Bank of America's overseas transfer options and costs

Bank of America offers two main ways to send money outside the United States: wire transfer through its international wire service, and a service called BofI Global Transfer (formerly called SafeSend International). Wire transfer is faster but more expensive. Global Transfer is slower but costs less. Which one you use depends on how quickly the recipient needs the money and how much you want to pay in fees.

Wire transfers through Bank of America typically arrive within one to two business days, though some countries take longer. Global Transfer can take five to seven business days. Both services require you to have a Bank of America checking or savings account and to know the recipient's bank details — their account number, routing number or SWIFT code, and the bank's name and address.

Bank of America does not publish a single flat fee for international wires. The cost depends on the destination country, the amount you are sending, and whether you are sending the money to another Bank of America account or to a different bank. You will see the exact fee before you confirm the transfer, either online or at a branch.

Key Takeaways

  • Bank of America wire transfers arrive in one to two business days in most countries, while Global Transfer takes five to seven business days.
  • You must provide the recipient's full bank details, including SWIFT code or routing number, before you can send money.
  • Fees vary by destination country and amount; Bank of America shows you the fee before you confirm the transfer.
  • Transfers to another Bank of America account overseas may cost less than transfers to unaffiliated banks.
  • You can initiate transfers online through your Bank of America account, by phone, or in person at a branch.

How to send a wire transfer through Bank of America online

Log into your Bank of America online banking account and select "Transfer Money" or "Wire Money" from the main menu. The exact wording depends on which version of the website you see. Choose "Send money internationally" or a similar option. You will be asked to enter the recipient's name, their bank account number, and their bank's SWIFT code or routing number.

Bank of America will ask you to confirm the recipient's country, the amount in U.S. dollars, and the currency the recipient will receive. The system will then calculate the exchange rate and show you the total fee. Review this information carefully — once you confirm, the transfer is usually final and cannot be reversed. If the recipient's bank details are incorrect, the money may be returned to you after several weeks, and you may lose money to fees in both directions.

After you confirm, Bank of America will send you a confirmation number. Save this number. If the transfer does not arrive on time or the recipient does not receive it, you will need this number to file a trace request with the bank.

Sending money by phone or at a branch

You can also call Bank of America's international wire line or visit a branch in person to send money overseas. The process is the same — you provide the recipient's bank details and the amount — but a representative will walk you through it and can answer questions about fees or exchange rates on the spot.

Sending money in person at a branch can be useful if you are not comfortable with online banking or if you want to verify the fee before you commit. Some branches can process the transfer when ready; others may need to send it the next business day. Ask the representative when the transfer will be sent.

What information you need about the recipient

Before you start a transfer, gather the following details about the recipient and their bank:

  • Recipient's full name (exactly as it appears on their bank account)
  • Recipient's bank account number
  • Recipient's bank name and address
  • The bank's SWIFT code (an eight- or eleven-character code that identifies the bank internationally)
  • The bank's routing number or ABA number (if the bank is in the United States)
  • The recipient's address (some countries require this)

If you do not have the SWIFT code, you can search for it on the SWIFT website or ask the recipient to provide it. Using an incorrect SWIFT code or account number is the most common reason transfers go to the wrong place or are delayed. Double-check these details before you confirm the transfer.

Exchange rates and how Bank of America calculates them

Bank of America uses its own exchange rate, which is not the same as the mid-market rate you see on financial news websites. The mid-market rate is the rate banks use to trade with each other; Bank of America adds a margin on top of this rate. The margin is how the bank makes money on the transfer.

The exact margin varies by currency pair and by the amount you are sending. Bank of America shows you the exchange rate and the total amount the recipient will receive before you confirm the transfer. If the rate seems high, you can cancel and try again later, though rates change throughout the day and may move in either direction.

Some customers find that specialized money transfer services (not Bank of America) offer better exchange rates for large amounts or for transfers to certain countries. If you are sending a large sum, it may be worth comparing rates with other providers before you decide.

What happens if the transfer goes wrong

If the recipient does not receive the money within the expected timeframe, contact Bank of America with your confirmation number. The bank can file a trace request with the recipient's bank to find out where the money is. This process usually takes one to two weeks.

If the money was sent to the wrong account because of an error in the recipient's bank details, recovery is more difficult. Bank of America can ask the recipient bank to return the funds, but the other bank is not required to do so. If the funds cannot be recovered, Bank of America will not refund your money. This is why verifying the recipient's bank details before you send is critical.

If Bank of America made an error — for example, if it sent the money to the wrong bank or used the wrong amount — the bank is responsible for recovery and will work to get your money back.

Frequently Asked Questions

How long does a Bank of America international wire transfer take?

Most transfers arrive within one to two business days. Some countries have slower banking systems and may take three to five business days. Bank of America will tell you the expected delivery time before you confirm the transfer. Weekends and holidays can add extra time.

Can I cancel a wire transfer after I send it?

Once a wire transfer is sent, it usually cannot be cancelled. Contact Bank of America when ready with your confirmation number if you need to try, but the bank may not be able to stop it. This is why it is important to verify all details before you confirm.

What is the difference between a wire transfer and Bank of America Global Transfer?

Wire transfers are faster (one to two days) and more expensive. Global Transfer is slower (five to seven days) but costs less. Global Transfer is a good choice if the recipient does not need the money urgently and you want to save on fees.

Do I need a Bank of America account to receive an international wire transfer?

No. The recipient can receive the money at any bank in their country, as long as you have their correct bank account number and SWIFT code. The recipient does not need a Bank of America account.

What if the recipient's bank is in a country Bank of America does not service?

Bank of America can send money to most countries, but some countries have restrictions due to U.S. sanctions or banking regulations. Call Bank of America before you send to confirm that transfers to that country are available. If Bank of America cannot send to that country, you will need to use a different money transfer service.