Bank Of America International and Local Wire Transfers process required Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code before any electronic payment service for transferring funds is done.
You want to learn how to transfer or receive fund via Bank of America wire transfer, Also you want to know the SWIFT Code of BOA and you don’t known the process and steps?
If yes continue reading , as we walk you through the steps by steps and unveil the SWIFT Code for BOA. The Global money transfers make secure international wire transfers right from your Bank of America account.
Bank of America account holders can Choose to send the international wire in a currency that matches their recipient’s account. If your recipient and has a local currency account, you may send in foreign currency. Generally, most recipients’ accounts are held in the local currency of the country they reside in.
If your recipient has a U.S. dollar account, you may send in U.S. dollars. If you do not know the currency of your recipient’s account, you should consult the recipient or send in U.S. dollars.
Most international wires should be sent in USD to the following countries: Colombia, Nigeria, Palestine, Panama, Somalia, Timor–Leste, and Venezuela.
What is Wire Transfer?
A wire transfer is an electronic payment service for transferring funds by wire, for example through SWIFT, the Federal Reserve Wire Network or the Clearing House Interbank Payments System.
Wire transfers allow two parties to transfer funds and require information from the party initiating the transfer, such as the receiver’s name, bank name and account number. It could be domestic wire transfer or International wire transfers
What is Swift Code?
Swift Code is know as Society for Worldwide Interbank Financial Telecommunication. It’s a unique identification code that may be required by some banks, broker-dealers and investment managers for the completion of international wire transfers.
These codes are used when transferring money between banks, in particular for international wire transfers or SEPA payments. Banks also use these codes to exchange messages between each other. A SWIFT/BIC is an 8-11 character code that identifies your country, city, bank, and branch
What is the SWIFT code for Bank of America?
The Swift code for Bank of America’s: BOFAUS3N should be used for incoming wires in U.S. dollars.
Bank of America’s SWIFT code BOFAUS6S should be used for incoming wires in foreign currency.
If you do not know or are unsure of the type of currency being received please use BOFAUS3N.
Someone sending an incoming international wire to you may also ask for Bank of America’s address. The address to provide is as follows:
BOFAUS3N (for incoming wires in US dollars or unknown currency)
Bank of America, NA
New York, New York 10038
BOFAUS6S (for incoming payments in foreign currency)
Bank of America, NA
555 California St
San Francisco, CA 94104
How To send an international wire transfer
To send International wire transfer via Bank Of America, you need to Log into your Online Banking and follow these steps:
Please note: To make an international wire transfer, you must have a Bank of America checking or savings account…..Funds generally arrive at the recipient bank in 2 business days . You can also make an international wire transfer at a Bank of America financial center
Not enrolled in Online Banking? kindly click this link to learn the process and steps to Enroll Now
1• From the Transfer Zelle tab, select To/from other banks (includes wires)
2• To add a new recipient, select Add Account/Recipient. Once added, we’ll save the information.
Refer to the next page for help on required information.
3• To send a wire, select Make Transfer and follow the onscreen instructions..
In order to complete an Bank of America international wire transfer online, you’ll need the following information about the bank receiving the funds:
1. Recipient bank name, address and country
2. Recipient bank’s routing code and recipient’s account number
3. SWIFT Code, National ID or IBAN number of the bank where the receiving account is located
4. Purpose for transfer
What is bank of America Wire transfer fee
The following fees is applicable to transaction on bank of America international wire as stated below.
1.Outbound domestic wire transfer $30
2.Outbound international wire sent in foreign currency $0
3.Outbound international wire sent in U.S. dollars $45