How To Send Money Internationally With Bank Of America

Virtually Bank of America

Bank of America was founded in 1956 as BankAmerica and has an estimated four,600 retail financial centres effectually the globe. Bank of America is the 2nd-largest bank in the Usa, second simply to JPMorgan Chase, and is the eighth-largest bank in the earth.

Commercially, Banking company of America operates beyond all fifty states of the United states of america as well every bit 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.

Bank of America Exchange rates and fees

If yous're looking to brand an international transfer with Depository financial institution of America, it'due south of import to have a good understanding of the fees you're likely to incur also as the exchange rate margin the banking concern applies to your transaction. This is a breakdown of the fees and charges you tin expect when making a transfer with Bank of America:

Exchange charge per unit

As with most banks, Banking concern of America adds a margin onto the mid-market exchange rate at which banks buy and sell currency to one some other when sending money internationally for its customers. This means that yous will not be able to catechumen your cash at the same commutation rate that y'all find on Reuters or Google, for example.

The marker-up you will be charged on the commutation rate differs depending on the currency pair you are converting between, and isn't ever made explicitly clear. Bank of America states that they determine the strange exchange rates offered to customers using 'a variety of factors including market weather, exchange rates charged by other fiscal institutions, our desired rate of return, market risk, credit risk and other market, economic and business factors'.

You should be shown the exchange rate you will exist given by Bank of America before you lock in your transfer. You'll typically find a stronger exchange rate by using a specialist coin transfer operator to send your money abroad, and then it'southward worth comparing your options to meet if y'all can get a better bargain.

Transfer fees

If you are sending an outbound international transfer in a foreign currency, Bank of America charges no wire transfer fees (this is according to their website – elsewhere, documents land that a transfer in foreign currency will have a $35 transfer fee). Still, as the bank does note, yous may be charged for your wire transfer past other financial instituions involved in the transaction such as the receiving bank. This can result in charges and fees being deducted from the full corporeality being transferred.

For those sending an outbound international wire transfer in US dollars, there is a $45 transfer fee.

Boosted costs

If you are sending money abroad to exist converted into another currency, it'southward of import to be aware that you may be charged transfer fees by the receiving financial institution.

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

Banking concern of America pros and cons

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

Pros

Large distribution network: Bank of America tin 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 fourth dimension: BofA enables y'all to transport money internationally in 1 to two 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 $v,000 for small-scale businesses.

Expensive fees: You should exist prepared to pay up to $45 for an international wire transfer – a considerably higher accuse than you may go with an alternative money transfer operator.

Express payout options: Transfers can but be sent via wire transfer or money social club, so your recipient will demand a bank account to receive funds.

Customer only: You lot must be a BofA customer to be able to send international transfers with this depository financial institution.

Bank of America Swift Codes

Does Bank of America accept an app?

Yes, Bank of America has a convenient app available on both Apple and Android stores. The app can exist used to manage accounts, schedule transfers and payments, and is likewise compatible with Zelle, which makes sending domestic transfers within the U.s.a. cheaper and more user-friendly.

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 past 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 every bit of 2020.

Banking company Of America has an app that enables customers to review account information such equally balances and transactions. It'due south too swell for paying bills and sending money. Cashback deals also exist when using debit and credit cards. Read onwards to decide if the Bank of America app is the right choice for your money transfer needs.

How do I go the Bank of America App?

Yous tin can download the Bank of America app from the Apple or Google Play app marketplaces. However, information technology's called Bank of America Mobile Banking on the app marketplaces: delight note the logo, which is the same.

Tin can I make international transfers with the Bank of America App?

No, it'southward not possible to send money internationally with the Depository financial institution of America Mobile Banking app. To send coin internationally, yous'll demand to use alternative coin transfer apps such as Xoom or Payoneer.

How does the Bank of America App perform?

