How to make a large wire transfer with Bank of America

There are 2 ways to wire money at Bank of America: through their online banking platform or by visiting a branch in person.

Online

If you're sending a wire transfer through Bank of America's online system, you'll start by logging into either their mobile app or the Online Banking website. Look for the Pay & Transfer section to get started.

For security purposes, you'll need to verify your identity using either your debit card number, PIN, and US mobile number, or a USB security key.²

For domestic wire transfers, you'll need:

• The recipient's full name
• The recipient's address
• The recipient bank's wire routing number (also called an ABA number)
• The recipient's account number

Domestic transfers have a cutoff time of 5 pm ET. If you submit your transfer before this deadline on a business day, the money typically arrives in the recipient's account the same day.²

For international wire transfers, you'll need:

• The recipient's full name
• The recipient's address
• The recipient bank's SWIFT code
• The recipient's account number

Some countries require additional codes or identifiers, such as a Transit Code (Canada) or CLABE number (Mexico).

You can send your international wire in USD or in the recipient's local currency. There's a 5 pm ET cutoff, and your transfer will usually arrive within 1 to 5 business days.²

In Person

For very large transfers, or if you prefer speaking with someone directly, you can visit a Bank of America branch in person. When you go, make sure to have your ID with you as well as all necessary documentation for your transfer, including your recipient's information.

A banking representative will walk you through the transfer form and verify all the information with you before processing the payment. This is usually how you can send the highest amount of money.

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Bank of America large transfer fees and charges

Bank of America will charge you wire transfer fees, and if you're sending money internationally in a foreign currency, they also make money through currency exchange rates.

Here's what you'll pay:

When you send an international wire transfer in a foreign currency, Bank of America converts your USD at their exchange rate. This rate includes a markup above the mid-market exchange rate (the exchange rate you can look up on Google).

Bank of America profits from this currency conversion.

For example, if the mid-market rate for euros is 1 USD = 0.92 EUR, Bank of America might offer you a rate of 1 USD = 0.89 EUR. The difference between these rates is their markup, which goes to the bank.

The larger your transfer, the more you'll pay in markup costs. On a 100,000 USD transfer, even a small percentage markup can add up to hundreds of dollars in extra costs.

How long does it take to make a large transfer with Bank of America?

Setting up your wire transfer is usually a relatively quick process.

If you're sending money through Bank of America Online Banking, it'll take just a few minutes as long as you have all the necessary information. For in-person transfers, it depends on how long you spend at the branch, but it's also usually pretty fast.

Domestic wire transfers usually arrive the same business day if you submit them before the 5 pm ET cutoff. If you send your transfer after this time or on weekends and holidays, it'll process the next business day.²

International wire transfers usually take longer to arrive — typically 1 to 5 business days.²

Is Bank of America safe for large transfers?

Yes, Bank of America is safe for large wire transfers. It's one of the largest banks in the US with a lot of regulatory oversight.

However, it's important to still watch out for scams and not send money to people you don't know or aren't sure you can trust. Bank of America protects your money during the transfer process, but they can't protect you if you willingly send money to scammers.

You can send large wire transfers through Bank of America either online or at a branch. The bank doesn't publish online what the exact limits are, but it's an established financial institution, so it's safe to assume that you can send large amounts of money to others.

The main downsides to consider are the wire transfer fees and currency conversion markups. You'll pay 30 USD for domestic transfers, 45 USD for international transfers in USD, and currency exchange markups if you're converting to foreign currency.²

This can make your transfer very expensive.

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Sources

1. Bank of America - Bank of America Online Banking Service Agreement
2. Bank of America - How to Send Wire Transfers in Online Banking or Mobile App
3. FinCEN - A CTR Reference Guide