Bank of America Swift Code and how to send an international wire transfer

Last Updated on January 16, 2025 by admin

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.

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What is Wire Transfer?

Wire transfers have become an essential method for moving money quickly and securely in our increasingly interconnected global economy, this form of electronic funds transfer stands out for its speed, reliability, and ability to handle large transactions. Unlike other electronic payment methods, wire transfers involve a direct bank-to-bank transmission of funds, making them particularly useful for time-sensitive or high-value transactions.

The different between wire transfers from other electronic money transfer methods is their immediacy. While Automated Clearing House (ACH) payments may take several days to process, wire transfers are typically completed within hours for domestic transactions, and within a few days for international transfers. This speed makes wire transfers ideal for urgent financial needs or business transactions where time is of the essence

How Wire Transfers Work:

Wire transfers are a method of electronically transferring funds from one bank account to another. They are commonly used for both domestic and international transactions due to their speed and reliability. Here’s how wire transfers work:

1. Initiating the Transfer

•  The person or entity wishing to send money (the sender) approaches their bank, either online, via phone, or in-person, to initiate a wire transfer.
• The sender must provide specific details about the recipient (the beneficiary), including their bank account number, the bank’s name, and the bank’s SWIFT/BIC code (for international transfers).

2. Bank Processing

• Sender’s Bank Verification: The sender’s bank verifies the details and ensures there are sufficient funds in the sender’s account to cover the transfer and any associated fees.
• Transaction Entry: The sender’s bank then enters the transaction into an electronic system, which processes the transfer.

3. Moving Funds

• Clearing Network: For domestic transfers, funds typically move through a centralized clearing network such as the Automated Clearing House (ACH) in the United States. For international transfers, funds move through the SWIFT network.
• Intermediary Banks: Sometimes, intermediaries or correspondent banks are involved. These are additional banks that help facilitate the movement of funds between the sender’s and recipient’s banks, especially for international transfers.

4. Recipient Bank Processing

• Receiving Funds: The recipient’s bank receives the transfer request along with the funds.
• Depositing Funds: The recipient’s bank credits the funds to the beneficiary’s account after completing necessary checks and verification.

5. Confirmation

• Sender Notification: The sender is usually notified by their bank of the successful completion of the wire transfer.
• Recipient Notification: The recipient may also be notified by their bank once the funds are deposited into their account.

When to Use a Wire Transfer:

Wire transfers are a highly efficient, secure, and swift method for transferring funds. Here are some common scenarios where using a wire transfer is particularly advantageous:

1. Large Purchases

When acquiring high-value items such as real estate, automobiles, or expensive equipment, wire transfers are ideal due to their ability to handle substantial sums of money swiftly and securely.

2. International Transactions

Wire transfers are often the best choice for sending and receiving money across borders since they are specifically designed for international financial transfers and provide security and faster processing times compared to other methods.

3. Business Payments

Businesses frequently use wire transfers to settle invoices with suppliers, pay contractors, or manage payroll, especially when timely payments are crucial to maintaining good relationships and smooth operations.

4. Urgent Payments

Wire transfers are useful for making payments that need to be completed urgently. This can include situations like covering medical expenses, overdue bills, or other emergency financial requirements where time is of the essence.

5. Settling Debts

Wire transfers are often used to pay off large debts such as loan settlements or credit lines because they provide a clear and documented trail of the payment, which is necessary for legal and financial records.

6. Transferring Large Sums

If you need to transfer a significant amount of money between accounts—either personal or business accounts, or to/from investment accounts—wire transfers ensure security and speed, minimizing the risk of error or delay.

7. Secure Transactions

For transactions that require a high level of security, wire transfers are preferred due to their rigorous verification processes. This includes financial transactions that need detailed documentation, such as legal settlements or escrow requirements.

8. Charitable Donations

Making large donations to charitable organizations via wire transfer ensures that the funds are received promptly and can be used immediately, providing a clear record of the transaction for both the donor and recipient.

9. Cross-Border Investments

When investing in foreign markets or transferring funds to manage international assets, wire transfers offer a reliable method to move funds across borders efficiently and with minimal risk.

Practical Examples:

• Buying Property Abroad: If you’re purchasing property in another country, wire transfers ensure the funds reach their destination securely and quickly, avoiding delays that could impact the transaction.
• Paying Tuition Fees: If you need to pay tuition fees for a school or university, especially abroad, wire transfers can ensure the payment is received promptly and recorded accurately.

What is Swift Code?

A SWIFT code (or BIC code) is a unique identifier used to specify a particular bank or financial institution. It’s like an international bank code or ID.

The SWIFT code is used when transferring money between banks, particularly for international wire transfers or SEPA payments. Banks also use SWIFT codes to exchange messages between each other.

Format of a SWIFT/BIC code:

A SWIFT/BIC is an 8-11 character code that identifies your country, city, bank, and branch.

• Bank code: 4 letters representing the bank. (Usually a shortened version of that bank’s name)
• Country code: 2 letters representing the country the bank is in.
• Location code: 2 characters (letters or numbers) that specify where the bank’s head office is located.
• Branch code: 3 digits specifying a particular branch. (‘XXX’ represents the bank’s head office)

Why is a SWIFT code important?

SWIFT codes play a crucial role in ensuring that international money transfers are sent to the correct bank and branch. It helps prevent errors and delays in the transfer process.

Where can I find a bank’s SWIFT code?

You can usually find a bank’s SWIFT code on your bank statement, the bank’s website, or through online SWIFT code directories.

Read: How to Contact wellsfargo Customer Service

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
222 Broadway
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

There are several ways to send an international wire transfer, and the best method for you will depend on your specific needs and preferences:

1. Through Your Bank:

• Online Banking: Many banks allow you to initiate wire transfers directly through their online banking platforms. Log in to your account, navigate to the international wire transfer section, and follow the instructions. You’ll usually need to provide the recipient’s bank details (including the SWIFT code) and the amount you want to send.

• In-Person at a Branch: You can visit your bank’s branch and speak to a representative to initiate the wire transfer. They will guide you through the process and help you fill out the necessary forms.

• By Phone: Some banks also allow you to initiate wire transfers over the phone. Call your bank’s customer service number and ask for instructions.

Information Needed for International Wire Transfers:

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What is bank of America Wire transfer fee

The fees for wire transfers with Bank of America vary depending on the type of transfer. Here’s an overview of the typical costs:

Domestic Wire Transfers:

• Outgoing (Sending): $30 per transfer
• Incoming (Receiving): Free of charge for eligible accounts, but fees may apply for others

International Wire Transfers:

• Outgoing (Sending) in U.S. Dollars: $45 per transfer
• Outgoing (Sending) in Foreign Currency: No wire transfer fee, but exchange rate markups apply
• Incoming (Receiving): Free of charge for eligible accounts, but fees may apply for others