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

Last Updated on June 3, 2024 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.

What is Wire Transfer?

A wire transfer is an electronic method of transferring funds from one person or entity to another. It is a fast and secure way to send money domestically or internationally, and it doesn’t involve the physical exchange of cash.

How Wire Transfers Work:

  1. Initiation: The sender initiates the wire transfer by providing the recipient’s bank account details, including the recipient’s name, bank name, account number, and routing number (for domestic transfers) or SWIFT code (for international transfers).
  2. Processing: The sender’s bank sends instructions through a secure network (such as SWIFT or Fedwire) to the recipient’s bank to transfer the funds.
  3. Completion: The recipient’s bank receives the funds and deposits them into the recipient’s account.

Advantages of Wire Transfers:

  • Speed: Wire transfers are typically processed quickly, often within the same day for domestic transfers and within a few business days for international transfers.
  • Security: Wire transfers are considered a secure way to send money, as they use encrypted networks and require authentication.
  • Convenience: Wire transfers can be initiated online, over the phone, or in person at a bank branch.
  • Large Amounts: Wire transfers can be used to send large amounts of money, often with higher limits than other payment methods.

Disadvantages of Wire Transfers:

  • Cost: Wire transfers can be expensive, with fees varying depending on the amount transferred, the banks involved, and whether it’s a domestic or international transfer.
  • Irreversibility: Once a wire transfer is sent, it’s difficult to reverse, so it’s important to double-check all the recipient’s information before initiating the transfer.
  • Potential for Fraud: While wire transfers are generally secure, there have been cases of fraud, so it’s essential to be cautious and use reputable financial institutions.

When to Use a Wire Transfer:

Wire transfers are a good option when you need to send money quickly and securely, especially for large amounts or international transfers. However, due to the associated fees, they might not be the most cost-effective option for smaller or frequent transfers.

 

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.

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:

  • Your bank account information
  • The recipient’s full name and address
  • The recipient’s bank name and address
  • The recipient’s bank account number or IBAN (International Bank Account Number)
  • The recipient bank’s SWIFT code
  • The amount you want to transfer and the currency
  • The reason for the transfer (optional)

Also read:Bank of America Small Business Loans & Financing: requirements and How to apply

 

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

Bank of America SWIFT Code FAQs:

Q: What is a SWIFT code?

A: A SWIFT code, also known as a BIC (Bank Identifier Code), is a unique identification code for a particular bank. It is used to identify the bank and branch involved in international money transfers and other financial transactions.

Q: What is Bank of America’s SWIFT code?

A: Bank of America has several SWIFT codes depending on the type of transaction and the currency being used. The most common SWIFT codes for Bank of America are:

  • BOFAUS3N: For receiving U.S. dollar payments within the United States
  • BOFAUS6S: For receiving foreign currency payments within the United States

Q: Where can I find the correct SWIFT code for my transaction?

A: You can find the correct SWIFT code on your Bank of America account statement, online banking platform, or by contacting Bank of America customer service. The SWIFT code can also vary depending on the branch where you hold your account, so it’s important to confirm the correct code with your recipient or the bank directly.

Q: Why do I need a SWIFT code?

A: If you are sending or receiving an international wire transfer, the SWIFT code is essential to ensure that the funds are routed to the correct bank and account. It helps prevent errors and delays in the transfer process.

Q: Is a SWIFT code the same as a routing number?

A: No, a SWIFT code is used for international transactions, while a routing number is used for domestic transactions within the United States.

Q: How do I use a SWIFT code?

A: When you initiate an international wire transfer, you will be asked to provide the recipient’s bank details, including the SWIFT code. This information is used by the banks to process the transfer and ensure that the funds are sent to the correct destination.

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies For Advertisement, Content marketing andsponsored post: contact : kokobest04@gmail.com
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