A wire transfer is a means to transfer money across financial institutions both domestically and internationally. Bank of America is one of the leading consumer banks in the United States and naturally offers wire transfers as a service.
According to the Bank of America website, a wire transfer will usually take 1-2 business days to complete. To track the transaction, you will be given a Federal Reference Number, which you can reference with the bank over the phone to check in on the status of your wire transfer.
To transfer money with Bank of America, sign in and fill out the form here.
Another factor to consider is how much a wire transfer will cost. In this article, we break down the fees Bank of America charges for a wire transfer.
How Much Does Bank of America Charge for a Wire Transfer?
Bank of America will charge $30 for an outbound domestic wire transfer, and for an international outbound domestic wire transfer, the fee will be $45. The other financial institution may have additional fees that will depend on the bank and country.
With the Bank of America’s standard fees in mind, you may be wondering how their fees compare with other major banks in the country. Below is a table of Bank of America’s wire transfer fee comparisons with other major banks.
| Bank Name | Domestic Fee | International Fee USD | International Fee Foreign Currency |
| Bank of America | $30.00 | $45.00 | $0.00 |
| National Average | $26.00 | $42.00 | N/A |
| Chase | $25.00-$35.00 | $40.00-$50.00 | $0.00-$5.00 |
| Capital One | $30.00 | $50.00 | $40.00 |
| Wells Fargo | $30.00 | $45.00 | $30.00 |
| CitiBank | $25.00 | $35.00 | $35.00 |
Based on this table, we can see that Bank of America’s fees trend towards the average and are comparable to their major competitors.
Generally, sending US dollars in a wire transfer is more expensive than sending international currency, with the fee even being $0.00 for Bank of America.
Banks will also charge a fee for incoming transactions, so it is important to also understand how much an incoming wire transfer fee would be before arranging a transaction.
Incoming Domestic Wire Transfer Fee
Bank of America will charge the customer $15.00 for an incoming domestic wire transfer. This fee is comparable to its competitors that generally charge between $12-$15 for an incoming domestic wire transfer.
For inbound transfers, Bank of America is limited to receiving $1,000 per transaction. That means you can only receive $1,000 every 24 hours, and if you need more, each additional transaction will incur an additional $15.00 fee and any other fees that may be associated with the transaction.
Like inbound transfers, there is also a limit on how much money you can wire to another account. To optimize your transaction, it is important to understand the rules and fees for an outgoing transaction.
Outgoing Domestic Wire Transfer Fee
Bank of America charges $30.00 for an outgoing domestic wire transfer. The limit is $1,000 or $5,000 per day for personal and business accounts respectively. These fees and limits are comparable to the bank’s major competitors.
Domestic wire transfers must be completed before 5:00 pm local time. A consumer can make up to a $1,000 wire transfer in a 24-hour period, with a $30.00 fee plus any additional fees charged by the other bank.
International wire transfers are an extremely common and important financial transaction for people with family’s abroad. When sending and receiving money abroad, knowing the fees can save your family money and mitigate risk.
International Incoming Wire Transfer Fee
Bank of America charges $16 for an incoming international incoming wire transfer, which is right in line with what other major banks charge for an incoming wire transfer. Like a domestic transfer, an international wire transfer is limited to $1,000 per day.
If you will be receiving over $1,000 from an international wire transfer you will need to split into multiple payments 24 hours apart. To reduce the cost of fees as much as possible, you will want to max out each transaction.
With fees that range from $15 to $45, you will want to mitigate the cost. Certain Bank of America accounts may qualify to have these wire transfer fees waived.
Related: Does Bank of America Exchange Foreign Currency?
Does Bank of America Waive Wire Transfer Fee?
It is possible to waive your Bank of America fees if you have the correct type of account with the bank. For example, all Preferred Rewards members can waive domestic wire transfer fees, while Platinum members and above even waive international wire transfer fees.
To waive wire transfer fees and other typical banking fees, you will want to be enrolled in Bank of America’s Preferred Rewards program. In the program, all members can have their incoming domestic wire transfer fees waived, and for members in the Platinum category, international fees will also be waived.
There are three levels to the Preferred Rewards program, and which level you are at depends on your combined balance across Bank of America deposit and investment accounts. To qualify for platinum and to waive international fees, you will want to have a balance that exceeds $50,000.
From there, your status will last for a full calendar year so you can still enjoy all platinum perks if your balance dips below $50,000.
If you do not qualify for this program, there may be other nonbank institutions that can facilitate the transaction.
How to Avoid Bank of America Wire Transfer Fees
To avoid expensive wire transfer fees, one should consider using another payment app that is compatible with Bank of America. For example, apps like Venmo, Zelle, and PayPal can all be used to transfer money from one person to another electronically.
For domestic transfers, there is a wide range of applications that can support this. Below is a list of key financial apps that can send money electronically for no fee.
For international transactions, Cash App has the best offer as it is available internationally and does not charge fees for making international transactions. PayPal also supports international transactions, but with a 5% fee, a large transfer would likely be more expensive than a wire transfer.
Cheapest Way to Wire Transfer Money
To save money with wire transfers, your best bet is to look to nonbank services. For domestic transactions, the best options are apps like Venmo and the Cash App, while for international you may consider an institution like Western Union.
Other than banks, there are many retail stores that have Western Union inside their building. Check out these major stores to see if they have Western Union:
If you need to work through a traditional bank like Bank of America, keep in mind that Bank of America and other major banks generally charge extra to have an employee facilitate the wire transfer for you. The cheapest way to wire transfer money is to arrange it for yourself on the online platform.
