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Bank of America review
3.3Est. 1904
Bank of America offers international wire transfers for account holders. While convenient for existing customers, rates and fees are significantly higher than specialist transfer services.
Countries
200+
Currencies
100+
Speed
2-5 business days
Fees
$35-$45 per international wire
Bank of America overview
Founded in 1904 and based in Charlotte, USA, Bank of America is a high-street bank. Bank of America is authorised and regulated by OCC, FDIC, Federal Reserve, which means customer money is safeguarded separately from company funds.
On the fee side, expect $35-$45 per international wire, but the bigger cost is usually the exchange-rate markup of 3% - 5% above mid-market, which is built into the rate rather than shown as a line item. Transfers run from a minimum of $1 up to $100,000 per transaction. Because that markup scales with the amount you send, it is worth comparing the final receive amount rather than the fee alone.
Delivery speed is quoted at 2-5 business days, and the service reaches 200+ countries across 100+ currencies. You can fund a transfer by Bank Transfer, with money delivered via Bank Deposit. The mix of funding and payout options is a good guide to which corridors Bank of America handles best.
On the plus side: trusted major us bank, send from existing account and strong regulatory protection. That makes it a sensible choice for existing customers who value keeping the transfer inside their own bank. Worth keeping in mind: high transfer fees ($35-$45) and poor exchange rates (3%+ markup).
Pros
- Trusted major US bank
- Send from existing account
- Strong regulatory protection
Cons
- High transfer fees ($35-$45)
- Poor exchange rates (3%+ markup)
- Slow delivery times
- Much more expensive than specialists
Key Features
Online banking
Wire transfers
Branch access
Transfer Details
HeadquartersCharlotte, USA
RegulatedYes
RegulatorsOCC, FDIC, Federal Reserve
Min Transfer$1
Max Transfer$100,000
Payment MethodsBank Transfer
Delivery MethodsBank Deposit
Exchange Rate Markup3% - 5% above mid-market
These details are Bank of America’s own published terms, recorded by our editors rather than measured by our price collection. Limits and available methods vary by country and account, so confirm them with Bank of America before you send.
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