Bank of America Wire Transfer Fee Waived 2021 Review
If you need funds quickly transferred to a trend or family member anywhere in the world, Bank of America is an easy solution that offers wire transfers to more than 200 countries.
With the Preferred Rewards program, you enjoy more benefits and rewards with your everyday banking — and that includes fee waivers on select banking services.
Knowing which fees are waived can really help you save money. Here’s a quick rundown:
No Fees for Non-Bank of America® ATM transactions in the U.S., Using a Bank of America Debit or ATM Card
Gold tier members
Not included
Platinum tier members
Up to 12 per year (one each per statement cycle—includes withdrawals, balance inquiries and balance transfers)
Platinum Honors tier members
UNLIMITED
Note: If one owner of an account is an enrolled Platinum or Platinum Honors tier member, all co-owners can take advantage of the no-fee non-Bank of America ATM benefit, based on the enrolled owner’s tier.
ATM Fee Waivers are Just the Beginning
Preferred Rewards members can expect additional fee waivers on even more everyday banking services.
All Preferred Rewards Members Enjoy:
Fee waivers on select services for Bank of America personal checking and savings accounts, including:
- No monthly maintenance fees on up to 4 eligible checkings and 4 eligible savings accounts from Bank of America
- ATM or debit card replacement, even when it’s a rush
- Standard check orders or cashier’s checks
- Incoming domestic wire transfers
- Overdraft Protection transfer fees waived from your linked savings accounts, secondary eligible checking accounts or from a Home Equity Line of Credit
- Stop payments
- Check images service or check copies
- No withdrawal limit fee on savings accounts
Read Also:
Platinum and Platinum Honors tier members also enjoy fee waivers on:
- Incoming international wire transfers
- A small safe deposit box
Plus, it’s easy to keep track of your no-fee services
Online Banking and/or the Service Fees section of your checking statement show waived fees you’ve enjoyed on the select banking services listed on this page.
For ATM transactions, the Bank of America fee will be waived for each eligible transaction. The fee charged by the ATM operator will appear as a refund on your list of banking transactions in Online Banking and/or on your statements.
Note: This refund will display immediately prior to the ATM withdrawal transaction as a combined amount of the withdrawal and the fee charged by the ATM operator.
Pros and Cons of Using Bank of America
Pros
- Send money to 200+ countries. Help out family and friends wherever necessary.
- Secure transfer method. Wire transfers are a secure, reliable way to send money overseas.
- Transfer options. You can initiate your transfer online or at your local Bank of America branch.
- Trusted provider. A trusted name in the banking industry, BofA has a long history of providing financial solutions for millions of customers.
- Two-day delivery. Send money in two business days, which is better than many banks but won’t help with weekend transfers.
Cons
- Fees. Prepare to pay a transfer fee of $35 to $45 when you send money overseas. Domestic transfers cost less.
- Customers only. You’ll need to have an account with BofA before starting a transfer.
- Wire transfer or money orders only. Recipients can withdraw cash from their account after the transfer is complete.
How Much Does a Bank of America Wire Transfer Cost?
Although fees may differ based on your type of account, typical wire transfer fees at Bank of America are:
| Domestic | International | |
|---|---|---|
|
$15
|
$16
|
|
|
$30
|
$45
|
If you send an outgoing transaction in a foreign currency, Bank of America may waive the fee and instead add a margin onto the currency exchange for your transfer.
How Do I Send Money Overseas With Bank of America?
You’ll need a Bank of America bank account to send an international wire transfer with BofA. You can quickly and easily sign up for an account online with your Social Security Number, contact information, and residential address.
Once you have an account, you can send a wire transfer overseas online or at a local Bank of America branch.
To initiate an international wire transfer online:
- Log in to your Bank of America account online.
- Hover over the Transfers tab and then locate the Send money to someone section and select Using their account number at another bank.
- Enter the details of your transaction — how much you’re sending and your recipient’s banking info.
Your transfer will typically be delivered in two business days to more than 200 countries worldwide.
How is Bank of America’s Exchange Rates?
Like any large bank, Bank of America updates its rates regularly to align with the changing global market. While it doesn’t reveal its exchange rates online, Bank of America will show you the rate that applies to your transaction before you confirm the details of your transfer.
You’ll get a stronger exchange rate from a money transfer specialist, so look for alternatives to save money on your international transfer.
What Types of Transfers Can I Make With Bank of America?
Bank of America offers international wire transfers directly to your recipient’s bank account in more than 200 countries around the world.
If you don’t want to send a wire transfer, you also have the option of obtaining an international money order and then mailing it to your recipient overseas.
Bank of America’s wire transfers is a secure, convenient solution when you need to send money overseas. However, to find a service that’s best for your situation, compare the transfer fees, exchange rates and other details of money transfer specialists.
If this article is useful then so will your friends, why not share it on your social media platforms.
