The Bank of America Corporation is a financial services company with headquarters in Charlotte, North Carolina, USA. The bank, known as the Bank of America and abbreviated as BofA or BoA, was founded in San Francisco. Upon the NationsBank of Charlotte acquisition in 1998, the bank took its present form and is now the second-largest financial company in the United States, after JPMorgan Chase. We shall see how you can use its services, including the Bank of America international wire transfer.
For your information, the Bank of America is the eighth largest bank in the world. Again, the Bank of America is one of the big four banks of the United States and serves approximately 10.73% of the overall American bank deposits. The bank’s primary financial services are mainly from wealth management, commercial banking, and investment banking. To get started with the bank’s services, you have to create an account online or physical store.
A bank is significant when it comes to sending and receiving money. If you are employed, you can use a bank account to receive your salary or government benefits. It is almost impossible to survive without a bank account in this era, considering that transactions are mainly electronic. Even the mobile money wallets such as PayPal, Payoneer, Venmo, GPay, among others, depend significantly on banks. The Bank of America is among the banks that work with various mobile money wallets.
How to get started with the Bank of America
To start using the bank’s services, you only need to open a bank account, and you are good to go. You can choose;
- The Bank of America Advantage Banking Account
- Savings account such as Bank of America Advantage Savings or Child Savings Accounts
- CD accounts such as Featured CD or Standard Term CD
- IRAs, e.g., Bank of America IRAs or Merrill Edge® IRAs
Once you choose the kind of bank account, you would like to open. You can then navigate to the account opening page and enter your details and verify the information. After that, you can choose features & funding options. Once you submit your entire application, you will get an email to notify you that your application has been received.
A follow-up email will follow afterward to tell you whether your account has been approved. If approved, you will get information on the next steps. The bank of America accounts application processing happens in 1 to 2 business days.
Your account documents will arrive via US Mail within 7-10 working days. When applying for the Bofa account, you require the following.
- Identification document
- Social Security number
- Current residential address
- Email address
- An account number or debit card number from your current bank to make your first deposit into your new Bank of America account
- Co-applicant’s details (if applicable)
As I have just mentioned above, you can use another bank account to make your initial deposit. You can even use an existing Bank of America account to transfer money using the routing number and account number of your new bank account. You can also use a money order, debit card, check to make your initial deposit.
Another important thing is the signature form that allows the Bank of America to service your bank account. You have to sign and mail the signed form to the Bank of America as soon as possible. If there are any co-applicants, they should sign the signature form as well. The signatures help the bank to verify your identity and report your tax information.
Can a non-resident open a bank account?
It is possible to open a bank account with the Bank of America. If you hold a US visa card and currently living in the US, you can open an account at one of the BoA financial centers. You will need to provide your permanent (foreign) and local address plus your ITIN (Individual Tax Identification Number). Additionally, you will need to bring the following.
i) Proof of US residency
It includes a US government-issued ID photo, student/employer ID, and documents showing your name and a US physical address. You can bring a current utility bill to prove your address.
ii) One secondary ID
It can be your foreign or US driver’s license (plus a photo), major retail credit card from a nationally well-known company, student/employer ID (plus a photo), major debit or credit card with Visa® or Mastercard® logo, US Department of State Diplomat ID.
iii) One primary photo ID
This can be a U.S. Non-Immigrant visa and Border Crossing Card-DSP-150, foreign passport (with or without passport visa), Canadian Citizenship card (with photo), Guatemalan, Mexican, Dominican, or Colombian Consular ID (must have a photo).
Is it secure to apply for an account online?
It is entirely secure to apply for an account online at the Bank of America. The company uses Secure Socket Layer (SSL) technology to safeguard your online information. The SSL technology allows you to establish sessions with secure internet sites. Therefore, there are low chances of external attack.
What is a wire transfer?
A wire transfer refers to an electronic payment service for transferring funds between banks. For example, when you carry out a transfer through the Federal Reserve Wire Network SWIFT or the Clearing House Interbank Payments System, then that is a wire transfer.
Wire transfers allow you to move money both within the country and internationally. You can carry out a domestic or an international wire transfer. For example, when you transfer money from Bank of America to Chase, you will have carried out a domestic transfer since Chase and BofA are within the US.
Domestic wire transfers are quick and cheaper compared to international wire transfers. Domestic wires are processed within 24 hours, while international transfers can take days to complete.
How to do a Bank of America international wire transfer
A wire transfer allows you to carry out an instant transfer between banks. It is different from the ACH transfer in that funds move as soon as you hit the send button, while funds take a bit longer to transfer for ACH transfer. Again, while most ACH transfers are free, wire transfers attract substantial amounts of fees.
Wire transfers are for both domestic and international transfers. When carrying out an international transfer, you have to sign in to the ‘Online Banking layer’ and choose the ‘Using their account number at another bank link,’ which you can quickly locate at the ‘Send Money to Someone section of the ‘Transfers navigation menu’ and follow the guidelines. Before starting, ensure you have the correct recipient bank details to carry out the Bank of America wire transfer successfully.
International wire transfers usually reflect at the recipient’s bank in 1 to 2 business days if sent by 5 p.m. ET. Again, the wires are available to over 200 countries in over 140 currencies. You can be sure that sending wires is secure and convenient.
Should I send my wire in USD or foreign currency?
You can make a wire transfer in any currency so long as the Bank of America supports it. However, when using a given currency in your transfer, you should consider the overall cost of transferring money. Some currencies can attract a lot of fees, while others attract a small fee. Also, you should factor in the exchange rates.
The Bank of America does not charge an outbound wire transfer fee in a foreign currency when carrying out a wire transfer. Moreover, the exchange rate is locked in upfront. Again, when using the Bank of America online transfer service, you will pay fewer transfer fees compared to when you visit a physical center to carry out the service. However, it is better to send money in USD if you do not know the recipient’s currency.
How do I receive a wire transfer using the Bank of America?
Apart from sending wires to recipients of other banks, you can also receive wire transfers into your bank of America account from other banks. When receiving a wire transfer into your bank of America, you should provide the sender with your SWIFT Code on top of your account and routing numbers. The Bank of America has two primary SWIFT Codes. They include;
- BOFAUS3N (to receive US dollars or unknown currencies) Bank of America, NA 222 Broadway New York, New York 10038.
- BOFAUS6S (to receive foreign currencies) Bank of America, NA 555 California St San Francisco, CA 94104.
You can always let your senders use BOFAUS3N if you are unsure of the currency they are sending to your account.
Remember that you can receive wires from prepaid card accounts. You will have carried out a wire transfer if you transfer money from a prepaid card to a bank account.
Can I cancel a Bank of America Wire transfer?
Most financial companies do not allow you to cancel a wire transfer. However, BofA allows you to cancel a wrong transaction when you log into your online banking account, choose the transaction to cancel, and follow instructions. You can also contact the bank via 877.337.8357. If you are outside the US, you can call the bank at 302.781.6374.
Bottom line
The Bank of America Corporation is a financial services holding company headquartered in Charlotte, North Carolina, USA. You can open an account with the Bank of America online or at a physical branch. The bank is among the big four banks of America and serves millions of Americans. You can do various kinds of transactions with the bank, including sending and receiving wire transfers.
