Bank of America Wire Transfers: Fees and Discounts Explained

When it comes to making wire transfers, Bank of America offers various options for its customers. In this article, we'll break down the fees and discounts associated with wire transfers at Bank of America.

For Advance Savings and Checkings members, Bank of America waives the incoming domestic and international wire transfer fee, which is typically $12. This means that account holders can receive free incoming wires from anywhere in the world.

Interestingly, some other banks offer similar benefits for their customers. For instance, HSBC Premier Checking and Savings account holders can also receive free incoming domestic and international wire transfers. Citi offers a $10 discount on online-initiated wire transactions, making outgoing online domestic wires $25 and outgoing online international wires $35. Chase, another major bank, provides a similar discount of $10 per transaction, reducing the cost of outgoing online domestic wires to $25 and outgoing online international wires to $40.

Citigold Accounts holders at Citi can also enjoy free incoming domestic and international wire transfers. Bank of America's Rewards Money Market Savings account and Interest Checking Account holders are eligible for free incoming domestic wire transfers, with other wire fees applying.

In addition, some banks offer discounts on wire transfers if they're initiated online. For instance, individuals with Chase Premier Platinum Checking accounts receive free outgoing wires. It's worth noting that having a certain savings or checking account with a bank may sometimes qualify an individual for free or discounted wire transfer services.

While Bank of America does not provide detailed information about its wire transfer fees, a representative mentioned that the fees would likely range from $20 to $35. It's important to note that HSBC does not list rates for outgoing domestic and foreign wire transfers until the time of transaction. Capital One 360, on the other hand, currently does not offer international wire transfer services.

In conclusion, Bank of America offers various options for wire transfers, with fees and discounts available depending on account type and online initiation. By understanding these options, customers can make informed decisions about their wire transfer needs and save money in the process.

Bank of america wire transfers