BOA International Wire Transfer

BOA International Wire Transfer

Anyone with a Bank of America account is eligible to use the BOA International Wire Transfer feature of the bank. Account holders can wire transfer only through their online banking account and through the BOA app. This USA-based financial institution allows wire transfers only in the bank accounts of the recipients and does not allow home delivery of money. BOA account holders can make international transfers in more than 200 countries in over 140 currencies. The bank usually ensures that customers get a better exchange rate in wire transfers than in an in-person transfer. Let’s delve into the specifics of this article. 

Steps to Do a Wire Transfer with BOA

With the BOA international wire transfer feature, Bank of America account holders can transfer money across borders without visiting a physical branch. Here is a step-by-step guide to wiring transfer money internationally with an online checking account or savings account of BOA:

  • Login to your BOA savings or online checking account
  • Hover over the “Transfer I Zelle” tab and wait for the menu to pop up.
  • Select the “Transfer” option. Click on the “To/From Other Banks (includes wires)” tab.
  • Read the ‘Service Agreement’ that pops up on the screen and check the acknowledgment box by clicking on the “I agree” button
  • Add account details of the recipient, for a first-time BOA international wire transfer.
  • Select “International” and choose the nation in which the account of the recipient is situated
  • Check the “Yes”/”No” option for the question: “Do you know the currency of this account?” and select the currency being transferred
  • Upload the personal information of the recipient- bank information and home address which is connected to the bank account
  • Select the “Add Account” option
  • After the addition of the recipient’s bank account, the sender has to click on “Return to Make Transfer.”
  • After being redirected to the next page, one needs to select the sender’s account and the recipient’s account
  • Enter the money that has to be transferred
  • Confirm the international wire transfer details by checking the T&C acceptance box.
  • Click on the “Make Transfer” button to complete the transfer

Also Read: What is SWIFT Wire Transfer

Pricing

Transaction fees for BOA International Wire Transfer are mentioned in the table below:

Types of International Wire TransferTransaction LimitTransaction Fees 
Outbound transfer in USDFor Small Businesses: $5000 (INR 4,11,626); For Customers: $1000 (INR 82,325)$45 per transfer for small businesses and customers on transaction limits
Outbound transfer in currencies other than USDFor Small Businesses: $5000 (INR 4,11,626); For Customers: $1000 (INR 82,325)$0 per transfer for small businesses and customers on transaction limits

Also Read: Best Bank Accounts for International Students in USA

BOA Money Transfer Partners

Some of the featured international money transfer platforms for BOA International Wire Transfer are WISE-Multi-Currency Account and Xe Money Transfer. Given below are some of the basic features of these money transfer partners are mentioned below:

XeMoney Transfer

Here are some details about this monetary transfer partner:

  • It is operational in over 130 countries and accepts transfers in more than 98 currencies. 
  • There are low or no transfer fees.
  • It initiates international transfers within 24 hours and is operational 24/7.

Wise-Multi-Currency Account

Key information about this platform is mentioned below:

  • It accepts transfers in 55 currencies.
  • There is no monthly maintenance fee.
  • Money can be transferred via Bank Accounts, Debit and Credit Cards, Wire Transfers, and Apple Pay.

Also Read: How to Easily Send Money Abroad from India

To avoid any glitches while transferring money through BOA International Wire Transfer, senders are advised to use the below-mentioned operating systems and browsers.

Operating SystemsBrowsers
Mac OS 10.9 and Windows 7 or higher version of these OSEdge 96; Firefox 93; Safari 14.x; Chrome 93 or advanced versions of these browsers

FAQs

Q1. Does Bank of America have international wire transfer?

Ans. Yes. BOA account holders can send and receive international wires in USD and foreign currencies. 

Q2. Does Bank of America has an international wire limit?

Ans. Yes. Individual customers can transfer $1,000 and small businesses can transfer $5,000 within 24 hours. These limits can be increased by enrolling in the SafePass Security Scheme of the bank.

Q3. How to receive a wire transfer from Bank of America?

Ans. The recipient must have savings or an online checking account of BOA to receive a  wire transfer. The recipient must provide the SWIFT code for BOA to receive incoming international wire transfers. 

Explore different ways to transfer money internationally when opting to study abroad with Leverage Edu and Fly Finance

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