In essence, this means that the bank will make a small profit off of every single dollar that it exchanges into a foreign currency on your behalf. In addition to the standard set of fees outlined above, Bank of America will also charge what's known as an exchange rate margin every time you transfer abroad. They could be levied without warning by a third-party bank if Bank of America cannot make your transfer directly to your beneficiary's bank. These fees will typically cost you anywhere between $10 and $100 per transfer. What they're referring to here is what's known as a correspondent bank fee, a kind of "middleman" fee that can apply to transfers going over the SWIFT network. Over and above the exchange rate margins and transaction fees that you'll be paying when you make an international wire with Bank of America, there may still be other expenses before the money arrives in your beneficiary's bank account.Īccording to Bank of America's fee schedule, taxes "and other third-party fees" may apply to your international bank wire. If you'd like to find out how to make a bank wire transfer, take a look at our step-by-step guide here. The maximum threshold is only $1,000! If you enrol with Bank of America's SafePass security scheme, then you'll be able to raise this limit significantly, however. not a business), you will face a very tight limit on how much money you can send abroad daily with Bank of America. Remember that, as an ordinary consumer (i.e. A total fee waiver for outbound international wires to a foreign currency bank account sent in the same foreign currency.A $45 transaction fee for outbound international wires to a foreign currency bank account sent in US dollars.These transfers, which are distinctly different from ACH payments, mean that Bank of America will wire your funds over the SWIFT network and charge a set of fixed fees for the service. ![]() To send money abroad with Bank of America, you'll need to use a bank wire (also known as a "wire transfer") to get the job done. Sending customer will be informed when the funds will be available to the recipient at the time the transfer is scheduled.What Are Bank of America's International Wire Transfer Fees? Funds will be received by the recipient’s bank on the same business day.ĥ:00 p.m. ET for same-business-day (wire) transfer. Same-business-day domestic outbound transfers*ĥ:00 p.m. Funds will be received by the recipient’s bank either the next business day or within 3 business days. ET for next-business-day or 3-business-day transfer. Next-business-day and 3-business-day transfers*Ĩ:00 p.m. You will be notified by email when the transfer is completed. In this situation, a hold will be placed on your account for the amount of the transfer. ![]() If your recipient hasn’t registered within 14 days, the transfer will be canceled and the funds will be returned to your account.ġ Sometimes, for your account security, we may need additional time to verify the transfer details. Funds are typically available within minutes 1Ī hold will be placed on your account for the amount of the transfer once your recipient has registered with Zelle or a network bank, it may take up to 2 business days for the first transfer to be credited to the registered account.
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