Bank of America Wire Transfer Fee Waived: What You Need to Know

When it comes to sending money abroad, one of the most important things to consider is the fees associated with international wire transfers. Bank of America, like many other banks, charges a variety of fees for its wire transfer services. In this article, we'll explore what you need to know about Bank of America's wire transfer fees and how to avoid them.

First, it's essential to understand that Bank of America's exchange rate margins are relatively high - typically between 5 and 7% of the total transfer amount. This means that the bank will make a small profit off of every single dollar that it exchanges into a foreign currency on your behalf. 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.

One of the most significant fees associated with Bank of America wire transfers is the transaction fee. This fee can range from $10 to $100 per transfer, depending on the type and amount of your transfer. For example, if you're transferring a small amount of money, such as $1,000 or less, the transaction fee will likely be around $10. However, larger transfers may incur a higher fee.

Another important fee to consider is the correspondent bank fee, also known as a middleman fee. This fee can apply when Bank of America cannot make your transfer directly to your beneficiary's bank and must use a third-party bank instead. The cost of this fee will typically be around $10 to $100 per transfer.

It's also important to note that Bank of America may charge taxes and other third-party fees in addition to the standard set of fees outlined above. These fees can vary depending on the type and amount of your transfer, as well as the beneficiary's bank.

Fortunately, there are some ways to avoid or minimize these fees. For example, you can enroll in Bank of America's SafePass security scheme, which allows you to raise the daily limit for sending money abroad from $1,000 to a higher amount.

In addition, if you're transferring money to a foreign currency bank account sent in the same foreign currency, you may be eligible for a total fee waiver. This means that you won't have to pay any transaction fees or exchange rate margins on your transfer.

Overall, Bank of America's wire transfer fees can add up quickly, especially for larger transfers. However, by understanding these fees and taking steps to minimize them, you can save money and make your international wire transfers more cost-effective.

To learn more about Bank of America's international wire transfer fees and how to avoid or minimize them, take a look at our step-by-step guide here.

Bank of america wire transfer fee waived