What Bank of America charges for international transactions
Bank of America charges different fees depending on whether you are sending money out of the US, receiving money from abroad, or using a debit card overseas. Outgoing wire transfers cost $45 for most customers sending to another country. Incoming wire transfers — money coming to your BofA account from outside the US — cost $15. If you use your debit card to withdraw cash at an ATM outside the US, BofA charges $5 per transaction on top of what the foreign bank charges you.
These fees apply to most standard BofA checking and savings accounts. Some premium accounts, like BofA Premium Rewards or certain Preferred Rewards tiers, may have different terms. Currency conversion fees are separate: when BofA converts dollars to another currency (or vice versa), they add a markup to the exchange rate, typically 1% to 2% above the mid-market rate, though the exact percentage varies by transaction type and account status.
If you are receiving a transfer from someone outside the US, the sender's bank may also charge a fee on their end. The $15 incoming fee is what BofA takes; you should ask the sender what their bank charges before the money is sent.
Key Takeaways
- Outgoing wire transfers from Bank of America to another country cost $45; incoming transfers cost $15.
- Using your BofA debit card to withdraw cash at foreign ATMs costs $5 per withdrawal, plus whatever fee the foreign bank charges.
- Bank of America adds a currency conversion markup (usually 1% to 2%) when converting between dollars and other currencies.
- Premium BofA accounts may have reduced or waived international fees, so check your specific account terms.
- The sender's bank may also charge a fee for sending money to you, separate from what BofA charges to receive it.
Wire transfers: the most common way to send money abroad
A wire transfer is the standard method for moving larger amounts of money internationally. You go to a BofA branch or use online banking to initiate the transfer, provide the recipient's bank details (including their SWIFT code or IBAN), and the money typically arrives within 1 to 5 business days, depending on the destination country and whether the receiving bank processes it immediately.
The $45 outgoing fee is charged to your account when you send the wire. If you are sending to a country where BofA has a correspondent bank relationship, the transfer usually moves faster. Some countries have less direct banking relationships, which can add delays but does not increase the fee.
Before you wire money, confirm the recipient's bank details are correct — wire transfers cannot be reversed once sent. Ask the recipient to provide their account number, bank name, SWIFT code (an 8 or 11-character code that identifies their bank internationally), and their full name as it appears on the account.
Receiving money from outside the US
When someone sends you money from abroad, it arrives as an incoming wire transfer to your BofA account. BofA charges you $15 to receive it. The money typically appears in your account within 1 to 5 business days after the sender's bank initiates the transfer.
To receive a wire, you need to give the sender your BofA account number, routing number (which is 026009593 for most BofA accounts in the US), your full name, and your bank's SWIFT code (BOFAUS3N for most BofA locations). Some senders may also ask for your address to include in the transfer details.
If the incoming transfer is in a foreign currency, BofA will convert it to dollars using their exchange rate plus the conversion markup. The $15 fee is separate from any currency conversion cost.
Using your debit card abroad and ATM withdrawals
If you use your BofA debit card to withdraw cash at an ATM outside the US, you pay $5 to BofA plus whatever fee the foreign ATM operator charges (which can range from $2 to $5 or more, depending on the country and the specific ATM). The foreign bank's fee appears as a separate charge on your statement.
When you use your debit card to make a purchase in another country, there is no separate transaction fee from BofA, but the currency conversion markup still applies. The merchant's bank and BofA both process the conversion, and BofA's portion is typically 1% to 2% above the mid-market rate.
To avoid multiple ATM fees, withdraw larger amounts less frequently rather than making several small withdrawals. Some travelers use their debit card for purchases instead of cash when possible, since the per-transaction fee does not apply — only the conversion markup.
How currency conversion works and what it costs
Every time BofA converts money from one currency to another, they use an exchange rate that includes their markup. The mid-market rate is the true rate you see on financial websites; BofA's rate is higher (if you are buying foreign currency) or lower (if you are selling it), with the difference going to the bank.
The markup varies. For wire transfers, it is typically 1% to 2%. For debit card transactions, it may be slightly different. For currency exchanges at a branch, the markup can be higher. You will not see the markup listed as a separate line item on your statement — it is built into the exchange rate BofA quotes you.
If you are sending a large amount internationally, the conversion markup can add up significantly. For example, converting $10,000 at a 1.5% markup costs you $150 in markup alone, on top of the $45 wire fee. Some customers use third-party money transfer services (like Wise or OFX) for large transfers because their markups are often lower, though you should compare fees for your specific amount and destination.
Fees for different types of BofA accounts
Standard BofA checking accounts (like the Basic Checking or Interest Checking account) pay the full $45 wire fee and $15 incoming fee. However, BofA Preferred Rewards members may receive fee reductions or waivers depending on their tier level. Gold tier members sometimes get one free wire transfer per month; Platinum and higher tiers may get more frequent waivers.
BofA Premium Rewards checking account holders may also have reduced international fees as part of their account benefits. The exact terms change, so log into your online account or call 1-800-432-1000 to confirm what applies to your specific account.
If you do not have a premium account and send international wires regularly, it may be worth checking whether upgrading to a higher Preferred Rewards tier or switching to Premium Rewards would save you money over time.
Alternatives to Bank of America for international transfers
If BofA's fees are higher than you want to pay, other options exist. Wise (formerly TransferWise) specializes in international transfers and typically charges lower markups (often 0.5% to 1%) than traditional banks, though they charge a small flat fee per transfer. OFX and Remitly are similar services with competitive rates for different destinations.
Some credit unions offer lower international wire fees or waive them entirely for members. If you have a credit union account, ask whether they offer better rates than BofA.
For very large transfers, some banks offer better rates if you negotiate directly or use their business banking services. This is worth exploring if you are moving significant amounts regularly.
Frequently Asked Questions
Does Bank of America charge a fee if I receive money from another country?
Yes, BofA charges $15 to receive an incoming wire transfer from outside the US. The sender's bank may also charge a fee on their end, which is separate from what BofA charges you. Ask the sender what their bank charges before the transfer is sent.
What is the difference between a wire transfer and an international ACH transfer?
Wire transfers are faster (1 to 5 business days) and more reliable for international transfers, but cost $45 to send. International ACH transfers are slower (5 to 10 business days) and not available from all banks to all countries. BofA does not widely offer international ACH, so wire transfer is usually your only option.
Can I avoid the currency conversion markup?
No, BofA will always add a markup when converting currencies. The markup is built into the exchange rate they quote. You can reduce the overall cost by using a service like Wise for the conversion, which typically charges lower markups, but you cannot avoid a markup entirely with any provider.
Do I pay the $5 ATM fee every time I withdraw cash abroad?
Yes, BofA charges $5 per ATM withdrawal outside the US. The foreign ATM operator may charge an additional fee. To minimize fees, withdraw larger amounts less often rather than making multiple small withdrawals.
Will my Preferred Rewards membership reduce my international wire fees?
Possibly. Gold tier Preferred Rewards members may receive one free wire transfer per month; higher tiers may receive more. Log into your BofA account or call 1-800-432-1000 to confirm what fee reductions apply to your specific membership level.