Bank of America


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Bank of America

Bank of America can trace its history back to 1904. In the modern age, it is one of America’s largest financial institutions.

Bank of America is a major node in both the North American and global financial systems, and as a result, it often plays a role in foreign exchange transactions, SWIFT transfer functions and more. If you plan to use it for this purpose, though, you may be interested to find out some key facts about its offer first – such as the amount that it charges in transfer fees, or the time that it will take to complete.

This review, then, will focus on three key areas: how to go about arranging a transfer using Bank of America’s innovative online system, how much it will cost you, and the overall time that it is likely to take.

 

Transfer Fee and Charges

When you send money internationally from a Bank of America bank account, you will have to pay a charge in addition to any international exchange rate that you may face. The exact amount that this fee will take varies based on a number of factors.

  • For an international wire sent out in US dollars, you’ll be charged wire transfer fees of $45.
  • If you are sending funds in a foreign currency, however, then the fee will be a little lower at $35.
  • Official Bank of America advice states that you should default to sending in US dollars if you’re not certain what currency the recipient will receive it in. An advantage of sending it in the currency of the recipient instead of US dollars, however, is that you will know what the exchange rate is as soon as you confirm it.

 

Time Duration to Complete Transfer

Once again, an international Bank of America transfer can take a different amount of time to complete depending on the currency and the time of the arrangement.

  • It’s important to note that sending cash internationally in a foreign currency will usually result in the recipient finding that they receive the wire transfer faster than if it was sent in US dollars.
  • Bank of America does not officially stipulate how long wire transfers to particular countries will take. It does state that it’s possible to use the bank to transfer cash to over 200 nations around the world, and it states that it will usually turn up at the recipient’s bank in two working days (provided it is arranged by 5pm Eastern Time).

 

Instruction on How To Arrange Transfer

  • Arranging an international bank transfer with Bank of America is simple, and it is possible to complete a digital money transfer online through the online banking system.
  • In order to arrange a wire transfer, you will need access to online banking. If you do not have access to online banking, then you should visit a Bank of America branch or call Bank of America’s customer helpline.
  • Once you’ve logged in, navigate to the “Send Money To Someone” part of the Transfers menu. Then, click “Using their account number at another bank”.
  • When you have done this, the system will ask you to input the relevant information for your international money wire.
  • It is important to ensure that you have all of the right details for your recipient’s bank account to hand before proceeding with your international money order. You will need their basic personal details, including their name, address and nation. You will also need details of their bank account, such as the account number, the bank routing code, the SWIFT Code, the National ID or the IBAN number. Bank of America will also ask you to give a reason for making the transfer.

 

Conclusion

Bank of America, then, is a major American financial institution with the capacity to carry out an international wire transfer on your behalf in a price-friendly, customer-centric way. In terms of fees, the bank varies its charges depending on what currency you choose to use. However, its fees are generally competitive. Again, the chosen currency can affect the time taken to transfer money abroad – but it’s usually possible for your recipient to get access to it in their account within two working days. With the transfer process designed to be as simple as possible, your online transfer experience won’t take long.

If you’re looking to contrast foreign exchange rates, then check out what FXCompared.com can do for you.

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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.