Bank of America Wire Transfer Review

John Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.

John Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.

John Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.

John Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia.

Lisa Rowan is lead editor, consumer finance for Forbes Advisor. She previously served as a senior staff writer and deputy editor for the vertical. Lisa has worked as the Two Cents personal finance reporter at Lifehacker and a senior writer at The Pen.

Lisa Rowan is lead editor, consumer finance for Forbes Advisor. She previously served as a senior staff writer and deputy editor for the vertical. Lisa has worked as the Two Cents personal finance reporter at Lifehacker and a senior writer at The Pen.

Lisa Rowan is lead editor, consumer finance for Forbes Advisor. She previously served as a senior staff writer and deputy editor for the vertical. Lisa has worked as the Two Cents personal finance reporter at Lifehacker and a senior writer at The Pen.

Lisa Rowan is lead editor, consumer finance for Forbes Advisor. She previously served as a senior staff writer and deputy editor for the vertical. Lisa has worked as the Two Cents personal finance reporter at Lifehacker and a senior writer at The Pen.

Updated: Sep 8, 2022, 1:08pm

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Our Verdict

Our Verdict

While Bank of America offers some attractive features when it comes to sending wire transfers, one especially unattractive aspect is that you can’t send wire transfers of any kind through the Bank of America app. If you’re seeking on-the-go flexibility with wire transfers, Bank of America isn’t the way to go.

Pros

• Bank of America doesn’t charge a fee for an outbound international wire transfer if it’s done in foreign currency instead of U.S. dollars.
• International wire transfers can be sent in more than 140 currencies to over 200 countries.
• About 4,000 branches are located around the country in case you need in-person help with a wire transfer during normal business hours.

Cons

• It takes numerous steps to initiate a wire transfer online.
• Wire transfers can’t be done on the Bank of America app.
• For consumers, wire transfers are limited to $1,000 per transaction. The per-transaction limit for small businesses is $5,000. Daily and monthly limits also might apply.

Table of Contents

• Who Should Use Bank of America Wire Transfer?
• How To Do A Wire Transfer With Bank of America
• Bank of America Wire Transfer Pricing
• Bank of America Wire Transfer Ease of Use
• Bank of America Wire Transfer Support
• How Bank of America Wire Transfer Stacks Up Against the Competition
• Frequently Asked Questions (FAQs)

Who Should Use Bank of America Wire Transfer?

Bank of America account holders are the only people who can use the bank’s wire transfer feature, and they might want to stick to domestic transfers and avoid international transfers.

If you’re a Bank of America customer, it’s not terribly complicated to execute a wire transfer, and the bank doesn’t charge a fee for certain transfers. But if you’re not a Bank of America customer, you can’t send wire transfers through the bank.

Even if you are a customer, one drawback of Bank of America (the country’s second largest bank based on assets) is that you can’t send a wire transfer through the bank’s app. Instead, you must do it through your online account or make an appointment at one of the bank’s 4,000 branches. Some banks, such as Chase and Citibank, allow wire transfers through their app.

Another drawback: An international wire transfer at Bank of America must be sent to a recipient’s bank account. Some other international money transfer services allow money to be picked up at an affiliated location, delivered to a recipient’s home or even sent to a recipient’s mobile device.

However, one positive is that Bank of America does enable a customer to send money via wire transfer to over 200 countries in more than 140 currencies. Also, Bank of America doesn’t charge a fee for international wire transfers sent in a foreign currency, and the exchange rate for that type of transfer is locked in upfront. Bank of America notes that you may be able to get a better exchange rate through an online transfer rather than an in-person transfer.

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