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IBAN numbers, also known as International Bank Account Numbers, are a standardized format of bank account numbers used in many countries around the world. IBANs are used to facilitate international money transfers and help to ensure that the funds are sent to the correct recipient.
What is Bank of America IBAN number?
Bank of America, like other U.S. banks, doesn’t have an IBAN because the United States does not use this system for international payments. Therefore, Bank of America does not have an IBAN for receiving incoming international payments.
Is IBAN number used in the USA?
IBAN numbers are primarily used in the USA for sending money to foreign bank accounts that are part of the International Bank Account Number System. US banks do not use the IBAN number for domestic transactions. Instead, they use ABA routing numbers for domestic transfers and SWIFT codes for international transfers.
ABA routing numbers are nine-digit code that identifies a specific financial institution in the United States. These codes are used for domestic transfers within the United States. On the other hand, SWIFT codes are used for international transfers, allowing banks to communicate with each other and transfer funds securely and efficiently.
Although the United States and Canada do not use IBAN numbers, they recognize the system and can process IBAN payments for international transactions. However, it’s important to note that IBANs are not always necessary for international transfers, and banks may have their own systems in place for identifying accounts and processing transactions.
Which banks use IBAN?
Many banks around the world use IBAN for international transfers, but it is most common in the Eurozone and neighboring regions.
In addition to the Eurozone, countries such as Turkey, Israel, Switzerland, and the United Kingdom also use IBAN for international transfers. However, it’s worth noting that while IBAN is used in other regions as well, it is not as widely adopted as the SWIFT system.
The United States and other countries such as Canada, Australia, New Zealand, and China, do not use IBAN. Instead, these countries typically rely on other identification systems for international transactions, such as SWIFT codes and routing numbers.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes are used globally to identify specific banks and facilitate international transactions. Routing numbers, used in the United States, are specific to financial institutions and aid in domestic fund transfers.
In essence, while IBAN is a prevalent standard in European countries, other regions have their own systems—like SWIFT codes and routing numbers—to facilitate international and domestic transactions.
Which countries use IBAN Codes?
As of May 2020, 77 countries around the world were using the IBAN system. Some of these countries include:
- Czech Republic
- San Marino
- United Kingdom
These countries all have their own specific formats for their IBAN codes, which are usually made up of a combination of letters and numbers. The use of IBAN codes has helped to simplify and streamline international banking transactions, making it easier for people and businesses to conduct transactions across borders.
How to make a wire transfer with Bank of America
Sending money internationally as an American expat has evolved beyond traditional methods like Bank of America’s international wire transfers. While being a BoA client might make this seem like the go-to choice, technological advancements have introduced faster and more cost-effective alternatives.
Despite this, many banks still mandate a visit to a local branch for international wire transfers, which may not align with the speed or affordability that modern options can offer.
Additionally, Bank of America wire transfer fees are very high. We generally advise our readers to avoid these fees by using Wise. Wise is cheap, fast and a secure option compared to sending an international wire transfer through Bank of America. Over 15 million people have saved money with Wise.
By sending and receiving with Wise, you’ll get the real exchange rate every time, and a free transfer up to $500. However, if you still want to proceed with wiring money online via Bank of America, here are the steps to begin.
Send an international wire transfer with Bank of America
Bank of America makes it easy to send money online right from your BoA bank account, whether for domestic or international transfers. With the convenience of the BoA online portal, you can effortlessly send funds to your own account, another individual, or even a business. Additionally, if preferred, you have the option to schedule an in-person wire transfer appointment at a nearby Bank of America branch.
Here’s how to get started wiring money as a Bank of America customer.
1. Get the recipient’s wire information (bank details)
To initiate a wire transfer, the first essential step is to get specific details from the recipient. This includes information such as the recipient’s bank name, address, and country, the routing code or SWIFT/BIC or National ID of the bank, the recipient’s bank account number, and in case of international wire transfers, an IBAN or country-specific account structure. You’ll also need to decide on the currency (foreign or U.S. dollars) and provide a reason for the wire transfer.
2. Sign into Bank of America’s online banking
Once you have all the necessary recipient information, sign into Bank of America’s online banking platform. After signing in, head to the “Transfers” tab. From there, select the option “using their account number at another bank.” Choose the “same-day wire transfer” option and continue by following the on-screen instructions.
3. Use the SafePass feature
Bank of America suggests using their SafePass feature, especially for wire transfers exceeding $1,000 made through their online banking portal. SafePass adds an additional layer of security. It enables the authorization of higher-value transfers by sending a 6-digit code via text message for identity verification. This service is provided at no extra cost to the customer.
Receive international wire transfers with Bank of America
To receive an international money transfer to your Bank of America account, you will need to provide your sender with the following wire transfer details:
|Name of your bank
|Bank of America NA
|Bank of America SWIFT Code for international transfer
|BOFAUS3N – for US dollars (USD) or unknown currency
|BOFAUS6S – for foreign currency (non-USD) denominated wires
|Bank of America Routing Transit Number
|Beneficiary Account Number
|Your complete Bank of America NA account number (including leading zeros)
|The name of your account as it appears on your statement
Bank of America international wire transfer fee
Bank of America wire transfer fees are very high. We generally advise our readers to avoid these fees by using Wise. Over 15 million people have saved money with Wise. By sending and receiving with Wise, you’ll get the real exchange rate every time, and a free transfer up to $500.
Bank of America International wire transfer fee is: $35 for outgoing wire transfers in foreign currency, or $45 outgoing wire transfers sent in U.S. dollars
How long does it take for a wire transfer with Bank of America?
Bank of America typically completes domestic wire transfers within 1-2 business days and international transfers within 2-3 business days. This timeline applies if you make the transfer before the daily cut-off time, which is set at 5 pm EST for both domestic and international transactions. Any requests made after this time will be processed on the following business day.
How much money can I send via a Bank of America?
The maximum amount you can send via a Bank of America wire transfer depends on whether it’s domestic or international. For domestic transfers using their online banking system, you can send up to USD 1,000. For international transfers through the same system, the limit is USD 5,000.
However, keep in mind that Bank of America has limits on the number of wire transfer transactions you can perform within a specific period, such as a month. These limits are contingent on your account type and your standing with Bank of America. To ascertain your specific wire transfer sending limits, it’s advisable to inquire at your local Bank of America branch.
What is Bank of America SWIFT Code?
Bank of America SWIFT Code, which is required for international money transfers, is BOFAUS6S. This code is essential when someone needs to send you money from abroad, specifically for international wire transfers to your Bank of America account.
When providing the sender with the Bank of America address for this purpose, you should instruct them to use the following details: Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255, USA.
IBAN vs. SWIFT: Key differences
IBAN (International Bank Account Number) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes are both used in international money transfers, but they serve different purposes. An IBAN is used to identify an individual bank account, as well as the bank and country of the recipient, while a SWIFT code is used to identify the recipient’s bank.
The format of an IBAN consists of 32 alphanumeric characters, including a two-digit country code and a two-digit checksum. The country code and checksum help to ensure that the IBAN is valid and accurate. In contrast, a SWIFT code has 8 to 11 alphanumeric characters. It includes four letters to identify the recipient’s bank, a two-letter country code, a two-digit location code, and an optional three digits to identify the specific branch.
IBAN numbers are commonly used for transfers within the European Union and neighboring countries. Banks in the United States and Canada do not have IBANs, but they do recognize the system and use IBAN to process outgoing international transfers. On the other hand, SWIFT codes are more universal and serve as the default standard outside of Europe. In addition, while IBAN is mainly restricted to banks, SWIFT is also used by other institutions, such as clearinghouses and brokerages.