Understandably you volition be eager to observe out if the app has adept performance. In this section we will talk over 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 cherry. The app groundwork is white with the headings in ruby-red and white. You tin can navigate through the user interface manually or use Erica, which is the virtual financial assistant. It's a helpful addition that will aid you become more out of the app.

Speed and bugs: the app did not suffer from slowdowns when navigating through the menus. However, you lot 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, then y'all should fare well on either operating system.

How to Send Coin with the Bank of America App

We will non explain the procedure of how to ship money via the Banking company of America app because it'due south non available for international transfers. Nonetheless, if you're sending coin internationally with a service like Wise or Xoom, you'll need to enter the recipient details and select the amount you want to ship.

Most apps let you to preview the transaction before confirming. Yous'll need to review the transaction fee and conversion rate to meet if information technology meets your expectations.

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

Sending coin with mobile apps typically takes 1-3 minutes – it depends on how familiar you are with the app. Go on in listen, 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 fabricated between two members of the same app – usually instant. International transfers from apps to banks can take 2-v business days, depending on the currency used, recipient depository financial institution country and time of day sent.

Tin you add money directly to the Banking concern of America App?

The app is linked to a Banking concern of America business relationship, which ways that it's possible to add money to the app residue.

Answers to key questions near Bank of America

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

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

No, although Bank of America does have a wide reach. If you are a U.s.a. denizen, you tin can apply for a Banking concern of America business relationship online or at a branch in the U.s.. Yous will demand to provide:

Your Social Security number
Your current residential address
Your email address
Your business relationship number or debit card number to make your opening deposit into your new Banking company of America account

If you are a non-US citizen or resident, it is still possible to open an business relationship with Banking company of America. Your awarding for a bank account may still be considered if yous exercise non have a Social Security number (SSN) depending on the other documentation that y'all practise have and what type of business relationship yous want to open. It is best to visit a Banking company of America branch within the The states 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 every bit a consumer
$v,000 when sending an international wire transfer equally a small business organization

How long do transfers have with Banking concern of America?

Transfers to a foreign bank take between one – 2 working days with Banking concern of America, although transfers may take longer if initiated after the cut-off fourth dimension (17:00 EST) and especially at a weekend. If you desire to know more near sending money to a foreign bank account take a look at our guide.

What customer support options are available?

Bank of America has a big customer resource center that answers many common FAQs. In addition, you tin 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.-eight p.m. ET
Sun: 8 a.chiliad.-5 p.chiliad. ET

Y'all can also contact Bank of America at 800-933-6262 or visit your nearest local co-operative in person for help.

How to open an business relationship and transfer money with Bank of America

You tin visit a co-operative directly to open your business relationship with Bank of America, or you could also set upward your new business relationship online. Earlier you offset, make certain you've got the following data to manus:

Your Social Security number
Your electric current residential accost
Your email address
Your business relationship 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:

Go to the bankofamerica.com and select 'open a new account'.
Yous should exist re-directed to a folio that provides some more information nigh the different types of business relationship you should open. Decide which is best for you lot and select 'open account'.
Fill out the application. This includes providing your full proper name, accost, phone number etc.
Once you've confirmed and verified your details, you'll be sent an email confirming whether your application has been canonical and whatever side by side steps.

Transferring coin

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

Summary

Every bit one of the largest fiscal institutions not just in the Us merely worldwide, Bank of America is a well-known and trusted name in the banking industry with a wide range of services and fiscal products to help individuals and businesses alike manage their money.

On balance, Banking company 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 ii working days to be processed, this is considerably faster than the average transfer time of three to 5 working days that applies to nigh banks.

However, it'southward off-white to say that you will find stronger substitution rate margins and lower transfer fees with a specialist money transfer company when sending coin away. Use our comparison tool to find a real-time assay of the best options available to you based on rates, fees, transfer times, security, and more.

Artiom is a marketing graduate from the University of Portsmouth, Artiom's chief experience is in SEO simply he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.

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