Bank of America International Transfer: Limit, Exchange Rate, Charges

bank of america international transfer

Do you intend to use Bank of America to send money abroad? Bank of America has 66 million clients, wherein its international transfer service provides you with lots of benefits, that help you to transfer money internationally with ease and without any hustle. This blog covers everything you need to know, including the costs, timeline, and how to start a Bank of America international wire transfer. If you want to know more about Bank of America International Transfer Limits, exchange rates and other details, read all information given below. 

Key Facts about Bank of America International Transfer

Here are a few of the Key Facts about Bank of America International Transfer

  • More than 200 nations can be reached via international wires in more than 140 different currencies. View our Foreign Currency Payments Guide Wire transfers are quick, simple, and secure.
  • If sent by 5 p.m. ET, international wires typically reach the receiving bank in 1 to 2 business days.
  • You should think about elements that affect the total cost to send or the amount available after the transfer, such as exchange rates and other fees, while determining whether to send in foreign currency or U.S. dollars.
  • There is no Bank of America outbound wire transfer fee when sending foreign currency, and the exchange rate is fixed upfront.
  • You might be able to acquire a better exchange rate via Online Banking to send an international wire in foreign currency than you would at the financial centre.
  • You should ask the recipient or transfer in U.S. dollars if you are unsure of the receiving account’s currency.

How to Make a Bank of America International Transfer? 

The majority of clients find that using the online banking service is the most convenient option, even if you may typically transfer foreign wire payments through your bank in person. Here’s how to send money via the Bank of America international transfer:

  • Choose the Transfer option after logging into online or mobile banking.
  • Add the recipient
  • Confirm the payment detail

Requirements for Sending Money

You must supply the following details to Bank of America when you schedule your payment:

  • Name, location, and nation of the recipient bank
  • SWIFT Code, 
  • National ID, or IBAN number of the bank where the receiving account is located
  • The recipient’s account number
  • The object of the transfer

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Requirements for Receiving Money

You will need to provide the sender with a few essential facts if you need to receive an international payment into your Bank of America account. These often consist of:

  • Your complete name as it appears on your account
  • Your banking information
  • Your routing number for wire transfers
  • The right SWIFT/BIC code for Bank of America

International Transfer Fee

Here is the Bank of America international Transfer fees for international receiving and sending money 

Transfer Type Fee
International wire Transfer in Foreign Currency No transfer fee 
International Wire sent in USD 45 USD ( INR 3,701)
International wire Receive in USD Usually fee is around 15 USD ( INR 1,233)

Additional Fee

You might also be required to pay fees to other institutions who assisted Bank of America in processing the payment when you send an overseas remittance. These fees frequently apply when banks send wire transfers using the SWIFT network. SWIFT payments require the transfer of funds among numerous partner banks until they reach the correct recipient’s account. Each participating bank may charge a service fee, which is subtracted as the transfer moves through the system.

Exchange Rate 

Although Bank of America’s margin is not made public, banks typically apply a markup of about 3%. Although it may not seem like much, the cost of sending an overseas transfer can quickly grow to be the highest of all fees. Here are some examples of how a 3% markup would add up for various transfer values:

  • If you send $1,000 (INR 82,253), the exchange rate markup raises the total by $30 (INR 2,467).
  • When sending 5,000 USD ( INR 4,11,251), the exchange rate markup raises the amount by $150 USD (INR 12,332).
  • Sending 50,000 USD ( INR 41,10,782) The exchange rate markup increases the sum by 1,500 USD (INR 1,23,323).

Must Read: UCO BANK EDUCATION LOAN: DOCUMENTS REQUIRED, CALCULATOR, APPLICATION, BENEFITS

How Long Does Bank of America International Transfer Take?

The destination nation and the internal procedures of the receiving bank both affect the precise delivery time. You may see a list of the countries that Bank of America considers to be slow-processing locations and where payment times are likely to be prolonged on their website. Here is a summary of the delivery times you may anticipate from Bank of America:

Provider Time 
Bank of America 1-2 working days 

Pros and Cons of Bank of America International Transfer

Here are the pros and Cons of transferring money abroad with Bank of America

Pros Cons 
1. Dependable and accustomed to service
2. Conveniently set up payments online. 3. Wide range of nations and currencies are included.
4. Many accounts permit free international wire transfers.
1. Exchange rate markups increase overall expenditures overall.
2. The majority of transfers are limited to 1,000 USD (INR 82,216).
3. Certain account types charge fees for all foreign wire transfers.
4. Delivery timings don’t beat the competition.
5. Third-party expenses are included.

Transfer Limits of Bank of America 

The Transfer limit of Bank of America will vary according to account type and the transfer type which you want to make like domestic wire transfer or international wire transfer. Here is the Transfer limit idea for Bank of America, Bank of America wires have a 1,000 USD (INR 82,216) per transaction standard consumer limit. You might be allowed to transfer 5,000 USD (INR 4,11,084) per transaction if you have a Bank of America business account.

Must Read: SANTANDER INTERNATIONAL TRANSFER: DURATION, CALCULATOR, RATES, PROCESS

FAQs

Q1. What is the international wire transfer address for Bank of America?

Ans. Use this address to send payments in US dollars:
New York, New York 10038: 222 Broadway, Bank of America, N.A.
And you must use the following address for incoming payments in foreign currency:
San Francisco, California 94104; 555 California St.

 Q2. Does Bank of America permit wire transfers abroad?

Ans. Yes. Make international wire transfers with Bank of America online or by going to a nearby branch.

Q3. How long does a Bank of America international wire transfer take?

Ans. Bank of America overseas bank transfers often take one or two business days to reach their recipients’ accounts.

This was all about the Bank of America International transfer if you also want to do the transaction internationally, reach out to Fly. Finance. Our experts will help you with the same. 

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