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Bank of America International Transfers

Bank of America is one of the world’s largest financial institutions, serving around 56 million US customers and small-and-middle-market businesses. As well as banking and wealth management, Bank of America is also is a global leader in corporate and investment banking and trading.

This review covers everything you need to know about Bank of America, including how to open an account, pros and cons, a breakdown of the fees, charges and exchange rates you can expect when making a transfer with Bank of America and how to transfer your money.

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About Bank of America

Bank of America was founded in 1956 as BankAmerica and has an estimated 4,600 retail financial centres around the world. Bank of America is the second-largest bank in the US, second only to JPMorgan Chase, and is the eighth-largest bank in the world.

Commercially, Bank of America operates across all 50 states of the United States as well as in more than 40 other countries, with a consumer base of more than 46 million people.

Bank of America facilitates international wire transfers to over 200 countries in over 140 currencies.

It’s possible to send and receive money with Bank of America international transfer services. Customers can send to 200 countries in over 140 currencies. 

Bank of America Exchange rates and fees

If you’re looking to make an international transfer with Bank of America, it’s important to have a good understanding of the fees you’re likely to incur as well as the Bank of America exchange rate margin applied to your foreign exchange transaction.

US banks typically charge high fees and apply margins on the exchange rates. Cumulatively, these charges form the bulk of international transfer costs. Let’s examine how Bank of America handles transfer costs.

Bank of America Exchange rates

As with most banks, Bank of America adds a margin onto the mid-market exchange rate at which banks buy and sell currency to one another when sending money internationally for its customers. This means that you will not be able to convert your cash at the same exchange rate that you find on Reuters or Google, for example.

You can check the foreign currency exchange by checking our currency converter tool where you will see the real exchange rate. Just select the currency you would like to convert. For example, if you would like to send money to USA from UK, just select GBP and convert it to USD.

The mark-up you will be charged on the exchange rate differs depending on the currency pair you are converting between, and isn’t always made explicitly clear. Bank of America states that they determine the foreign exchange rates offered to customers using a variety of factors including market conditions, how much foreign currency you need, exchange rates charged by other financial institutions, our desired rate of return, market risk, credit risk and other market, economic and business factors’. 

Bank of America foreign currency exchange rates

You should be shown the Bank of America exchange rate before you lock in your foreign exchange transaction. You’ll typically find a stronger exchange rate by using a specialist money transfer operator to send your money abroad, so it’s worth comparing your options to see if you can get a better deal.

Bank of America exchange rates are available online. The rates are different from the mid-market rate because they reflect an all-in-pricing. Customers can expect a markup of 4%-6%, depending on the currency. For instance, the GBP/USD pair has a markup of 4.6%.

Customers can opt for money remittance companies that offer exchange rates close to the mid-market rates. Leading companies like Wise offer customers rates that match the market rate. This preserves the transfer value making international transfers less expensive. 

Bank of America Transfer fees

Here’s a breakdown of Bank of America international wire transfer fees.

  • Bank of America outgoing international wire transfer fees in foreign currencies: No fee.
  • Bank of America outgoing international wire transfer fees in USD: $45.

Bank of America money transfer fees are prohibitive for all those who maintain a USD account. The difference in fees between Bank of America and money transfer providers is high. Customers can save upwards of $35 by using specialist money transfer providers.

Additional costs

If you are sending money abroad to be converted into a foreign currency, it’s important to be aware that you may be charged transfer fees by the receiving financial institution.

For an inbound international wire, Bank of America charges $16. 

How do Bank of America transfer fees compare to using a money transfer provider?

We compare Bank of America international transfer fees against money transfer providers. 

Assuming a customer intends to send $1000 to a bank account in the following counties, here’s what they’d pay.

Send Money ToBank of America transfer CostMoney Transfer Provider Cost
The United Kingdom$45$2.5
Canada$45$2.99
Europe$45Free

Bank of America international transfer fees are prohibitive, especially for small transfers. The overall costs increase when you factor in the 5% margin on the exchange rate. However, if the customer decides to send the transfer in a currency like EUR or GBP, they would incur zero charges.

Bank of America pros and cons

If you’re still thinking about sending or receiving money using Bank of America, it’s a good idea to weigh up the pros and cons of using this service:

Pros
Large distribution network: Bank of America can facilitate transfers to over 200 countries and 140 currencies.
Trusted name: You can transact with this financial institution secure in the knowledge that you are with a well-known, trusted name in the industry that is used by millions of customers.
Faster transfer time: BofA enables you to send money internationally in 1 to 2 working days, which is considerably faster than many other banks.
Secure transfer method: Sending an international wire transfer is a secure way of moving your funds abroad.
Cons
Small transfer limits: BofA has a maximum sending 24-hour sending limit of $1,000 for consumers, and $5,000 for small businesses.
Expensive fees: You should be prepared to pay up to $45 for an international wire transfer – a considerably higher charge than you may get with an alternative money transfer operator.
Limited payout options: Transfers can only be sent via wire transfer or money order, so your recipient will need a bank account to receive funds.
Customer only: You must be a BofA customer to be able to send international transfers with this bank.

