Wire transfers at Bank of America: what you need to know

Bank of America processes wire transfers through its standard wire transfer system, which works the same way as other banks: you provide the recipient's banking details, the amount, and BOA moves the money directly from your account to theirs, usually within one business day for domestic transfers. The main differences between BOA and other banks are the fees BOA charges, the limits it places on how much you can send, and the specific forms and steps BOA requires you to follow.

You can send a wire transfer from Bank of America online, by phone, or in person at a branch. The method you choose affects how quickly the transfer goes through and what information you need to have ready. BOA also offers wire transfers in foreign currency to accounts outside the United States, though those follow different rules and timelines.

Key Takeaways

  • Bank of America charges a domestic wire transfer fee of $15 for online transfers and $20 for phone or in-branch transfers as of 2024, though fees can change.
  • Incoming wire transfers to a BOA account are free, but the bank may hold the funds for a period depending on the account type and deposit history.
  • BOA sets daily wire transfer limits that vary by account type and customer history; you can request a higher limit by contacting the bank directly.
  • International wire transfers from BOA take longer and cost more than domestic transfers, with fees typically ranging from $35 to $50 depending on the destination country.
  • You will need the recipient's full name, account number, routing number, and bank name to send a domestic wire; international transfers also require a SWIFT code.

Domestic wire transfer fees and limits at Bank of America

Bank of America charges $15 to send a domestic wire transfer online through its website or mobile app. If you send the wire by phone or walk into a branch and ask a teller to process it, the fee is $20. These fees come out of your account on the day the wire is sent. The bank does not charge a fee to receive a wire transfer into your BOA account, though the funds may not be when ready available depending on your account type.

BOA sets a daily limit on how much you can wire out of your account in a single day. The limit varies based on your account type, your history with the bank, and your account balance. New customers typically have lower limits than long-standing customers. If you need to send more than your current limit allows, you can contact Bank of America directly to request a temporary or permanent increase. The bank will review your account and may approve a higher limit, though approval is not may provide.

How to send a domestic wire transfer through Bank of America

To send a wire transfer online, log into your Bank of America account on the website or mobile app, navigate to the Transfers section, and select Wire Transfer. You will enter the recipient's full name, account number, routing number, and the bank name. Double-check all details before confirming, because wire transfers cannot be reversed once sent. The transfer will process when ready if you send it during business hours on a weekday; transfers sent after hours or on weekends will process the next business day.

If you prefer to send the wire by phone, call the Bank of America customer service number on the back of your debit or credit card. A representative will ask for the same information: recipient name, account number, routing number, and bank name. They will also verify your identity by asking security questions. The phone representative will confirm the fee ($20) and the amount before processing the transfer.

To send a wire in person, visit a Bank of America branch with a photo ID and the recipient's banking information. A teller will fill out a wire transfer form with you, verify the details, and process the transfer. In-person transfers also cost $20. Some branches may require you to have an appointment or may have limits on the number of wires they can process in a day, so calling ahead is a good idea.

International wire transfers from Bank of America

Bank of America sends wire transfers to accounts outside the United States, but the process is more complex and more expensive than domestic transfers. International wires typically take three to five business days to arrive, compared to one business day for domestic transfers. The recipient's bank may also hold the funds for an additional period while they verify the transfer.

BOA charges between $35 and $50 to send an international wire, depending on the destination country and whether the transfer goes through BOA's own international network or through a correspondent bank. You will need the recipient's SWIFT code (also called a BIC code) in addition to their account number and bank name. Some countries also require an IBAN (International Bank Account Number) instead of or in addition to the account number. If you do not have the SWIFT code or IBAN, the recipient's bank can provide it.

Bank of America also charges an exchange rate fee on international wire transfers if you are converting U.S. dollars to another currency. This fee is built into the exchange rate BOA offers you, meaning you will receive fewer foreign currency units than you would at the mid-market rate. The exact markup varies and is not published in advance, so you may want to call BOA before sending to ask what rate they are currently offering.

Receiving wire transfers at Bank of America

When someone sends you a wire transfer to your Bank of America account, the money arrives in your account within one business day for domestic transfers. BOA does not charge you a fee to receive the wire. However, the bank may place a hold on the funds for a period of time before you can withdraw or transfer them, depending on your account type, your account history, and the amount of the transfer. A hold typically lasts one to five business days.

To receive a wire transfer, you need to provide the sender with your Bank of America account number, the routing number for your specific branch (which you can find on a check or by calling BOA), and your full name as it appears on your account. The sender will also need the bank's name and address. If the sender is outside the United States, they will also need BOA's SWIFT code, which is BOFAUS3N.

What happens if a wire transfer goes wrong

If you send a wire transfer to the wrong account number or bank, the money may go to someone else's account. Wire transfers are nearly impossible to reverse once they leave your bank, so you cannot straightforward cancel the transfer and get your money back. If you realize you made a mistake when ready after sending, call Bank of America right away and explain the error. The bank may be able to contact the receiving bank and ask them to return the funds, but this is not may provide and can take weeks.

If a wire transfer you were supposed to receive does not arrive within the expected timeframe, contact Bank of America and provide the sender's name, the amount, and the date the wire was sent. BOA can trace the transfer and determine where it is in the system. If the wire was sent to the wrong account at BOA, the bank can work with the receiving customer to return the funds, though this process can take time.

If you believe you have been the victim of wire fraud — for example, someone tricked you into sending money to a scammer — report it to Bank of America when ready and then file a report with the FBI's Internet Crime Complaint Center (IC3) at ic3.gov. Wire fraud is a federal crime, and law enforcement may be able to recover your funds if they act quickly.

Frequently Asked Questions

How long does a Bank of America wire transfer take?

Domestic wire transfers sent during business hours on a weekday typically arrive the same day or the next business day. Transfers sent after hours or on weekends will process the next business day. International wire transfers take three to five business days, and the receiving bank may hold the funds for an additional period.

Can I cancel a wire transfer after I send it?

Once a wire transfer leaves Bank of America, it cannot be canceled. If you realize you made a mistake when ready after sending, call BOA right away and ask them to contact the receiving bank, but reversal is not may provide. This is why it is critical to double-check all recipient details before confirming the transfer.

What is the maximum amount I can wire from Bank of America?

BOA sets daily wire transfer limits that vary by account type and customer history. New customers typically have lower limits than established customers. If you need to send more than your current limit, contact Bank of America to request an increase. The bank will review your account and may approve a higher limit.

Do I need to go to a branch to send a wire transfer?

No. You can send a wire transfer online through BOA's website or mobile app, by phone, or in person at a branch. Online transfers cost $15, while phone and in-branch transfers cost $20. Online is the cheapest option and is available 24/7, though transfers sent outside business hours will process the next business day.

What information do I need to send a wire transfer?

For a domestic wire, you need the recipient's full name, account number, routing number, and bank name. For an international wire, you also need the recipient's SWIFT code and possibly their IBAN. If you do not have this information, ask the recipient or their bank to provide it.