Steps to wire money to the United States
1. Get the recipient's wire transfer information (bank details)
The first step is to collect the recipient's wire transfer information. Below is a list of what information you need from the recipient to send money online.
Recipient's bank name, address and country
Bank Routing Code or SWIFT/BIC or Country ID
Recipient's bank account number
IBAN or country specific account structure (if this is an international wire transfer)
Preferred currency (choose between foreign currency and USD)
Reason for sending a wire transfer
2. Log in to Bank of America Online Banking
Once you have all the information you need to send a wire transfer, log into Bank of America's online banking system.
Navigate to the "Transfer" tab and select the "Use their account number at another bank" option.
Next, select the "Same day wire transfer" option and continue to follow the on-screen instructions.
3. Use the Security Pass feature
Bank of America recommends that wire transfer customers sign up for its Secure Pass feature. This adds an extra layer of security to wire transfers over $1,000 initiated within Bank of America's internal online banking portal.
The SafePass feature allows you to authorize high-value transfers with a 6-digit code sent via SMS to verify your identity. There is no additional charge for this service.
Accepts international wire transfers from U.S. banks
In order to receive international money transfers to your U.S. bank account, you will need to provide your sender with the following wire transfer instructions:
Bank Details Description | Bank Details Description |
Your bank name Bank of America North America | Your bank name Bank of America North America |
Bank of America SWIFT International Transfer Code BOFAUS3N - USD or unknown currency | Bank of America SWIFT International Transfer Code BOFAUS3N - USD or unknown currency |
BOFAUS6S - for foreign currency (non-dollar) denominated wires | BOFAUS6S - for foreign currency (non-dollar) denominated wires |
Bank of America routing number 026009593 | Bank of America routing number 026009593 |
Beneficiary Account Number Your full Bank of America NA account number (including leading zeros) | Beneficiary Account Number Your full Bank of America NA account number (including leading zeros) |
Beneficiary Name Your account name as it appears on your reconciliation statement | Beneficiary Name Your account name as it appears on your reconciliation statement |
How much is the wire transfer fee?
The process of wiring with Bank of America is fairly simple, but how much will it cost? Below is a quick breakdown of what fees you can expect to pay when trying to wire funds with a US bank.
Wire Transfer Type Transfer Fee | Wire Transfer Type Transfer Fee |
Domestic wire transfer fee $30 per outbound transfer to the U.S. | Domestic wire transfer fee $30 per outbound transfer to the U.S. |
International Wire Fees $35 for outgoing wire transfers in foreign currency, or $45 for outgoing wires sent in U.S. dollars | International Wire Fees $35 for outgoing wire transfers in foreign currency, or $45 for outgoing wires sent in U.S. dollars |
How long does it take to wire transfers with Bank of America?
Wire transfers sent domestically by Bank of America generally arrive at the recipient's bank within 1-2 business days. For international wire transfers, it may take 2-3 business days to process. This timeline is only possible if you process wire transfers by the daily cutoff time.
For domestic and international wire transfers in U.S. dollars and foreign currencies, the daily cut-off time is 5 PM ET. Any wire transfer requests made after this deadline will be processed by Bank of America the next business day.
Domestic wire transfer: within 1-2 business days
International wire transfer: up to 2-3 business days
Fincone Virtual Credit Card
As a cheaper and faster alternative to using a U.S. bank transfer, check out Transfer. Transfer is an easy option for cross-border payments and remittances. Simple, cheap and fast. Best of all, it's easy to set up a transfer, and we'll email you updates on the progress of the transfer.
Fincon is a company that specializes in providing financial services to startups. Opening a bank account, getting a business credit card, and making cross-border payments can help startups weather the financial woes they face. Compared with traditional banking processes, our services are more precise and convenient. If you also need related services, please call +86-16266316316 or send an email to evan.fan@fincone.com, we will serve you wholeheartedly.
