Complete Guide to International Wire Transfers
TL;DR Summary: Bank of America operates two SWIFT codes: BOFAUS3N for USD-denominated incoming transfers and BOFAUS6S for foreign currency. Outgoing international wires cost $35 to $45 depending on the currency, and transfers typically settle within one to five business days. Incoming wires carry a fee of approximately $15. Exchange rate markups apply to outgoing foreign currency transfers and are set at the bank's discretion.
What Is a SWIFT Code and Why Does It Matter
A SWIFT code, formally known as a Bank Identifier Code (BIC), is a standardized alphanumeric sequence used by financial institutions worldwide to identify one another during cross-border transactions. The acronym stands for Society for Worldwide Interbank Financial Telecommunication, the Belgium-based cooperative that governs the messaging network connecting more than 11,000 financial institutions across over 200 countries. Every time funds move between international bank accounts, SWIFT codes serve as the address system that directs the payment to the correct institution and branch.
The structure of a SWIFT code is consistent and logical. The first four characters identify the bank (BOFA for Bank of America), the next two represent the country code (US), the following two indicate the location or city of the head office, and an optional final three characters specify a particular branch. When the last three characters appear as XXX, the code refers to the bank's primary or head office rather than a specific branch. Understanding this structure helps senders verify they are using the correct code before initiating a transfer.
For consumers and businesses conducting cross-border transactions, providing the wrong SWIFT code can result in delayed processing, returned funds, or in some cases, misrouted transfers that require substantial time and effort to resolve. Confirming the correct code with both the sending and receiving institution before initiating any wire transfer is a fundamental best practice in international banking.
Bank of America SWIFT Codes at a Glance
Bank of America operates two distinct SWIFT codes for incoming international wire transfers, each tied to a specific currency type.
BOFAUS3N is the code designated for receiving wire transfers denominated in U.S. dollars. The associated receiving institution is Bank of America, N.A., located at 222 Broadway, New York, NY 10038. This is the most commonly used code for individuals and businesses expecting to receive USD from abroad. Some sources list this code as BOFAUS3NXXX, where the XXX suffix denotes the head office, but the eight-character version BOFAUS3N functions identically.
BOFAUS6S is the code designated for receiving wire transfers denominated in a foreign currency. This code is linked to Bank of America, N.A. at 555 California Street, San Francisco, CA 94104. Using this code when expecting foreign currency ensures the funds are processed through the correct clearing channel and converted appropriately upon receipt.
Using the wrong code for the currency type is a common and preventable error. If a sender uses the USD code for a foreign currency transfer, or vice versa, the bank may still process the payment, but delays and potential complications are more likely. For senders uncertain whether the incoming transfer will arrive in USD or in a foreign currency, BOFAUS3N is the recommended default.
How to Use Bank of America SWIFT Codes
To receive an international wire transfer into a Bank of America account, you will need to provide the sender with several key pieces of information: your Bank of America account number, the bank's wire routing number (026009593), and the appropriate SWIFT code based on the expected currency. Some sending banks may also require the full name and mailing address associated with the receiving account.
To send an international wire transfer from a Bank of America account, the process begins in Online Banking or the Mobile Banking App. Customers navigate to the Pay and Transfer section, select the international wire option, and enter the recipient's account details including the recipient's SWIFT code, account number, full name, and mailing address. Some destination countries require additional identifiers beyond a SWIFT code. Canada requires a Transit Code, India requires an IFSC code, Mexico requires a CLABE number, and transfers to European accounts generally require an IBAN.
Bank of America supports international transfers to over 200 countries in more than 140 currencies. The daily cut-off for submitting an outgoing wire transfer is 5:00 PM Eastern Time, after which transactions are queued for the following business day.
Fees for International Wire Transfers
Bank of America charges separate and distinct fees for sending and receiving international wire transfers. Incoming international wire transfers carry a fee of approximately $15 per transfer. Outgoing international wire transfers denominated in U.S. dollars generally cost around $45 per transaction. Outgoing transfers sent in a foreign currency are typically charged around $35.
