day.
• Your recipient should receive the funds 1-2 days later.

Keep in mind that these timeframes may be affected by external factors outside of Bank of America’s control. For instance, local bank holidays, unexpected events or delays by intermediary banks can potentially cause disruptions to the transfer and extend the clearing process. In addition, all wire transfers are subject to the daily cut-off time, 5 p.m. EST.

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International Transfers: Foreign Currency vs. US Dollars

To decide between different currency options, always consider factors such as exchange rates or other fees that may be added to the total cost of the transfer.

Typically, you should send international wires in the same currency as your recipient’s account. So if your recipient resides in Spain, you should make your wire transfer in Euros. Sending international wire transfers in foreign currency has several benefits:

• Cost: Bank of America doesn’t charge outbound wire transfer fees for international wires in foreign currency. You might also end up getting a better exchange rate if you use Bank of America online banking than you would elsewhere.
• Less confusion: By exchanging U.S. dollars for foreign currency up front, you’ll know exactly how much foreign currency will be sent and can obtain a more competitive exchange rate.

Final Take

Now that you know how to make a Bank of America wire transfer, you can use this method to send fast, secure payments domestically or abroad. Remember to practice safe online banking behaviors and always ensure that you verify your recipient’s account information before sending them money.

Information is accurate as of March 28, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.