![]() In addition to the standard set of fees outlined above, Bank of America will also charge what's known as an exchange rate margin every time you transfer abroad. They could be levied without warning by a third-party bank if Bank of America cannot make your transfer directly to your beneficiary's bank. These fees will typically cost you anywhere between $10 and $100 per transfer. ![]() What they're referring to here is what's known as a correspondent bank fee, a kind of "middleman" fee that can apply to transfers going over the SWIFT network. Over and above the exchange rate margins and transaction fees that you'll be paying when you make an international wire with Bank of America, there may still be other expenses before the money arrives in your beneficiary's bank account.Īccording to Bank of America's fee schedule, taxes "and other third-party fees" may apply to your international bank wire. If you'd like to find out how to make a bank wire transfer, take a look at our step-by-step guide here. The maximum threshold is only $1,000! If you enrol with Bank of America's SafePass security scheme, then you'll be able to raise this limit significantly, however. not a business), you will face a very tight limit on how much money you can send abroad daily with Bank of America. Remember that, as an ordinary consumer (i.e. A total fee waiver for outbound international wires to a foreign currency bank account sent in the same foreign currency.A $45 transaction fee for outbound international wires to a foreign currency bank account sent in US dollars.These transfers, which are distinctly different from ACH payments, mean that Bank of America will wire your funds over the SWIFT network and charge a set of fixed fees for the service. To send money abroad with Bank of America, you'll need to use a bank wire (also known as a "wire transfer") to get the job done. "Fees and Limits." Accessed May 18, 2020.What Are Bank of America's International Wire Transfer Fees? "Six Things You May Not Know About the ACH Network." Accessed May 18, 2020. "Same Day ACH: Moving Payments Faster (Phase 1)." Accessed May 18, 2020. ![]() "Send Money in Person." Accessed May 18, 2020. "When Will My Receiver Get the Money?" Accessed May 18, 2020. "Can I Cancel a Money Transfer?" Accessed May 18, 2020. "Protect Your Mortgage Closing From Scammers." Accessed May 18, 2020. "Rules for Banks." Accessed May 18, 2020. Federal Deposit Insurance Corporation."Don't Bank on That Check." Accessed May 18, 2020. Wire Transfer: Which Should You Use?" Accessed May 18, 2020. "Wire Transfers From Chase." Accessed May 18, 2020. ![]() "Transfer Money/Shares - Frequently Asked Questions." Accessed May 18, 2020. "Checking That Goes Wherever Your Business Takes You." Accessed May 18, 2020. "7 Answers About Wire Transfers Every CFO Should Know." Accessed May 18, 2020. "What Is a Remittance Transfer?" Accessed May 18, 2020. "What Is a Wire Transfer?" Accessed May 18, 2020. "Appendix D - Fundamentals of the Funds Transfer Process," Pages 58–63. Department of the Treasury Financial Crimes Enforcement Network. "The Ins and Outs of Wire Transfers." Accessed May 18, 2020. ![]() TransferWise: How to Make a Wire Transfer With Bank of America.Bank of America: International Wire Transfers. ![]()
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