Transfer Funds Outside Bank

Frequently Asked Questions

• How do I add an account?

  To add an account, select the Outside the Bank link, then the Add Account tab. You can add accounts to make the following types of transfers:

  • From any Bank of America checking or savings account to any other Bank of America checking or savings account set up through the Transfers Outside the Bank Service for the purpose of making wire transfers
  • From any internal Bank of America checking or savings account you own to any external domestic (U.S.) checking or savings account owned by you or someone else
  • From any internal Bank of America checking or savings account you own to any external international checking account or savings account owned by you or someone else
  • From any domestic (U.S.) Non-Bank of America checking or savings account that you own to any internal Bank of America checking or savings account that you own

  You can also transfer funds between your Bank of America accounts and some of the large brokerage firms that may be supported within our investment directory list.

• How do I initiate a domestic U.S dollar transfer?

  To initiate a domestic transfer, first you must select the To Account or From Account. Then you must add the account by selecting the Add Account link within the Outside the Bank Transfer module. Once the account is added, select the Make Transfer tab, then select the From account, To account, amount, delivery speed, frequency, if you want an email sent to the recipient, and if the transfer is being sent on behalf of someone else.

• How do I initiate an international wire transfer?

  To initiate an international wire transfer, you will need to have the complete information of where the funds are being sent. This may include beneficiary name and address, beneficiary account number, and beneficiary bank name and address. Additionally, you will need to have any national bank identifiers that are required by the banking system of the destination country. If you are transferring funds to an international account, your account will be debited the same day, and Bank of America will send the payment out immediately. The beneficiary's bank will generally receive the funds 1 to 2 days later. The funds will usually be credited to the beneficiary within 2 days. However, there are a number of factors which could delay the credit to the beneficiary, which include, but are not limited to local bank holidays, delays by an intermediary bank, or other local conditions. Please note that some countries have been designated as "slow-to-pay" countries, and transfers made to those countries may experience delays in crediting the beneficiary's account. Please see a complete listing of slow-to-pay countries. Transfers initiated in US dollars instead of the local currency of the destination country are usually subject to more delays.

• What delivery speed options are available? (OLB and Dot.com)

  If you are transferring funds from a Bank of America account to an external domestic (U.S.) account, the following delivery types are available:

  • 3-business-day processing
  • Next-business-day processing
  • Same-business-day processing

  If you are transferring funds from an external domestic (U.S.) account to a Bank of America account, only 3-business-day and next-business-day processing is available.

  If you are transferring funds to an international account, please note that it can take up to several weeks for the beneficiary to be credited. Several factors influence the processing speed including non-overlapping time zones (for example, between the US and Asian countries), the use of intermediary banks, and local clearing procedures. Some countries have also been designated "slow-to-pay", and there may be some risk in making a transfer to a slow-to-pay country. Bank of America cannot guarantee the timely delivery or return of funds transferred to slow-to-pay countries.

  Bank of America can trace your transfer, if the recipient has not received it in 1 week (unless the beneficiary's account is in a slow-to-pay country, in which case it will be 3 weeks). Please contact the Bank of America's Foreign Exchange department. A fee of $25 will be charged for all tracers.

• What types of accounts can I transfer to?

  You can transfer to checking and savings accounts at any bank. Please note that you cannot make a federal tax payment through this service.

• Can I transfer money to an individual as well as to a business account?

  You can transfer money to an individual and business account as long as you know the deposit account number and routing number. If you do not have this information, you must use the Bill Pay service instead.

• What is SafePass™?

  SafePass is Bank of America's strongest protection in guarding against Online Banking fraud and identify theft. Learn more about SafePass.

• Is SafePass™ required to initiate an outside the bank transfer?

  For your security, SafePass™ is required if you attempt to initiate a transfer outside the bank that is greater than the established SafePass limits.

• SafePass™ Limits for transferring funds to accounts outside Bank of America:

  • Consumers/Small Business Clients - $1,000 and higher
  • Wealth Management and U.S. Trust Clients - $5,000 and higher
  • Small Business Clients with the Direct Payments service -$7,500

• Why do I need to provide an email address when initiating outside the bank transfers?

