What Bank of America charges and requires for international wires

Bank of America charges a flat fee for outgoing international wire transfers. The fee is $45 for most countries, though some destinations cost $50. You will also pay the exchange rate that Bank of America sets on the day you send the transfer — this rate is typically higher than the mid-market rate, meaning you lose money on the conversion. The recipient's bank may charge an additional fee on their end, which comes out of the amount they receive.

To send an international wire through Bank of America, you need the recipient's full name, their bank account number, the bank's name and address, and the bank's SWIFT code or IBAN (International Bank Account Number). Some countries use IBAN; others use SWIFT codes. If you do not have this information, you can call the recipient's bank directly or ask the recipient to provide it. Bank of America will not send a wire without these details.

You can initiate an international wire through Bank of America's online banking portal, by phone, or in person at a branch. Online is usually fastest — the wire typically leaves within one business day. Phone and branch transfers may take longer depending on when you call or visit.

Key Takeaways

  • Bank of America charges $45 or $50 per outgoing international wire, plus an exchange rate markup that reduces the amount the recipient gets.
  • You must provide the recipient's bank account number, bank name and address, and either a SWIFT code or IBAN before the wire can be sent.
  • International wires sent online typically leave within one business day; phone and branch requests may take longer.
  • The recipient's bank may charge an additional fee that reduces what they receive, separate from Bank of America's fee.
  • Bank of America's exchange rate is not the real-time market rate, so you will pay more for currency conversion than you would through some other providers.

How to send the wire online versus by phone or branch

If you have online banking access, log into your Bank of America account and look for the wire transfer option under "Transfers." Select "International Wire," then enter the recipient's details: their name, account number, bank name, bank address, and SWIFT code or IBAN. You will also enter the amount in U.S. dollars. Bank of America will show you the exchange rate and the fee before you confirm. Review both carefully — the rate shown is the rate you will receive. Once you confirm, the wire is submitted and typically leaves within one business day.

If you prefer to send the wire by phone, call Bank of America's wire transfer line at 1-800-869-3557. A representative will ask for the same information and will read back the details to confirm. Phone wires may take longer to process because they are queued after online requests. If you send the wire in person at a branch, bring a photo ID and have all the recipient's information ready. Branch staff will enter the details into the system, and the wire will be processed the same way as an online request.

Online is the fastest and most reliable method because you control the timing and have a record of what you submitted. If you choose phone or branch, keep the confirmation number the representative gives you — you will need it if you want to track the wire or cancel it.

Timing: how long the wire takes to arrive

An international wire sent through Bank of America typically takes three to five business days to reach the recipient's bank account, though some countries are faster and others slower. The time depends on the destination country, the recipient's bank, and whether the wire needs to pass through intermediary banks. Wires to major financial centers like London or Toronto usually arrive within three business days. Wires to smaller banks or less common destinations may take five to seven business days.

The clock starts when Bank of America sends the wire, not when you submit it. If you send the wire on a Friday afternoon, it does not leave until Monday, so the three- to five-day window begins Monday. Bank of America does not may provide delivery by a specific date, and delays on the receiving end are outside their control.

If the wire does not arrive within the expected timeframe, contact Bank of America with your confirmation number. They can check the status with the recipient's bank and the intermediary banks involved. Do not assume the wire is lost — international wires are often delayed by a day or two without any problem.

SWIFT codes and IBANs: which one you need

A SWIFT code is an eight- or eleven-character code that identifies a specific bank worldwide. It stands for Society for Worldwide Interbank Financial Telecommunication. Most countries outside Europe use SWIFT codes. If you are sending money to a bank in the United States, Canada, Australia, or Asia, you will need the SWIFT code.

An IBAN is an International Bank Account Number used primarily in Europe, the Middle East, and parts of Africa. It is longer than a SWIFT code — typically 15 to 34 characters — and includes the country code, bank code, and account number all in one. If you are sending money to a bank in Germany, France, Spain, or the United Kingdom, you will need the IBAN.

Some countries accept both SWIFT codes and IBANs. If you have both, provide both — it reduces the chance of the wire being delayed or sent to the wrong account. If you only have one, that is usually enough, but confirm with the recipient's bank first. Bank of America's system will prompt you for whichever one is required for that country.

What happens if the wire goes to the wrong account

If you provide incorrect account information and the wire reaches the wrong bank or the wrong person, Bank of America can attempt to recover the funds, but recovery is not may provide. The process involves contacting the receiving bank and asking them to reverse the transaction. This can take weeks, and the receiving bank is not obligated to cooperate if the account holder refuses to return the money.

To avoid this, double-check every detail before you confirm the wire. Verify the recipient's account number by having them read it back to you. Confirm the bank name and address match what you see on their bank statements. Ask the recipient to confirm their SWIFT code or IBAN by looking it up on their bank's website or calling their bank directly — do not rely on what they remember.

If you realize you made a mistake after submitting the wire but before it leaves Bank of America, call the wire transfer line when ready. If the wire has already been sent, contact Bank of America with your confirmation number and explain the error. They will file a trace request with the receiving bank, but you should also contact the recipient and ask them to notify their bank of the error.

Comparing Bank of America's fees and rates to other options

Bank of America's $45 to $50 fee is standard for traditional banks, but the exchange rate markup is where most of the cost lies. Bank of America typically marks up the mid-market exchange rate by 1 to 3 percent, meaning if the real-time rate is 1.10 USD per EUR, you might receive 1.07 or 1.08 instead. On a $5,000 wire to Europe, that markup can cost you $150 to $300.

Specialized wire transfer services like Wise, OFX, and Remitly often charge lower fees ($3 to $15) and offer exchange rates much closer to the mid-market rate. However, these services may not work for all situations — some require the recipient to have an account with them, and some do not support all countries. Bank of America works with banks in nearly every country and does not require the recipient to have any special account.

If you are sending a large amount or sending regularly, comparing Bank of America to a specialized service is worth your time. For a one-time wire or a wire to an uncommon destination, Bank of America's simplicity and broad reach may outweigh the higher cost.

Frequently Asked Questions

Can I cancel an international wire after I send it?

If you cancel before the wire leaves Bank of America, you can stop it and avoid the fee. Once the wire has been sent to the receiving bank, cancellation is much harder. Contact Bank of America when ready with your confirmation number and ask them to attempt a recall. The receiving bank is not required to reverse it, especially if the funds have already been credited to the recipient's account.

What if the recipient's bank rejects the wire?

If the receiving bank rejects the wire because of incorrect information or because they cannot process it, the funds return to your Bank of America account within five to ten business days. Bank of America will notify you when the wire is returned. You will not be refunded the wire fee, but you can resubmit the wire with corrected information.

Do I need to report international wires to the IRS?

Bank of America reports large outgoing wires to the U.S. government as part of anti-money-laundering regulations. Wires over $10,000 trigger a Currency Transaction Report. This is routine and does not mean you have done anything wrong. If you have questions about tax reporting, consult a tax professional or the IRS website.

Can someone else pick up the wire on the recipient's behalf?

Once the wire reaches the recipient's bank, only the account holder or someone with power of attorney can withdraw or transfer the funds. The recipient's bank controls access, not Bank of America. If the recipient wants someone else to receive the money, they must arrange that with their own bank after the wire arrives.

What is the maximum amount I can wire internationally?

Bank of America does not publish a single maximum for international wires, but limits vary based on your account type and history. Large wires may require additional verification or approval. Contact Bank of America or your branch to confirm the limit on your account before you attempt a large transfer.