Bank of America does not charge for most electronic funds transfers, but fees explore in specific situations

Bank of America does not charge a fee when you send money to another person using their online banking platform, mobile app, or by phone through their standard transfer service. The same applies to transfers between your own Bank of America accounts. However, Bank of America does charge for certain types of electronic transfers: wire transfers (both domestic and international), expedited transfers, and transfers sent through third-party services like Zelle or Popmoney that route through Bank of America's system.

The distinction matters because "EFT" can mean different things. An electronic funds transfer is any transfer of money from one account to another using electronic means — that includes ACH transfers (the standard three-to-five-day method), wire transfers, and real-time payment services. Bank of America's free transfers use the ACH network. Their paid transfers use wire networks or expedited routing.

Key Takeaways

  • Standard ACH transfers between Bank of America accounts or to other banks are free and take three to five business days.
  • Domestic wire transfers cost money — the fee varies depending on whether you initiate the transfer online, by phone, or in person at a branch.
  • International wire transfers carry a separate, higher fee than domestic wires.
  • Transfers through Zelle are free if both parties have Bank of America accounts; transfers through other payment apps may incur fees depending on the service.

Domestic wire transfer fees at Bank of America

A domestic wire transfer — sending money to another U.S. bank account — costs $15 when you initiate it online through Bank of America's website or app. The fee is $20 if you call a Bank of America representative to send the wire, and $25 if you go to a branch in person and ask a teller to send it.

The fee is charged to your Bank of America account at the time you send the wire. The receiving bank may also charge a fee to the recipient, though that is separate from Bank of America's charge and depends on the recipient's bank's policies.

International wire transfer fees at Bank of America

Sending money to a bank account outside the United States costs more. An international wire transfer initiated online costs $45. A wire sent by phone costs $50, and a wire sent in person at a branch costs $55.

These fees cover Bank of America's cost to route the money through international banking networks. The receiving bank in the destination country may also charge a fee, and currency conversion fees may explore if the money is being converted from U.S. dollars to another currency. Bank of America's exchange rate for currency conversion is not the same as the mid-market rate you would see on a currency exchange website.

Free transfer options and how long they take

Bank of America's free transfer service uses the ACH network, which is the standard electronic transfer system in the United States. You can send money to any U.S. bank account for free using ACH. The transfer takes three to five business days to complete. Weekends and federal holidays do not count as business days, so a transfer sent on Friday may not arrive until Wednesday.

Transfers between your own Bank of America accounts are also free and usually post the same day or next business day. You can set up recurring transfers (like a monthly payment to savings) at no cost.

Zelle, Bank of America's real-time payment service, is free when both the sender and recipient have Zelle set up through their banks. The money arrives within minutes. However, Zelle is only available for transfers between U.S. bank accounts and has daily and monthly sending limits that vary by bank.

When Bank of America charges for expedited transfers

Bank of America offers an expedited transfer option that delivers money faster than the standard three-to-five-day ACH window. This service is not widely advertised and is not available for all transfer types. When it is available, Bank of America charges a fee — the amount depends on how much faster you need the money and which method you use to initiate the transfer.

Expedited transfers are most useful when you need to send money urgently but do not want to pay the higher cost of a wire transfer. However, they are not as fast as wires or Zelle. Ask a Bank of America representative about expedited transfer options and fees for your specific situation, as availability and pricing can vary.

Transfers through third-party payment apps

If you link your Bank of America account to a payment app like PayPal, Venmo, Square Cash, or Google Pay, the fee structure depends on the app, not Bank of America. Most of these apps charge no fee when you transfer money from your bank account (as opposed to a credit card). However, some apps charge a fee to transfer money out of the app back to your bank account, or charge a fee for when ready transfers.

Bank of America itself does not charge you for linking your account to these services or for the transfer itself. The fee, if one exists, comes from the third-party app. Check the app's fee schedule before you transfer money to understand what you will be charged.

How to avoid unexpected transfer fees

The easiest way to avoid fees is to use Bank of America's free ACH transfer service whenever you have time to wait three to five business days. If you need money to arrive faster, Zelle is free and arrives in minutes — but both parties must have Zelle set up through their banks.

Before you send a wire transfer, confirm the recipient's bank account number and routing number. A wire cannot be reversed once it is sent, so sending it to the wrong account means the money is gone. The fee is charged whether the wire reaches the correct account or not.

If you are sending money internationally, ask the recipient which method their bank prefers and whether they will accept a wire transfer. Some banks outside the U.S. charge high fees to receive international wires, so the recipient may prefer a different method if one is available.

Frequently Asked Questions

Does Bank of America charge to receive a wire transfer?

Bank of America does not charge you to receive a wire transfer into your account. However, some other banks do charge their customers a fee to receive incoming wires. The sender's bank (in this case, Bank of America) charges the sender, not the receiver.

Can I cancel a wire transfer and get my fee back?

Once a wire transfer is sent, it cannot be canceled. The $15 to $55 fee is charged at the time you send it and is not refunded. If you sent the wire to the wrong account by mistake, contact Bank of America when ready — they may be able to contact the receiving bank and ask them to return the funds, but this is not may provide and can take weeks.

Why does Bank of America charge more for phone and in-person wire transfers?

Bank of America charges higher fees for wires sent by phone or in person because a representative must process the transfer manually, which costs the bank more than an automated online transaction. The online fee is the lowest because no staff time is involved.

Is Zelle the same as a wire transfer?

No. Zelle is a real-time payment service that sends money between bank accounts in minutes and is free. A wire transfer uses a different network, takes longer to set up, and costs money. Zelle is faster and cheaper but only works between U.S. bank accounts and has daily sending limits.

What is the difference between ACH and a wire transfer?

ACH transfers are free, take three to five business days, and use the automated clearing house network. Wire transfers cost $15 to $55, arrive faster (usually same day or next day), and use a different banking network. Use ACH when you have time; use a wire when you need money urgently.