Website review

Bank of America Wire Transfer Review – Forbes Advisor

Bank of America account holders are the only people who can use the bank’s wire transfer feature, and they may want to stick to domestic transfers and avoid international transfers.

If you’re a Bank of America customer, making a bank transfer isn’t terribly complicated, and the bank doesn’t charge a fee for some transfers. But if you’re not a Bank of America customer, you can’t send wire transfers through the bank.

Even if you’re a customer, one of the downsides of Bank of America (the nation’s second-largest bank by assets) is that you can’t send wire transfers through the bank’s app. Instead, you must do so through your online account or make an appointment at one of the bank’s 4,000 branches. Some banks, such as Chase and Citibank, allow wire transfers through their app.

Another drawback: an international bank transfer to Bank of America must be sent to the recipient’s bank account. Some other international money transfer services allow money to be picked up at an affiliated location, delivered to a recipient’s home, or even sent to a recipient’s mobile device.

However, one positive is that Bank of America allows a customer to send money by wire transfer to over 200 countries in over 140 currencies. Additionally, Bank of America does not charge a fee for international wire transfers sent in a foreign currency, and the exchange rate for this type of transfer is locked in advance. Bank of America notes that you may be able to get a better exchange rate through an online transfer rather than an in-person transfer.


Source link