Online Wire Transfer: Understanding Bank of America's Correspondent Bank Fee

When making an international wire transfer with Bank of America, it's essential to understand the various fees that may apply. One of these fees is often referred to as a correspondent bank fee, which can be a bit confusing. In this article, we'll break down what you need to know about correspondent bank fees and how they might impact your online wire transfer.

What Is a Correspondent Bank Fee?

A correspondent bank fee is a type of 'middleman' fee that can apply when making international wire transfers over the SWIFT network. This fee is typically charged by correspondent banks, which act as intermediaries between the originating bank (in this case, Bank of America) and the beneficiary's bank.

In addition to exchange rate margins and transaction fees, you may also encounter other expenses before your money arrives in the beneficiary's account. According to Bank of America's fee schedule, taxes and other third-party fees may apply to international wire transfers.

Understanding Bank of America's International Wire Transfer Fees

When making an international wire transfer with Bank of America, there are a few different fees you might need to pay. The bank offers a step-by-step guide on how to make a wire transfer, which can be found on their website.

Here are some key takeaways:

* A total fee waiver for outbound international wires sent in the same foreign currency

* A $45 transaction fee for outbound international wires sent in US dollars

It's worth noting that these fees may vary depending on your account type and other factors. For example, if you're a business customer (or have a business account), you may be subject to different fee structures.

Sending Money Abroad with Bank of America: What You Need to Know

To send money abroad using Bank of America, you'll need to use a bank wire transfer. This is a distinct process from ACH payments and involves wiring your funds over the SWIFT network.

If you're looking to make an international wire transfer with Bank of America, it's essential to understand the various fees involved. By understanding these fees, you can better plan for the costs associated with sending money abroad.

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