Receiving International Wire Transfers at Bank of America

Quick answer

• Bank of America provides clear instructions for receiving international wire transfers.
• You’ll need specific details from the sender, including your account number and Bank of America’s routing information.
• Be aware of potential fees from both the sending bank and Bank of America.
• International wires can take several business days to complete.
• Ensure the sender has the correct SWIFT/BIC code for Bank of America.
• Keep a record of the transaction reference number for tracking.

Who this is for

• Individuals expecting funds from overseas, such as family support or freelance payments.
• Businesses receiving payments from international clients or partners.
• Anyone needing to transfer money across borders into a Bank of America account.

What to check first (before you act)

Goal and timeline

Before initiating or requesting an international wire, clearly define why you need the funds and when you expect to receive them. Is this for an urgent purchase, a regular bill payment, or a long-term savings goal? Understanding your timeline helps determine if a wire transfer is the most suitable method, considering its processing time. For urgent needs, other faster (though potentially more expensive) options might exist, while for less time-sensitive transfers, a wire might be perfectly fine.

Current cash flow

Assess your current financial situation to ensure you have sufficient funds in your account to cover any potential fees associated with receiving an international wire. While the sender often pays the primary wire fee, intermediary banks and the receiving bank can sometimes levy their own charges. Knowing your cash flow helps prevent overdrafts or unexpected shortfalls.

Emergency fund or safety buffer

It’s wise to have a robust emergency fund in place before relying on an incoming international wire. While most transfers are successful, unforeseen delays or issues can arise. An emergency fund ensures you can meet your immediate financial obligations even if the wire transfer is delayed. Check with Bank of America for their specific policies on how incoming international funds might be held or processed.

Debt and interest rates

If you have outstanding debts with high interest rates, consider whether receiving the international wire transfer could be used to pay down that debt faster. Prioritizing high-interest debt can save you money in the long run. If the wire is for a specific purpose, ensure it aligns with your overall debt management strategy.

Credit impact

Receiving an international wire transfer typically has no direct impact on your credit score. However, if the funds are intended to pay off debts that are reported to credit bureaus, then making those payments on time will positively affect your credit. Conversely, if a delay in receiving the wire causes you to miss a debt payment, it could negatively impact your credit.

Step-by-step (simple workflow)

Step 1: Obtain Sender Information

• What to do: Ask the sender for the exact amount they intend to send and the currency.
• What “good” looks like: The sender provides the precise amount and confirms the currency of the transfer.
• Common mistake and how to avoid it: The sender sends an incorrect amount or the wrong currency. Always confirm these details in writing to avoid misunderstandings.

Step 2: Gather Your Bank of America Details

• What to do: Collect your Bank of America account number, your full legal name as it appears on your account, and Bank of America’s full U.S. address.
• What “good” looks like: You have all your personal account information readily available and accurate.
• Common mistake and how to avoid it: Providing an incorrect account number or a misspelled name. Double-check all information before sharing.

Step 3: Find Bank of America’s SWIFT/BIC Code

• What to do: Locate Bank of America’s SWIFT (Society for Worldwide Interbank Financial Telecommunication) or BIC (Bank Identifier Code). This is a unique code used for international money transfers.
• What “good” looks like: You have the correct, official SWIFT/BIC code for Bank of America, which is typically BACXUS33 or a similar variation depending on the specific branch or service.
• Common mistake and how to avoid it: Using an outdated or incorrect SWIFT/BIC code, which will cause the transfer to fail or be significantly delayed. Always verify this with Bank of America or through their official channels.

Step 4: Obtain Intermediary Bank Information (If Applicable)

• What to do: Inquire if the sending bank uses an intermediary bank to process the transfer to Bank of America. If so, you’ll need the intermediary bank’s name, address, and SWIFT/BIC code.
• What “good” looks like: The sender provides all necessary intermediary bank details if one is involved.
• Common mistake and how to avoid it: Not accounting for an intermediary bank can lead to delays or additional fees. Ask the sender’s bank if this step is necessary.