  By providing an email address, you will receive notifications from Bank of America regarding your transfer requests.

• How does the recipient know a transfer has arrived?

  The person initiating the transfer can provide the recipient's email address, and then an email alert can be provided to the recipient when the transfer arrives at the recipient's bank. Please have the beneficiary's email address available when initiating the transfer.

• Can I schedule transfers for a date in the future?

  Yes, you will be able to set up payments to be sent at a future date for domestic (U.S.) account transfers, as well as recurring transfer plans. This service is not available for international transfers.

• How do I locate the routing number?

  Your routing number is the first 9 digits at the bottom left-hand corner of your check. Our transfer system also accepts the ACH routing/transit number and the wire routing number.

  Learn more about routing numbers.

• When will the funds be withdrawn from my account?

  For one- time, immediate transfers, funds will be debited from your account immediately after you complete the transfer request, as long as you request the transfer prior to the daily cut-off time.

  For one-time immediate transfers requested after the daily cut-off time, funds will be debited from your account on the following bank business day.

  For transfers scheduled in advance, funds will be debited from your account on the scheduled transfer date.

  Daily cut-off times are as follows:

  • Same-business-day (Wire Transfer) = 5:00 p.m. ET
  • Next-business-day = 8:00 p.m. ET
  • 3-business-day = 8:00 p.m. ET

• How can I transfer money using the Transfers Outside the Bank Service?

  You can transfer money between Bank of America accounts in the following ways:

  Transfers from your Bank of America deposit account to a deposit account owned by you or someone else at another financial institution within the United States using 3 delivery speeds:

  • Same-business-day processing (wire transfer)
  • Next-business-day processing
  • 3-business-day processing

  Transfers from your Bank of America deposit account to an account owned by you or someone else at a financial institutions located outside the United States. These transfers can either be sent in foreign currency or U.S. dollars.

  Transfers to your Bank of America consumer deposit account from an account you own at another financial institution within the United States using 2 delivery speeds:

  • Next-business-day processing
  • 3-business-day processing

  The following transfer fees may apply to some transfers.

  Inbound Transfers: There is no fee for transferring funds into the bank, regardless of the delivery type you choose.

  Outbound Transfers: If you transfer money to accounts you own at other financial institutions or to an account owned by someone else, the following transfer fees will apply for each transfer:

  • 3-business-day processing is $3.00
  • Next-business-day processing is $10.00
  • Same-business-day processing (wire transfer) varies by region (The actual fee disclosure is on the Make Transfer page.)

  Miscellaneous Fee: You will be charged $25 for each wire tracer that you ask us to execute for you.

  You may move money without a transaction fee by using Bank of America's Online Bill Pay Service. Bill Pay allows you to pay large, well-established merchant billers electronically within 1 to 3 days without charge. You may also use Bill Pay to transfer money to individuals and smaller merchants when arrival by a specified date is not required. The Transfers Outside the Bank Service is an alternative that allows you to transfer funds to individuals or vendors when delivery of funds by a specific date is critical.

• What are the advantages of transferring funds abroad in foreign currency as opposed to US dollars?

  There are several advantages to sending a wire transfer in the currency of the receiving bank. When funds are received in local currency, in most cases, the beneficiary is credited earlier than when the funds need to go through a conversion process. Plus, initiating the wire in foreign currency will allow you to avoid exchange rate fluctuations, and you will know the exact amount being sent at the time you initiate the wire.

• What are the fees for transferring funds internationally?

  International wire transfer sent in US dollars cost $45. International wire transfer sent in foreign currency cost $35.

• Can I purchase a foreign draft instead?

  Currently, foreign drafts are not available for ordering on line. Drafts are available for ordering at all full service Bank of America banking centers.

• What is the minimum amount I can wire funds internationally?

  There is no minimum on sending international wires, but there is a high probability that your wire will be delayed if the amount is very small. We recommend that wires be sent for the equivalent of $25 or greater.