Bank of America Swift Codes

BankCountryCity
Bank Of America Na SydneyAustraliaSydney
Bank Of America Na AntwerpBelgiumAntwerpen
Bank Of America National Association Canada BranchCanadaToronto
Bank Of America National Association Canada BranchCanadaVancouver
Bank Of America Sa SantiagoChileSantiago
Bank Of America Na BeijingChinaBeijing
Bank Of America Na Guangzhou BranchChinaGuangzhou
Bank Of America Na ShanghaiChinaShanghai
Bank Of America Na ParisFranceParis
Bank Of America NaGermanyFrankfurt Am Main
Bank Of America Na Military BankGermanyFrankfurt Am Main
Bank Of America Na Military BankGermanyMainz Kastel
Bank Of America Na AthensGreeceAthens
Bank Of America Na Hong KongHong KongHong Kong
Bank Of America Na MumbaiIndiaBangalore
Bank Of America Na ChennaiIndiaChennai Madras
Bank Of America Na KolkataIndiaKolkata Calcutta
Bank Of America Na MumbaiIndiaMumbai
Bank Of America Na New DelhiIndiaNew Delhi
Bank Of America Na Jakarta BranchIndonesiaJakarta
Bank Of America NaIrelandDublin
Bank Of America TokyoJapanTokyo
Bank Of America Malaysia BerhadMalaysiaKuala Lumpur
Bank Of America Malaysia BerhadMalaysiaLabuan
Bank Of America Mexico SaMexicoMexico
Bank Of America Na AmsterdamNetherlandsAmsterdam
Bank Of America Na ManilaPhilippinesManila
Bank Of America Na MoscowRussiaMoscow
Bank Of America Na SingaporeSingaporeSingapore
Bank Of America Singapore LtdSingaporeSingapore
Bank Of America Na PusanSouth KoreaPusan
Bank Of America Na Seoul BranchSouth KoreaSeoul
Bank Of America Europe Card Services Mbna EspanaSpainMadrid
Bank Of America Na MadridSpainMadrid
Bank Of America Na TaipeiTaiwanTaipei
Bank Of America Na BangkokThailandBangkok
Bank Of America Na LondonUnited KingdomBromley
Bank Of America NaUnited KingdomLondon
Bank Of America Na LondonUnited KingdomLondon
Bank Of American ForkUsaAmerican Fork Ut
Bank Of America NaUsaBoston Ma
Bank Of America NaUsaCharlotte Nc
Bank Of America NaUsaMiami Fl
Bank Of America NaUsaNew York Ny
Bank Of America NaUsaSan Francisco Ca

Does Bank of America have an app?

Yes, Bank of America has a convenient app available on both Apple and Android stores. The app can be used to manage accounts, schedule transfers and payments, and is also compatible with Zelle, which makes sending domestic transfers within the US cheaper and more convenient.

What is the Bank of America App?

Bank of America is based in North Carolina and has been around since 1998. The company is a result of mergers by BankAmerica and NationsBank. The founders are Amadeo Giannini and Hugh McColl. Furthermore, there are over 213,000 employees with total assets in the region of 272.92 billion USD as of 2020. 

Bank Of America has an app that enables customers to review account information such as balances and transactions. It’s also great for paying bills and sending money. Cashback deals also exist when using debit and credit cards. Read onwards to determine if the Bank of America app is the right choice for your money transfer needs. 

How do I get the Bank of America App?

You can download the Bank of America app from the Apple or Google Play app marketplaces. However, it’s called Bank of America Mobile Banking on the app marketplaces: please note the logo, which is the same. 

Can I make international transfers with the Bank of America App?

No, it’s not possible to send money internationally with the Bank of America Mobile Banking app. To send money internationally, you’ll need to use alternative money transfer apps such as Xoom or Payoneer

How does the Bank of America App perform?

Understandably you will be eager to find out if the app has good performance. In this section we will discuss the user interface and if the app runs smoothly. 

User interface: the user interface features the colors of the brand, which are white, blue and red. The app background is white with the headings in red and white. You can navigate through the user interface manually or use Erica, which is the virtual financial assistant. It’s a helpful addition that will help you get more out of the app. 

Speed and bugs: the app did not suffer from slowdowns when navigating through the menus. However, you should test the app for yourself to see how it is rendered and functions on your smartphone. The app is highly rated on iOS and Apple, so you should fare well on either operating system. 