Step 5: Provide Instructions to the Sender

• What to do: Give the sender all the collected information: your account details, Bank of America’s SWIFT/BIC code, and any intermediary bank information.
• What “good” looks like: The sender has a clear, complete list of all required details to initiate the transfer.
• Common mistake and how to avoid it: Omitting a critical piece of information, leading to the transfer being returned or held. Review the list with the sender to ensure completeness.

Step 6: Confirm Transfer Initiation

• What to do: Ask the sender to confirm once they have initiated the wire transfer.
• What “good” looks like: The sender provides a confirmation, often including a reference number or receipt from their bank.
• Common mistake and how to avoid it: Assuming the transfer is complete without confirmation. This can lead to uncertainty if the funds don’t arrive as expected.

Step 7: Track the Transfer

• What to do: Note the reference number provided by the sender. You may be able to use this number, along with the transfer date and amount, to inquire about the status with Bank of America if it’s delayed.
• What “good” looks like: You have a reference number and know how to follow up if needed.
• Common mistake and how to avoid it: Losing the reference number, making it difficult to trace the transfer if issues arise. Keep this information in a safe place.

Step 8: Monitor Your Account

• What to do: Regularly check your Bank of America account statement or online banking portal for the incoming funds.
• What “good” looks like: The funds appear in your account within the expected timeframe, typically 1-5 business days.
• Common mistake and how to avoid it: Not checking your account, which might mean you miss the funds or don’t notice if there’s a problem.

Step 9: Review Transaction Details

• What to do: Once the funds arrive, verify that the amount is correct and note any fees deducted by Bank of America.
• What “good” looks like: The credited amount matches expectations, minus any disclosed fees.
• Common mistake and how to avoid it: Failing to reconcile the received amount against the sent amount and expected fees, which could hide errors or unexpected charges.

Step 10: Contact Bank of America if Necessary

• What to do: If the funds do not arrive within the expected timeframe, or if there are discrepancies, contact Bank of America’s customer service or international wire department.
• What “good” looks like: Bank of America provides clear answers and assistance in resolving any issues.
• Common mistake and how to avoid it: Waiting too long to report a problem, which can make it harder to resolve. Act promptly if you suspect an issue.

Common mistakes (and what happens if you ignore them)

Mistake	What it causes	Fix
Incorrect account number	Transfer will be rejected and returned to sender, causing delays and potentially additional fees.	Double-check and reconfirm your account number with the sender before they initiate the transfer.
Wrong SWIFT/BIC code	Funds will not reach Bank of America, leading to rejection, delays, and potential loss of money.	Verify the correct SWIFT/BIC code directly with Bank of America or their official website.
Missing intermediary bank details	Delays in processing as the funds may get stuck at the intermediary, or additional fees may be incurred.	Ask the sender’s bank if an intermediary is used and obtain all necessary details for that bank.
Incorrect recipient name	The transfer may be flagged for review, rejected, or delayed significantly as verification is needed.	Ensure the sender uses your full legal name exactly as it appears on your Bank of America account.
Sending in the wrong currency	The receiving bank will convert it, potentially at an unfavorable exchange rate, or the transfer may fail.	Confirm the exact currency to be sent and ensure it matches what your account can receive, or what you intend to receive.
Not informing Bank of America in advance	While not always required, it can sometimes help expedite processing for very large amounts.	For very large sums, consider notifying Bank of America of an expected incoming international wire.
Relying on outdated information	Using old routing numbers or bank addresses will cause the transfer to fail.	Always confirm current banking details directly with Bank of America.
Assuming fees are covered by sender	You might be surprised by unexpected charges from intermediary banks or Bank of America.	Inquire about potential fees from both the sending bank and Bank of America. Understand who is responsible for which fees.
Not having sufficient funds for fees	If fees are deducted from the incoming wire and leave your balance insufficient, it can cause overdrafts.	Ensure you have a small buffer in your account to cover any unexpected fees.
Not keeping a record of the transaction	If the wire is delayed or lost, you won’t have the reference number needed for tracing.	Always get and save the transaction reference number from the sender.

