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. You can also look up and check SWIFT codes using the tools provided here.What Are Bank of America's International Wire Transfer Fees? Get the information you need by checking a bank statement or using your online banking. Sometimes banks require customers to use different codes for different types of transactions, or depending on which branch of the bank holds the specific account you’re sending to. It’s worth checking the exact SWIFT code you need for the type of payment you’re making. SWIFT codes exist for bank branches, and for head office locations.
Is a SWIFT code the same for all Bank Of America branches? When the business you’re looking for is a bank, the specific type of identifier used is a SWIFT code. In this case, SWIFT and BIC codes are the same.īIC stands for business identifier code. You may be asked for a BIC code - or even a SWIFT/BIC - instead of a SWIFT code. Check the requirements for the country you’re sending to before you start making your payment. You’ll need an IBAN for payments to countries within Europe, but not for a transfer to the US, for example. You can think of it like giving directions to someone - the SWIFT code will get them as far as the right building, but they’ll also need the IBAN to find the specific apartment. This is an international bank account number - used for identifying a specific bank account within an institution. If you are making an important or time-critical payment, we recommend you contact your bank first.ĭepending on where you’re sending money to, you might be asked for an IBAN number as well as a SWIFT code. Only your bank can confirm the correct bank account information.
Whilst every effort is made to provide accurate data, users must acknowledge that this website accepts no liability whatsoever with respect to its accuracy. The tools here are provided for informational purposes only. The term SWIFT is often used interchangeably with BIC, which stands for Bank Identifier Code. SWIFT code registrations are handled by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). An 11 digit code refers to a specific branch, while an 8 digit code (or one ending in 'XXX') refers to the bank's head office. These codes are used by banks to process international wire transfers and messages.Īll SWIFT codes consist of 8 or 11 characters. SWIFT/BIC codes are used to identify specific banks and branches in international money transfers, making sure your money gets to the right place.