These stated fees represent only part of the total cost. For outgoing transfers in a foreign currency, Bank of America sets its own exchange rate, which includes a markup above the mid-market interbank rate. This exchange rate margin is not disclosed as a separate fee but effectively reduces the amount received by the beneficiary or increases the USD cost to the sender. The bank determines exchange rates in its sole discretion, and customers do not have the ability to negotiate the conversion rate on standard retail wire transfers.
International transfers may also pass through one or more correspondent banks en route to the final destination. Each correspondent institution may deduct intermediary fees from the principal amount, meaning the recipient could receive less than the original transfer amount. These correspondent bank fees are outside Bank of America's control and are not included in the bank's stated fee schedule.
Transfer Timing and Processing
International wire transfers processed through Bank of America using the SWIFT network generally settle within one to five business days, depending on the destination country, the receiving bank's processing procedures, and the time at which the transfer is initiated. Incoming international wires are typically credited to the recipient's Bank of America account within one to two business days after the sending bank releases the funds.
Transfers initiated after the 5:00 PM Eastern Time cut-off will not begin processing until the following business day. Weekend submissions follow the same rule, meaning a transfer submitted on Friday evening after 5:00 PM will not begin processing until the following Monday morning.
Processing delays can also arise when correspondent banks route a transfer through multiple financial institutions, when destination banks conduct compliance reviews, or when incomplete or incorrect transfer details require manual verification. Ensuring all information is accurate before submission is the single most effective way to prevent unnecessary delays.
Common Errors and How to Avoid Them
One of the most prevalent mistakes made when using Bank of America SWIFT codes is selecting the wrong code for the currency type. Using BOFAUS3N for a foreign currency transfer, or BOFAUS6S for a USD transfer, can result in processing complications. Both senders and recipients should clarify which code applies before any transfer is instructed.
Incorrect account numbers and routing numbers are another common cause of failed or misrouted transfers. A single transposed digit in the account number can direct funds to the wrong account, and recovering misdirected transfers is a complex, time-consuming process with no guarantee of full recovery.
Senders should also account for country-specific requirements. Several countries require recipients to provide IBANs, BICs, or other local routing identifiers in addition to a SWIFT code. Failing to include these details may cause the transfer to be rejected or returned by an intermediary bank. Bank of America's online banking platform provides destination-specific guidance on required identifiers.
Frequently Asked Questions
What is Bank of America's SWIFT code for USD transfers?
BOFAUS3N is the SWIFT code designated for incoming international wire transfers in U.S. dollars to Bank of America. The receiving address is 222 Broadway, New York, NY 10038. This code is also written as BOFAUS3NXXX when the full 11-character format is required.
What is Bank of America's SWIFT code for foreign currency transfers?
BOFAUS6S is the SWIFT code designated for incoming international wire transfers in a foreign currency. This code is associated with Bank of America at 555 California Street, San Francisco, CA 94104. It is also written as BOFAUS6SXXX in the 11-character format.
How long does an international wire transfer to Bank of America take?
Incoming international wire transfers to Bank of America typically arrive within one to two business days. However, depending on the origin country, the correspondent banking chain, and any compliance reviews required by intermediary banks, the process can take up to five business days in some cases.
How much does Bank of America charge for international wire transfers?
Bank of America charges approximately $15 for incoming international wires, around $45 for outgoing USD international wires, and approximately $35 for outgoing foreign currency wires. Correspondent bank fees and exchange rate margins may add to the effective total cost.
Does Bank of America use IBAN numbers?
No. The United States does not participate in the IBAN system, and Bank of America accounts do not carry IBAN numbers. For international transfers to or from the US, Bank of America uses SWIFT codes alongside standard account numbers and ABA routing numbers. IBAN numbers are required for transfers to European and many other international accounts.