• What is the maximum amount I can wire funds internationally?

  The maximum amount that can be wired during regular market hours is $5,000,000. The foreign exchange markets are closed on weekends and bank holidays. Weekends are defined as the hours between Friday at 5:00 p.m. ET and Sunday at 8:00 p.m. ET.

• Is the beneficiary going to be charged for receiving the funds?

  Most financial institutions worldwide will assess a charge to the receiving account for receiving wire transfers regardless of the currency.

• How much will a foreign bank charge for receiving a wire transfer?

  Bank of America does not have specific information on the charges other financial institutions assess for receiving wire transfers. You may want to contact the receiving financial institution or the beneficiary to find out if there are any fees involved.

• When will the beneficiary receive the currency?

  Once the wire is completed, Bank of America will send the payment out immediately with a value date of 1 or 2 days later. The funds will usually be credited to the beneficiary within 2 days. However, there are a number of factors which could delay the credit to the beneficiary, which include, but are not limited to local bank holidays, delays by an intermediary bank, or other local conditions. Please note that some countries have been designated as "slow-to-pay" countries, and transfers made to those countries may experience delays in crediting the beneficiary's account. Please see a complete listing of slow-to-pay countries. Transfers initiated in US dollars instead of the local currency of the destination country are usually subject to more delays.

• What happens if the beneficiary has not received the funds when expected?

  If the beneficiary has not received the funds within 4 business days, you can initiate a Foreign Exchange Tracer. Please contact the Bank of America's Foreign Exchange department. A fee of $25 will be charged for all tracers.

• What happens if the wire was sent but the instructions need to be amended?

  If the instructions on a wire that was already sent need to be amended, you can request Bank of America to attempt a Foreign Exchange Amendment on your behalf. Please contact the Bank of America's Foreign Exchange department.

• How do I initiate a Foreign Exchange Tracer or Amendment?

  For amendments, Bank of America will make an effort to send these instructions, but the wire will have already left the bank. For tracers, we recommend that you wait at least 2 days after the date your beneficiary should have received the funds, or longer if the payment was sent to a slow-to-pay country. Investigations can be initiated by contacting Online Banking customer service or by logging in to Online Banking and sending us a secure email. Please provide the following information:

  • Transaction Payment Reference Number
  • Foreign Exchange Amount
  • Payment Initiation Date

  Please note that the tracer request fee is $25 dollars.

• How do I cancel a Foreign Exchange wire?

  Since wires are sent out instantaneously, once a Foreign Exchange wire is submitted, it cannot be canceled.

• Can I initiate transfers on the weekend?

  Yes, the online transfer system will accept your requests 24 hours a day, 7 days a week (except for times when the system is taken down for maintenance). However, your account will not be debited until the next business day. International transfers are limited to $50,000 on weekends since the global foreign exchange market is essentially closed. Weekends are defined as the hours between Friday at 5:00 p.m. ET and Sunday at 8:00 p.m. ET. During this period, you will receive competitive exchange rates and can complete transactions, but funds will not be released until the next business day.

• How are foreign currency rates calculated, and why are yours different from what I see in the newspaper or online?

  Bank of America's retail rate of exchange is based upon market conditions on the day a rate is applied to any foreign exchange transaction. The rates in the newspaper are indications of wholesale rates for large transactions between banks. Retail rates vary from country to country, from bank to bank, by type of transaction performed, as well as by dollar amount. Bank of America regularly surveys other banks in our market areas to ensure that we provide competitive rates for all of our customers. The international payment service provides you the ability to accept or decline foreign exchange rates. If you do not accept a rate, the payment will not be sent. You can resubmit the payment at a later time, or choose to effect payment by another means.

• What is an IBAN?

  The IBAN is an International Bank Account Number. It is made up of a country code (such as, FR for France); a 2-digit checksum for validation/security purposes; the payee bank's routing code (national ID); and the payee's account number. The length of IBANs differ between countries, but is always the same within 1 country.

  A client should contact their Payee (beneficiary party) and request their IBAN, which is assigned by the Payee's bank.