How to Send Money with the Bank of America App

We will not explain the process of how to send money via the Bank of America app because it’s not available for international transfers. However, if you’re sending money internationally with a service like Wise or Xoom, you’ll need to enter the recipient details and select the amount you want to send. 

Most apps allow you to preview the transaction before confirming. You’ll need to review the transaction fee and conversion rate to see if it meets your expectations. 

How long does it take to send through the Bank of America App?

Sending money with mobile apps typically takes 1-3 minutes – it depends on how familiar you are with the app and also how much foreign currency you need to get converted. Keep in mind, that transfer to previous recipients will be faster since details are usually saved. 

Money transfer times are the same whether it’s sent via the app or desktop. The fastest transfers are made between two members of the same app – usually instant. International transfers from apps to banks can take 2-5 business days, depending on the currency used, recipient bank country and time of day sent. 

Can you add money directly to the Bank of America App?

The app is linked to a Bank of America account, which means that it’s possible to add money to the app balance. 

Answers to key questions about Bank of America 

Whatever your reasons for looking at an account with Bank of America, there are a few key factors you should take into consideration. We’ve covered those things here.

Can I open a Bank of America account in any country?

No, although Bank of America does have a wide reach. If you are a US citizen, you can apply for a Bank of America account online or at a branch in the US. You will need to provide:

  • Your Social Security number
  • Your current residential address
  • Your email address
  • Your account number or debit card number to make your opening deposit into your new Bank of America account

If you are a non-US citizen or resident, it is still possible to open an account with Bank of America. Your application for a bank account may still be considered if you do not have a Social Security number (SSN) depending on the other documentation that you do have and what type of account you want to open. It is best to visit a Bank of America branch within the US to approach this.

Are there transfer limits?

Yes, Bank of America has transfer limits. The 24-hour limit for sending money is:

  • $1,000 when sending an international wire transfer as a consumer
  • $5,000 when sending an international wire transfer as a small business

How long do transfers take with Bank of America?

Transfers to a foreign bank take between 1 – 2 working days with Bank of America, although transfers may take longer if initiated after the cut-off time (17:00 EST) and especially at a weekend. If you want to know more about sending money to a foreign bank account take a look at our guide.

What customer support options are available?

Bank of America has a large customer resource center that answers many common FAQs. In addition, you can send a direct message via Twitter of Facebook with representatives available at the following times:

  • Mon–Fri: 8 a.m.-9 p.m. ET
  • Sat: 8 a.m.-8 p.m. ET
  • Sun: 8 a.m.-5 p.m. ET

You can also contact Bank of America at 800-933-6262 or visit your nearest local branch in person for assistance.

Does Bank of America adds a margin to the mid-market exchange rate?

As with most banks, Bank of America adds a margin onto the mid-market exchange rate at which banks buy and sell currency to one another when sending money internationally for its customers. This means that you will not be able to convert your cash at the same exchange rate that you find on Reuters or Google, for example. Additionally, currency exchange rates are exchange rates at which one currency may be converted into another, also called foreign currency exchange rates.

What are foreign currency exchange rates?

Currency exchange rates are exchange rates at which one currency may be converted into another. This is also called foreign currency exchange rates.

How to open an account and transfer money with Bank of America

You can visit a branch directly to open your account with Bank of America, or you could also set up your new account online. Before you start, make sure you’ve got the following information to hand: 

  • Your Social Security number
  • Your current residential address
  • Your email address
  • Your account number or debit card number to make your opening deposit into your new Bank of America account
  • Co-applicant’s personal information (if applicable)

Opening an account

Here are the basic steps for opening a new account:

  1. Go to the bankofamerica.com and select ‘open a new account’.
  2. You should be re-directed to a page that provides some more information about the different types of account you should open. Decide which is best for you and select ‘open account’.
  3. Fill out the application. This includes providing your full name, address, phone number etc.
  4. Once you’ve confirmed and verified your details, you’ll be sent an email confirming whether your application has been approved and any next steps.

Transferring money

You can either set up a transfer in person at your local Bank of America branch, or via the app/online banking. Simply log into your account and set up your transfer via the “Pay & Transfer” tab.

Summary

As one of the largest financial institutions not just in the United States but worldwide, Bank of America is a well-known and trusted name in the banking industry with a wide range of services and financial products to help individuals and businesses alike manage their money.

On balance, Bank of America has some positive points when it comes to international transfers when comparing it with other banks. With transfers taking an average of 1 to 2 working days to be processed, this is considerably faster than the average transfer time of 3 to 5 working days that applies to most banks. 

However, it’s fair to say that you will find stronger exchange rate margins and lower transfer fees with a specialist money transfer company when sending money abroad. Use our comparison tool to find a real-time analysis of the best options available to you based on rates, fees, transfer times, security, and more.

April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.