How Much Is Bank Of Americas Wire Transfer Fee?

A transfer fee is money or commission charged by banks over sending or receiving money internationally or within the domestic regions. The Bank of America, like every other bank, charges its customers a certain amount when they perform a wire transfer (credit transfer) to other recipients. Wire transfers are done using secure financial transfer services between Bank of America and SWIFT, Clearing House Interbank Payment System, or the Federal Reserve Wire Network. Let us see how much is Bank of Americas wire transfer fee.

How Much Is Bank Of Americas Wire Transfer Fee?

What’s the Bank of Americas wire transfer fee?

What’s the Bank of Americas wire transfer fee? The transfer fees vary between outgoing and incoming transactions. The transfer fees also vary between domestic and international wire transfers. The least transfer fee for both domestic and international wire transfers is $15. Currency is also a determining factor for wire transfer fees; making international wire transfers with U.S. dollars attracts more fees, usually up to $45.

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We’ll be looking at this in detail in the next section of this post.

Wire Transfer Fee at the Bank of Americas

As stated earlier, different fees apply to domestic and international wire transfers, as well as international and domestic wire transfers. The fee incurs when sending funds is different from when you’re receiving the fund. Let’s dive into the details

Domestic wire transfer fees

If you’d like to make a wire transfer to another account within the U.S. localities, a domestic wire transfer is the best option. The domestic wire transfer at the Bank of America incurs a transfer fee of $15 for incoming wire transfers and $30 for outgoing wire transfers.

The Bank of Americas had incorporated Zelle (a money transfer app) into their online banking system, serving as an alternative to domestic wire transfers. This option, however, depends heavily on the amount, recipients’ bank, and location.

International wire transfer fees

Bank of America’s wire transfer fee for international wire transfers is slightly more than the domestic wire transfer. The international wire transfer at the Bank of America incurs a transfer fee of $16 for incoming wire transfers. The transfer fee payment structure is somewhat different as it depends on the currency used to make the wire transfer.

Also, International wire transfer with foreign currency attracts a transfer fee of $35 and $45 when transferring funds with U.S. dollars. The reason behind the high transfer fee when performing a wire transfer with U.S. dollars is that Bank of America will convert the funds into foreign currency before sending them to its final destination.

How to Send Wire Transfers?

Knowing the Bank of America’s wire transfer fees is one and knowing how to send wire transfers is another thing. Wire transfers at Bank of America can be done both online and offline; the processes however vary.

Online wire transfer

To perform an online wire transfer to your business associates or customers, you’ll need to log into Bank of America’s Online Banking. After you’ve logged in, find the “Send Money” button at the top of the screen. Click the “Send Money” button and follow the prompt question whether you’re sending the funds to your account or a business account.

Offline wire transfer

You can make a wire transfer offline at Bank of America without any hassle. To make an offline wire transfer, you should visit the nearest branch of Bank of America with the recipient details and your funds, preferably in cash. To initiate a wire transfer at Bank of America, you must be a customer with a valid and active account number.

On getting to the nearest branch of Bank of America, you’ll be asked to provide the account details and other information about your recipient to process your wire transfer.

Requirements for Wire Transfer

Wire transfers require you to provide some information and complete certain security protocols. To initiate and complete your wire transfer transaction, you must register for Secured Transfer or a USB Security Key; the registration commences at the time of your transfer.  

For a large number of funds, Bank of America may require an additional security key to ensure the transaction is free from any fraudulent act.

Conclusion

The wire transfer is the best option to transfer a large amount of money to your customers or business associates because of its high transfer limit. Bank of America allows wire transfers and it comes with different transfer fees. The fee for the incoming and outgoing wire transfers differ, as well as international wire transfer fees. The least wire transfer is the incoming transfer for domestic wire transfer, which is $15. However, to complete a wire transfer, customers are required to provide certain information and register for a Secured Transfer.

Frequently Asked Questions
  • When will my wire transfer be completed?

It does not take long. After completing your wire transfer transaction, it may take up to 24 hours for Bank of America to debit your account. Bank of America will process your transfer immediately but may take up to 24-48 hours before crediting your recipient.

  • Does Bank of America have a wire transfer limit?

Yes. Bank of America like every other bank has a transfer limit. The limit depends on the type of account you have with Bank of America. The transfer limit set for ACH is $3,000 daily and $6,000 weekly for standard delivery. The limit when using Zelle is set at $2,500 daily or $20,000 monthly, also depending on the limit set for your type of account.

  • Can I get a fee refund for a failed wire transfer?

Yes. you can get a refund if your wire transfer failed even though it may be challenging to process a wire transfer refund with the Bank of America. To increase your chances of getting a refund, you should try to be persistent, and patient, and note your points of leverage.

How Much Is Bank Of Americas Wire Transfer Fee?

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