Decision rules (simple if/then)

• If the amount is small and the sender is a trusted friend or family member, then consider using a peer-to-peer payment app if available and preferred by both parties, because these can sometimes be faster and have lower fees than traditional wire transfers.
• If the transfer is urgent, then confirm the processing time with the sender and Bank of America, because international wires can take several business days.
• If you are receiving payment for services rendered internationally, then ensure the sender specifies the correct currency for the transaction, because receiving it in a different currency might incur additional conversion fees or unfavorable exchange rates.
• If the sender’s bank requires specific details about intermediary banks, then obtain all required information for those banks, because missing this can cause significant delays.
• If the wire transfer is for a significant amount, then consider asking the sender for a confirmation receipt with a reference number, because this will be crucial for tracking the transfer if needed.
• If you have multiple accounts at Bank of America, then specify the exact account number to which the funds should be sent, because directing it to the wrong account can cause confusion and delays.
• If the sender is unsure about the SWIFT/BIC code, then direct them to Bank of America’s official website or customer service, because using an incorrect code is a common reason for wire transfer failure.
• If you anticipate receiving regular international payments, then inquire with Bank of America about any potential account services or benefits for international transactions, because some accounts may offer better rates or lower fees.
• If the sender mentions charges from their bank, then understand that these are separate from any fees Bank of America might charge for receiving the wire, because the total cost can include charges from multiple institutions.
• If the funds are for a business transaction, then ensure all details provided match your business account information precisely, because discrepancies can cause the transfer to be rejected.
• If you are concerned about exchange rates, then research current rates and discuss options with the sender, because the rate applied at the time of the transfer can significantly impact the final amount received.

FAQ

How long does an international wire transfer take to arrive at Bank of America?

Typically, international wire transfers can take between 1 to 5 business days to arrive. This timeframe can vary depending on the countries involved, the banks used, and any potential intermediary banks.

Are there fees for receiving an international wire transfer at Bank of America?

Yes, Bank of America may charge fees for receiving international wire transfers. Additionally, the sending bank and any intermediary banks involved in the transaction can also charge their own fees. It’s best to check Bank of America’s current fee schedule or contact them directly for the most accurate information.

What information does the sender need to send money to my Bank of America account?

The sender will need your full name as it appears on your account, your Bank of America account number, Bank of America’s SWIFT/BIC code (e.g., BACXUS33), and Bank of America’s physical address. If an intermediary bank is used, its details will also be required.

Can I receive wires in currencies other than USD?

Bank of America generally allows you to receive international wires in various currencies. However, the funds will likely be converted to U.S. Dollars (USD) at the prevailing exchange rate at the time of the transaction, unless you have a specific multi-currency account setup.

What is a SWIFT/BIC code?

A SWIFT/BIC code is an international bank code that identifies a specific bank. It’s used to ensure that money is transferred to the correct bank and branch during international wire transfers. For Bank of America, a common SWIFT/BIC code is BACXUS33, but it’s always best to confirm the exact code needed.

What happens if the sender provides incorrect information?

If incorrect information is provided, such as an invalid account number or SWIFT code, the transfer will likely be rejected and returned to the sender. This can cause significant delays and may result in additional fees for both the sender and potentially for you.

How can I track an international wire transfer?

The sender should provide you with a transaction reference number or a confirmation from their bank once the wire is sent. You can use this reference number, along with the transfer date and amount, to inquire about the status of the transfer with Bank of America if it’s delayed.

Can I receive an international wire transfer to a savings account?

Yes, you can generally receive international wire transfers into your Bank of America savings account, provided it’s eligible for such transactions. Ensure the sender has the correct account number and any other required details for your savings account.

What this page does NOT cover (and where to go next)

• Sending international wire transfers from Bank of America. (Explore Bank of America’s online banking or contact customer service for outbound wire instructions.)
• Specific fee structures and exchange rates for international wires. (Consult Bank of America’s official fee schedule or speak with a representative for current details.)
• International money transfer services other than traditional wire transfers. (Research alternative services like remittance providers or specific fintech apps if speed or cost is a primary concern.)
• Compliance regulations or tax implications of receiving large international payments. (Consult a tax professional or financial advisor for guidance on reporting requirements.)